While much of the world has been carried away with the cryptocurrency craze, large portions of international markets are left on the sidelines. With crypto payments ultimately relying on local financial infrastructure that is lacking in many countries, would-be investors in regions including Latin America have not had the same access to typically lengthy, resource-intensive crypto trading practices.
That’s why some savvy fintechs have invested a great deal in stablecoin transfer technology. Given the recent news coming from corporate expenses platform Jeeves, stablecoin may offer a viable solution to crypto’s international exchange problem.
“There's a very strong use-case for using crypto for cross-border payments," said Chief Executive Officer and Founder of Jeeves, Dileep Thazhmon. "If you want to send funds between two countries today, we currently have [regulated] bank accounts in each country. But you could potentially use stablecoins instead to do transfers.” According to Thazhmon and other stablecoin enthusiasts, these transfers can be completed nearly instantaneously.
The upshot of Jeeves’ backing of stablecoin? As of its most recent $180 million Series C fundraise, the company has been valuated at $2.1 billion. What’s more, following a massive revenue raise since 2021 and a doubling of its client base, Jeeves is ready to bring its banking-as-a-service model beyond Latin America, continuing its expansion into North America and Europe.