Axiym's staking coin service business supported by the Avalanche Blockchain.

Source: Cointelegraph Original: "Axiym Company's Staking Currency Service Business Supported by Avalanche Blockchain"

The global cross-border payment platform Axiym stated that it is dedicated to meeting the growing demand for blockchain-based infrastructure and stablecoin solutions in international transactions from money service businesses (MSBs), the company revealed in an interview with Cointelegraph.

Axiym is headquartered in Dubai, United Arab Emirates, and disclosed on April 24 that its cumulative transaction volume on the Avalanche blockchain has exceeded $132 million.

The platform uses the Avalanche blockchain to provide real-time credit and liquidity infrastructure for MSBs worldwide.

Morgan Krupetsky, head of institutional and capital markets at Ava Labs, stated in an interview with Cointelegraph that MSBs are a broad category that includes money transfer companies like Western Union, currency exchange businesses, crypto platforms, fintech companies, and check cashing services, all of which are actively embracing related innovations.

Axiym CEO Khibar Rassul told Cointelegraph: "For Axiym, MSBs do not operate directly on the chain." He explained that "Axiym connects their existing payment operations to Avalanche in the background, achieving more efficient capital automation circulation and management through blockchain."

Krupetsky added, "At the base level, Axiym has developed a suite of application systems that utilize stablecoins to provide credit support for global MSBs, driving payment transactions—these transactions all occur on Avalanche's C-Chain."

"This achieves real-time cross-border liquidity supply, which is either difficult to implement or costly in traditional payment channels or slower blockchains."

The demand for cross-border payment market continues to grow.

Rassul told Cointelegraph that Axiym's clients are mainly licensed payment companies located in major financial centers such as the UAE, the UK, and Singapore, but the end-users of these companies typically remit funds to major remittance markets in Asia, Africa, and Latin America.

He pointed out that the Axiym platform aims to address many pain points in traditional cross-border payments, including "low capital efficiency, delays based on the SWIFT system, high costs, and regulatory fragmentation."

Although blockchain has significant advantages in terms of speed and transparency, regulatory fragmentation makes it difficult for the technology to fully replace traditional payment systems.

Rassul stated that Axiym is trying to solve this problem by using Avalanche to "directly embed blockchain capabilities into existing payment operations."

Blockchain-based stablecoins have become a key tool for achieving low-cost, high-efficiency cross-border payments, which also explains why these fiat-pegged assets are increasingly popular in emerging markets.

A report from Chainalysis in 2024 shows that stablecoin remittances from the Sub-Saharan Africa region are 60% cheaper than traditional fiat channels.

As reported by Cointelegraph recently, the blockchain company Ripple has partnered with the African payment infrastructure provider Chipper Cash to support cross-border cryptocurrency transactions.

At the same time, startups focused on crypto payments are gaining attention in the venture capital field. Recently, Mansa, backed by Tether, completed a $10 million funding round and plans to expand its stablecoin cross-border payment services.

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