Rail allows Canadian and US companies to travel seamlessly across borders
Payments in both fiat and digital assets using the Algorand fractional blockchain
the cost of traditional rails.
TORONTO, October 3, 2022 /CNW/ — Stablecorp and Shift Markets, leading global digital asset infrastructure companies, today announced a collaboration to establish a cross-border payments and on-chain foreign exchange (FX) rail Canada and The United States Use of Circle’s payment infrastructure. This cross-border rail allows assets to flow between the two countries fully on-chain, with Shift Markets providing on-chain FX conversion between multi-currency stablecoins.
Competing on the global, highly competitive international SailGP circuit, the Canadian SailGP team will be one of the first partners to use this track to improve the efficiency of paying its athletes and suppliers worldwide. Tom Ramshaw, a two-time Olympian and tactician on the Canadian SailGP team, will be the first SailGP athlete to accept their paycheck entirely in USDC on the Algorand blockchain. “It’s really exciting to be the first team member and athlete at SailGP to be paid with digital assets, even better that it’s on the Algorand blockchain, our Tier 1 partner,” Ramshaw said of the Partnership.
To complete this cross-border payment, the Canada SailGP team will leverage Stablecorp’s newly launched treasury management platform, Grapes Finance, to seamlessly convert Canadian fiat into one of Stablecorp’s QCAD Canadian stablecoins. This QCAD is then converted into USD coins (USDC) or Euro coins (EUROC) on Shift Markets on-chain FX platform Cables. The USDC or EUROC is then settled through Circle’s payments infrastructure, allowing Canada SailGP Team and other digital assets and fiat payouts to 3approx party caterers and athletes like Ramshaw.
Given the Algorand blockchain’s fully on-chain nature and very low transaction fees, these transactions can be processed almost instantly (even on weekends) and for almost no fees. Shift Markets leverages a deep pool of FX liquidity with its own Cables Finance product to maintain highly efficient trading pairs across multi-currency stablecoins, including QCAD/USDC and QCAD/EUROC. Overall, Stablecorp estimates that overall fees and spreads can be reduced by up to 95% on cross-border transactions and settlement time can be cut from an average of three to five business days to almost instantaneous.
“There is such a great need and lack of resources for cross-border payments and on-chain foreign exchange. By partnering with Stablecorp, we are taking some fundamental steps towards creating a fast, secure and cost-effective infrastructure to propel this financial ecosystem onto the blockchain,” said Ian McAfeeCEO of Cables Finance.
President and Chief Executive Officer of Stablecorp Alex McDougall said: “Digital assets have been touted as a panacea for financial friction reduction, but until now we haven’t rolled out the kind of connected, ecosystem-driven solutions that allow individuals and businesses to truly monetize those friction reducers.” $1.7tn Canada / The US Corridor is a fantastic way to start rolling out these types of solutions and we are excited to be working with Circle and Shift Markets to bring this valuable treasury solution to the Canada SailGP team.”
“The future of finance is digital and our goal is to be the first fully digital SailGP team, possibly sports team, in the world. This collaboration is just one example of how our partners Algorand and Stablecorp work together to deliver breakthrough solutions that are both efficient and seamless,” said Fred PyeFounder and owner of the Canada SailGP team.
Stablecorp is a leading Canadian fintech company developing bankable blockchain technology. Through its three product lines – Forge, Grapes and YaaS – Stablecorp combines cutting-edge technology with innovative approaches to solving customer needs to create “step-function” improvements in financial services. Stablecorp focuses on consumer and personal treasury management, including cross-border payments, foreign exchange and leading analytics on lending and lending solutions for digital assets, all leveraging blockchain technology. For more information, visit https://www.stablecorp.ca and https://www.grapefinance.com
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Circle drives internet-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transaction services, business accounts, and platform APIs are fueling a new generation of financial services and commerce applications that deliver on the promise of increasing global economic prosperity for all through the frictionless exchange of value. Learn more at https://circle.com.
About shift markets
Shift Markets provides cryptocurrency exchange solutions, broker trading technology, liquidity, risk management, compliance and marketing services to clients. Shift Markets is dedicated to promoting financial equality in emerging markets in FX and Crypto by providing cutting-edge technology to clients. As finance continues to change, Shift is dedicated to providing a better financial ecosystem for customers and the world around us. Learn more at https://www.shiftmarkets.com/.
About the Canada SailGP Team
The Canada SailGP Team is an independent team and was the 10th team to join SailGP at the start of Season 3 Bermudas. The team and its partners are committed to improving access to sailing Canada and creating a path for exceptional athletes in sport while protecting our ocean. SailGP.com/teams/canada/
Canada SailGP Team
Jennifer HallHead of Marketing & Communication
+39 375 658 8515