Hugo Cuevas-Mohr, the President and CEO of a Florida based consultancy firm, Mohr World Consulting, recently talked about the settlement and the adoption of crypto in settlement of payments. In his view, more and more companies are using crypto to settle payments.
Speaking during the LaBitConf event this December, Hugo Cuevas stated that the year 2019 has been exciting. Cuevas, who is also the director of IMTC (the International Money transfer & Cross Border Payment Conferences), observed a significant rise in settlements via Crypto. He pointed Bitcoin, XRP, and Stellar’s XLM cryptocurrencies that are being used to settle the cross-border transactions.
More and more companies are using crypto to settle payments
2019 has been INTERESTING!
Banks and governments are slowly understanding
Hugo Cuevas, Mohr
Dec 2019 pic.twitter.com/eLIkP1WVtV
— Steven Bull From the Diep (@DiepSanh) December 16, 2019
His view is that the financial institutions or banks tend to offer cross-border payment services at deficient speed even if they charge hefty transaction fees – on the other hand, transactions via crypto is much faster and cheaper.
As per his Linkedin profile, Cuevas is helping financial firms as a consultant in the “Money Transfer, Remittances & Cross-Border Industry in the US, Europe, Latin America, and Africa.” He has also mentioned that he advised “firms, blockchain-based projects, innovative financial services, associations, and trade groups.”
However, Ripple, as a blockchain payment firm, is increasingly offering its remittance solutions on top of blockchain technology, enabling banks and financial institutions around the world to provide affordable solutions within a short span. Nevertheless, Ripple’s ODL (On-Demand Liquidity) solution is currently utilized by almost an over dozen payment firms – this is since the ODL solution removes the critical requirement of pre-funding/capital during cross-border funds transfer.
Even though cross-border solutions via crypto reportedly received massive demand this year, the price of significant cryptocurrencies remained to flourish. Precisely, the trading value of Bitcoin, XRP, XLM, and other currencies are yet to see the massive rise from traders and investor’s view.
Moreover, Ripple was also named under the list of sponsors that helped IMTC to host its annual event IMTC World 2019 in November this year. Other fintech industry that sponsored the IMTC world 2019 conference includes Bitspark, IBM, TransferZero, IdentityMind, Thunes, Control Money, Bitstop, and others.
Image courtesy of Pixabay.