Today, we’re thrilled to announce Bastion is integrating into the Borderless.xyz Global Transfer Protocol to deliver global banking access to onramp, offramp, and payments innovators. Enterprises will now be able to access Borderless.xyz’s network of stablecoin and fiat currency liquidity in over 50 countries through Bastion’s regulated wallets and scalable APIs facilitating global payouts, collections, and cross-border payments.
Traditional remittance methods operate in closed systems that involve multiple intermediaries which drives up costs for consumers and businesses.
Borderless.xyz seeks to address this issue with a blockchain-based network called Global Transfer Protocol (GTP) which serves as a liquidity framework between stablecoins and local fiat currencies around the world. Currently working with six participating Financial Institutions (PFIs), GTP enables global stablecoin to local fiat currencies conversion, providing real time and low cost settlement that allows for global money movement.
“Strong liquidity between stablecoins and local fiat banking rails is critical to building stablecoin based payment solutions as well as onramps and offramps ” said Nassim Eddequiouaq co-founder of Bastion and former CISO of a16z crypto. “We evaluated the leading industry solutions and determined Borderless.xyz’s Global Transfer Protocol was the best infrastructure to incorporate in order to support the market shift to onchain payments.”
At Bastion, we believe the future of embedded wallets lies in regulation, prioritizing compliance to meet not only current US standards but also regulatory shifts. This regulatory coverage is especially crucial when working in the payments space.
“Regulated wallets are a cornerstone for institutional adoption of stablecoins in payments,” said Kevin Lehtiniitty, CEO of Borderless.xyz. “We’ve been extremely impressed with the team at Bastion and are excited to work alongside their best in class products to deliver the next generation of infrastructure to PSPs, payroll providers, and on-ramps and off-ramps”.
Bastion’s regulated wallet APIs are built on a foundation of:
Bastion’s regulated wallet infrastructure combined with Borderless.xyz’s protocol creates a robust end-to-end platform together in one API for innovators to build their applications. This enables on-ramps, off-ramps, and payments companies to get to market 5 times faster with a 70% reduction in compliance costs.
Stablecoins represent the future of the payments industry. Through the Bastion platform, Bastion and Borderless.xyz are powering the next generation global value transfer.
About Bastion
Bastion is the regulated wallet API that helps businesses launch compliant payments and trading products in days—not years—while saving an average of $2M annually. Founded by two former a16z executives, Bastion is a US-regulated financial institution that provides wallet APIs while handling compliance, allowing customers to focus on what matters most: growing their business. Bastion is registered as an MSB and has secured Money Transmitter Licenses in many states for crypto activity, enabling them to issue wallets to customers and their users in a compliant way. To learn more about Bastion, visit https://bastion.com.
About Borderless.xyz
Borderless.xyz is a leading global payments infrastructure company designed to facilitate transactions using internet native money including stablecoins and real-world assets (RWAs). Covering more than 50 countries and 23 currencies, Borderless.xyz’s mission is to empower builders to create efficient money movement, deliver stable currencies to emerging markets, and drive the transition to onchain banking. To learn more about Borderless.xyz, visit https://borderless.xyz/.