Novatti Group has announced the integration of its AUDC stablecoin into the Ripple XRP Ledger. The company said it would benefit from faster and cheaper transactions on XRPL.
AUDC will also be integrated into Novatti’s existing set of payment solutions. This will potentially create a low-cost domestic and cross-border payment system, including stablecoin-pegged payment cards, the company said. Press release.
Ripple will provide technical support
Novatti said that Ripple will provide the necessary technical support to integrate AUDC into XRPL. The new Novatti stablecoin is backed by the fiat value of the Australian dollar at a 1:1 ratio.
“We strongly believe that the demand for the use of digital currencies will only grow in the future. The deployment of our AUDC stablecoin in XRP Ledger will help Novatti meet this growing demand and in turn allow us to secure new revenue streams,” said Novatti Managing Director Peter Cook.
Integration into existing payment solutions
Novatti said AUDC will create more ways for individuals and businesses to pay and receive money as the stablecoin is integrated into the company’s existing payment solutions.
“It will be integrated into Novatti’s existing set of payment solutions, providing customers with a new and innovative way to pay and receive payments, while also creating the potential for faster and cheaper domestic, international and payment payments, as well as stablecoins. linked payment cards,” Novatti said in a press release. In addition to Ripple, AUDC will also be integrated into Stellar.
Inexpensive instant money transfer
AUDC will be pegged to the Australian dollar at a ratio of 1:1. Like other stablecoins, they can be sent to the recipient’s wallet via the blockchain network instantly and without the usual banking fees for such international transactions. In April 2021, the company connected to the Ripple On-Demand Liquidity service to provide money transfer services between Australia and the Philippines.
Worldwide, over 300 financial institutions, including Novatti, use the Ripple payment network. The blockchain project recently partnered with Berlin-based crypto payment provider Lunu to enable luxury goods retailers to accept online and digital asset store payments through Ripple’s liquidity hub.
Last July, global payments company Visa licensed Novatti Group to issue a cryptocurrency-based debit card in partnership with New York-based BitGo depository.
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Credit : cryptopotato.com