PayNation Launches Crypto-Payment Portal for B2B Payments
PayNation said Friday (March 14) that its new Crypto-Payment Portal is available now to facilitate B2B payments.
“With its built-in speed, security and transparency, cryptocurrency provides businesses with an efficient way to process larger transactions more quickly and at a lower cost,” PayNation CEO Perryn Holtrop said in a Friday press release.
PayNation partnered with Blokko and Velocity Transactions to accelerate its time to market and incorporate technology that offers clients the most value with the least disruption to their existing systems and infrastructure, according to the release.
The solution PayNation now offers provides security, fast transaction times and reach to an extensive range of digital wallets, the release said. The solution provides rapid settlements, in cash, and does not require businesses to touch crypto.
In addition, the solution does not require knowledge of blockchain technology, mitigates volatility by converting the transaction amount into local currency at the time of payment and provides security by employing multi-layer authentication and end-to-end data encryption, per the release.
Blokko CEO Gustavo Jimenez said in the release: “We are pleased to partner with a team that recognizes the recognizes the revolution of payments in the B2B space globally, and who is taking the lead in rolling out a safe, seamless, scalable crypto and cross-border payment solution today.”
Blockchain technology and digital assets could set the stage for new norms around B2B payments and cross-border transactions, PYMNTS reported in November.
Cryptocurrency exchange Coinbase said in October that a growing number of companies are using its Coinbase Prime to accept and custody crypto payments.
Stablecoins can make B2B payments and treasury management faster, cheaper and more efficient because they settle instantly, including across borders, and can offer rewards to holders, the company said.
“An increasing number of Fortune 500 companies are approaching Coinbase to explore crypto payments,” Coinbase Director of Institutional Sales Stephen Capozza said at the time in a press release. “Many are quickly moving from proof-of-concept exploration to full adoption.”
In November, it was reported that Mastercard’s Multi-Token Network (MTN) connected to J.P. Morgan’s Kinexys Digital Payments to streamline cross-border B2B transactions with blockchain-based tools.
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