Credit dispensing firm, Tribal Credit, has liaised with Bitson and Stellar Development Foundation (SDF) to develop a transboundary payment gateway that leverages the Blockchain network for companies based in North America.
The gateway is geared towards making it less cumbersome and less costly for small and medium business enterprises in the North American Continent to transfer and receive funds amongst themselves , making use of their respective centralized currencies. The project aims to simplify international finance relationship between upcoming businesses.
The SDF has always been an advocate for open source international markets, in order to unlock the world’s economic potential and empower the world’s population en-masse. This mirrors its motto which says “Creating equitable access to the global financial system”. It can be said that it’s partnership with Bitso and Tribal Credit will enable the foundation to take its goals to the next level.
Tribal Credit is a California based credit company that is focused on developing small, medium and growing businesses. It makes use of it’s in house developed algorithm that leverages AI driven technologies to evaluate businesses and approve them for credit disbursement. The company can be said to have similar goals with SDF , in view of this, their collaboration doesn’t come as a shock.
Bitso’s role in the tripartite partnership is to leverage its proprietary Blockchain network for the development of the said gateway. As a Mexican based company it can effectively collate appropriate data that will facilitate the development of this payment system.
According to announcements made by Tribal Credit , the foundation of this gateway will be based majorly in Mexico and America, developing rapidly to expand to neighboring countries.
The tripartite partnership is hence wholly comprehensive with two similarly oriented companies in the financial sector partnered with a third entity, the cryptocurrency exchange platform which can be considered as the most important member in the partnership.
The unified decentralized currency that will be invoked in this project, is the dollar-traded USDC Fiat stable coin. This will be the basis for all centralized currency conversion. This will in turn simplify sending and receiving of funds cross country either in U.S dollar or the Mexican pesos. The partnered parties anticipate that by the end of 2022, the platform will be a mainstream means of transcontinental money transfer.
In his analogy, Arvind Nimbalker, Global Head of Product of Tribal Credit , established that a ‘person’ that has 100,000 pesos Mexico will easily be able to spend the equivalent amount of the money in the United States, that is, up to $100,000 on the Tribal platform for all intents and purposes.
The platform will enable its users to make real life payments, whilst in possession of relevant crypto assets.
Mexico is Tribal Credit’s major marketspace; it’s presence is gigantic in the region. The company has reportedly generated a whooping sum of about $34 million in the region alone, earlier in April.
The company also offers other service like the issuance of company credit cards to smaller businesses and an avenue for effectively managing expenditure.
