The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
Photo by David McBee
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Anyone who’s ever needed to transfer money to another country knows the financial pain that regularly exists in these exercises.
It’s no wonder that blockchain has suddenly moved from the sole domain of crypto traders to cross-border savior. Not only are cross-border transfers inconvenient and time-consuming, according to the World Bank, but they also accounted for $716 billion in peer-to-peer (P2P) payments in 2019, with the average percentage transaction fee around 6.5%.
One company that sees the future of cross-border transfers as bright is Irvine, California-based Vemanti Group Inc. (OTCQB:VMNT), an emerging fintech holding company that has established a new wholly-owned subsidiary under the name of Vemanti Digital Ltd.
The subsidiary will serve as a financial platform helping consumers and businesses use public blockchains for cross-border payments, commerce and financial transactions as well as applications such as decentralized finance (DeFi) lending/borrowing, staking/swapping, asset tokenization, digital currency minting/mining and non-fungible Tokens (NFTs).
The company has just launched the Vemanti USD (USDV), an ERC-20 1:1 U.S. dollar (USD)-pegged stablecoin, to registered early adopters. The USDV rollout has begun in preparation for onboarding additional large-scale adoption. USDV is one of the first stablecoins of its kind to be issued by a Securities and Exchange Commission (SEC) reporting company, which according to Vemanti CEO Tan Tran, aligns with the company’s 2021 business goals.
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“At the beginning of the year, we set out to accomplish 2 major goals, with the 1st becoming an SEC fully reporting company to bring a greater level of comfort to our investors and business partners. As you can see, we’ve accomplished that,” Tran told Benzinga. “Our 2nd objective was to establish a core product and a foundation in which we can launch different fintech applications with unique features to support a multiple of monetization and revenue streams later on. With our stablecoin, we are slowly reaching that milestone.”
Since its founding, Tran and Vemanti’s focus has been to deliver products and services to underbanked and underserved consumers and small businesses around the world with an immediate focus on the emerging markets of Central America and Southeast Asia, especially Vietnam. The company wants to see how its finished product will help people get through their daily chores better, easier and cheaper. Vemanti is betting on USDV not only making the company unique but also making a global impact.
“It’s not about us addressing a problem that hasn’t been addressed already by other people,” Tran said. “The question here is, who are we doing this for? You see, here in the United States and other established economies, we are basically overbanked and simply inundated with bank promotions and services, which is good, but that’s only 1.5 billion of us. The same cannot be said for the other 6 billion people.”
“It’s a big problem, and if you’ve ever tried to conduct a cross-border transaction to someone outside the U.S. who’s underbanked, you’d know exactly what I’m talking about.”
The USDV, according to Vemanti, is designed to be a fast, low-cost, borderless option for individuals and businesses for transactions including payments and remittances, payroll, settlement, lending and trading, decentralized finance applications, escrow and alternative banking services.
Stablecoin can be redeemed for U.S. dollars or other currencies from any spot in the world through SWIFT wires. Users of the Vemanti stablecoin also will have access to a multicoin wallet that will make it easy to manage transactions and multiple digital asset options.
“The world is small, and what we have achieved is frictionless money. Anyone around the world — about 150 different currencies — can open an account with us,” Vemanti Director of Business Development Warren Burke told Benzinga. “They can store it, and they can have a quick onramp, they can make payments 10 times easier, and it’s more applicable for people to go to 5 or 6 different products.”
With Vemanti reaching many of its initial 2021 goals, the company has a longer-term focus on a NASDAQ listing by the 2nd half of 2022. For the rest of 2021, Vemanti has set its sights on making USDV available to the general public with features designed to enhance the user experience to accelerate mass adoption.
For more information on Vemanti Group, go to www.vemanti.com.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.