Orbit, a Tether-backed cryptocurrency payment app, supports global bank transfers, The Block reported on Feb. 24 local time.
The function uses infrastructure developed by Distributed Technologies Research to link cryptocurrencies with the traditional financial system.
Orbit said users can check exchange rates in real time when sending cryptocurrencies and complete payments instantly without fees or additional conversions. Transfers use the European SEPA, U.S. ACH and Mexico's SPEI payment networks. The app supports fiat currencies including USD, EUR, MXN and PHP, as well as major cryptocurrencies such as BTC, ETH and USDT.
The system enables instant payments by bypassing existing cross-border banking networks, The Block reported.
Bakkt, a crypto infrastructure company backed by Intercontinental Exchange, the parent of the New York Stock Exchange, plans to acquire DTR. Orbit plans to work with Bakkt to expand its business to 50 U.S. states.
Chi-gyu Hwang
delight@d-today.co.kr