Global cross-border payment platform Axiym is targeting the rising demand from money services businesses (MSBs) for blockchain-based infrastructure and stablecoin solutions for international transactions, the company told Cointelegraph.
Headquartered in Dubai, United Arab Emirates, Axiym disclosed on April 24 that it has processed more than $132 million in cumulative volume on the Avalanche blockchain.
The platform uses Avalanche to deliver real-time credit and liquidity infrastructure to MSBs worldwide.
Source: Avalanche
MSBs — a broad category that includes money transmitters like Western Union, currency exchanges, crypto platforms, fintech firms, and check cashers — are embracing these innovations, Morgan Krupetsky, head of institutions and capital markets at Ava Labs, told Cointelegraph.
In the case of Axiym, “MSBs themselves don’t operate onchain,” Axiym CEO Khibar Rassul told Cointelegraph. Instead, “Axiym connects their existing payment operations to Avalanche behind the scenes using blockchain to automate, move, and manage capital far more efficiently.”
“Under the hood,