Tether invests in SQRIL to enhance real-time stablecoin-based QR code payment infrastructure across Asia, Africa, and Latin America.
Stablecoin issuer Tether has announced an investment in SQRIL, a platform focused on real-time cross-border QR code payments. However, the exact amount has not been revealed. SQRIL serves customers across Asia, Africa, and Latin America. Moreover, the platform integrates APIs with traditional banks like Barclays and Bank of America. Additionally, it connects seamlessly with digital services including Venmo, Revolut, and Cash App.
SQRIL Aims to Simplify Cross-Border Payments
SQRIL Founder and CEO Malcolm Weed explained that the SQRIL APIs can be integrated with banks and neobanks to facilitate instant payments across countries. Users pay in their home currency while merchants receive local currency in the destination nation. SQRIL takes care of currency conversion and local payouts and offers a seamless payment experience.
Malcolm noted that the company has been in the early stages of building global payment interoperability. He added that SQRIL plans to play a key role in connecting banks, e-wallets and even merchants across borders. With the advent of stablecoins and national QR code schemes, cross-border payment solutions are becoming more and more necessary.
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Scan to pay QR code use has increased rapidly throughout Asia during the past several years. Emerging markets in Latin America and Africa are also adopting National QR codes for real-time payments. This trend reflects the increasing demand for accessible, fast, and reliable cross-border payment methods.
Investment to Support Expansion and Innovation
The new Tether funding will enable SQRIL to upgrade its stablecoin- and QR-based payment solutions. It also seeks to enhance the infrastructure of the platform for multi-currency transactions. By supporting local currency payouts, SQRIL aims to grow merchant and consumer adoption in several regions.
SQRIL’s API integrations provide flexibility to banks and digital wallets to connect with the platform at a fast pace. The system also guarantees smooth currency conversion as well as reduced friction for cross-border payments. This strategy is aimed at the growing demand for instant payment solutions in the face of growing global digital commerce.
According to Malcolm, SQRIL aims to make cross-border payments as easy as scanning the local QR code. The company’s approach helps solve problems for travelers and expatriates, and businesses that do international transactions. Real-time, currency-converted payments can help to reduce the reliance on slow traditional banking methods.
The partnership with Tether puts SQRIL in a position to take advantage of stablecoins for instant payments in a number of emerging markets. This funding is expected to boost the adoption of cross-border QR code payments and grow SQRIL’s footprint in Asia, Africa, and Latin America.
With mobile wallets, national QR codes, and stablecoins coming together, the market is set for explosive innovation. SQRIL aims to develop infrastructure that will link traditional banks, digital wallets, and merchants globally. The investment from Tether demonstrates an interest in developing scalable, real-time, and global payment solutions.
Source: https://www.livebitcoinnews.com/tether-backs-sqril-to-expand-stablecoin-based-cross-border-payments/
