Zodia Markets Integrates Fireblocks

Crypto trading firm Zodia Markets has integrated with blockchain-based payments provider Fireblocks in what the firms claim is “a first-of-its-kind solution to improve efficiency in cross-border payments using stablecoins”.

Mutual corporate clients of the two firms will be able to manage FX risk with stablecoin-based transactions – a move they further claim, marks “the beginning of bring FX on-chain”. Although the claim is this is a “first”, the venture is launching into a very crowded market with several firms offering stablecoin-based trading and settlement solutions, indeed in 2022, two firms completed a cross-chain FX settlement.

Noting that the collaboration “is set to amplify benefits that stablecoins have to offer, further embedding digital currencies into the global financial ecosystem”, Fireblocks says they are creating “a cost-effective cross-border payment solution that operates beyond traditional banking hours”, thus empowering corporate treasurers and CFOs with greater control and flexibility over their financial operations.

“Cross-border payments between many jurisdictions suffer from slow transaction speeds, limited availability during business hours, high costs and a lack of transparency,” observes Nick Philpott, co-founder of Zodia Markets. “Stablecoins enable value transfer using the internet, granting corporate entities a competitive edge the internet provides to other industries today.

“Ultimately, this collaboration places control of cross-border payments squarely in the hands of corporate treasurers and CFOs,” he adds.” At a time when the world feels like it is fragmenting, moving cross-border payments to the internet may help bring it back together.”