Challenge
Bloxcross initially leveraged a traditional custodian to build their payments infrastructure, but quickly learned that the provider was not able to handle the transaction volume and blockchain coverage that their business and merchants required. Diego Baez, Founder & CEO of Bloxcross, explains, “We found that the custodian we were using was slow to react to the marketplace, and their infrastructure was clumsy– which made it very difficult for us to support our merchants.”
When looking for a new provider, Bloxcross knew that they needed a custody technology with wide blockchain support so they could settle with merchants in their preferred stablecoin. They also needed an infrastructure that could handle high volumes for wallet creation and transaction signing in order to reliably service merchants 24/7. Finally, they needed a flexible platform that could be configured to support their payments use case today but also new business models in the future.
Solution
Bloxcross selected Fireblocks because they wanted to partner with a company that not only had blockchain and security expertise, but also strong knowledge of global payments. “There really wasn’t any other provider that could support what we were trying to do,” Diego says.
Fireblocks provides a unified platform to accept pay-ins, convert to stablecoins, and connect with liquidity providers or local banking rails. Using a unified platform, Bloxcross is now able to deliver real-time cross border settlement for thousands of their global merchants. Diego says, “Fireblocks enables us to deliver fast, reliable, and efficient payments to our merchants across the globe.”
Results
Pairing Fireblocks with Bloxcross’ Adaptive Intelligence Conversion, an AI-powered tool that optimizes currency conversions, Bloxcross has been able to reduce settlement times for their merchants from days to hours.
For example, one of Bloxcross’ LATAM clients had a ship parked outside Singapore waiting to refuel. Typically it would take a week for the importer to send a cross-border payment to pay for the refueling. Using blockchain rails and the Fireblocks platform, Bloxcross was able to send the payment and off-ramp to the local currency on the same day.
“The client called us and was ecstatic. Because they didn’t have to wait for the payment to arrive in Singapore, they were able to save the cost of paying the crew for delays and avoid the overall logistical complexity,” says Diego.
Since Bloxcross has gone live on Fireblocks, they’ve rapidly expanded their client base to over 2,000 merchants within the past year. Diego anticipates continued growth.
Fireblocks enables us to deliver fast, reliable, and efficient payments to our merchants across the globe.
Our partnership with Fireblocks has enabled us to swiftly onboard new clients, execute secure transactions, and scale our operations effectively.