International Payments Service Caxton Adopts Blockchain Technology

Caxton employs a private blockchain because waiting until a mega-deal is struck between the major banks "could take decades".

Caxton, a UK-based foreign exchange, international payments and prepaid card provider, has just announced that it has adopted blockchain technology to provide its clients with cheaper, faster and more secure payments by providing trusted and regulated currencies and banking systems. It has done this by attaching a private blockchain overlay to its banking platform.

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The firm says that this will be particularly helpful to e-commerce businesses looking to execute payments in multiple currencies, app developers in need of a regulated partner to handle their transactions, or a bank that needs an out-of the box multicurrency bank platform.

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Rupert Lee-Browne, CEO, Caxton
Rupert Lee-Browne, CEO, Caxton

Rupert Lee-Browne, founder and CEO, Caxton, commented: “There’s so much talk in the industry about the benefits of blockchain, but so little of it is accessible to businesses today. It seems that you’ve either got to trust in cryptocurrencies or wait until a mega-deal is struck between the major banks. Both of which could take decades to come into fruition.

Therefore we’re incredibly excited to offer our clients the opportunity to plug into our multi-currency banking system directly via a private blockchain.”

Russell Stather, CTO of Caxton, added: “This offer will be particularly exciting for our client’s CTOs. This technology strips out the need for an API, meaning everything is under their control. There’s no need for them to waste time and money, installing and maintaining an API.”

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