With this blockchain-based network, the San Francisco-based company’s goal is to tap the cross-border payments transfer market with global bank partnerships.
“Today’s global financial system faces a critical problem: fragmentation. This means assets cannot be quickly and easily transferred between markets, countries, and various settlement systems,” Haohan Xu, CEO of Apifiny, told Finance Magnates.
“Roxe is a unifying technology network that aims to solve this value transfer problem by more efficiently connecting the world’s banks, scattered assets, markets, and systems around the world to free asset transfer from the limitations of financial institutions’ accounting systems.”
Lowering days in settlement to seconds
Unlike other blockchains like Ripple that uses digital tokens, Roxe follows a different approach for settlement.
The company explained that it uses a new concept of Smart Proof of Ownership settlement nodes that maintain custody of assets on behalf of network members, and instantly settle transactions between network nodes by accounting for inter-exchange transactions and providing instant proof of ownership (Smart OP), mapping fiat and digital currency into a unified asset network.
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This gives it an edge adding support of multiple digital assets and also fiats.
According to the company, its payments settlement network is fast, secure, and much cheaper compared to the traditional inter-bank connections.
Initially, Roxe will support the US dollar and “several major digital currencies”, but it has goals supporting all G20 fiat currencies and all top 50 digital currencies.
Currently, the company is maintaining two supernodes for the blockchain and has plans to add more in the near future.
Though Apifiny confirmed to Finance Magnates that it is already in talks with several banks for partnership, it did not disclose any names.
“As more banks, trading markets, and cross-border payment and remittance companies become node members on the Roxe network, the speed, operational and cost-saving benefits for each member will grow via classic network effects,” the press release explained.