- Blockchain-based accounting solution start-up, Gilded has now partnered with financial infrastructure provider, TrustToken.
- This partnership hopes to be highly valuable and beneficial for both companies.
- Gilded and TrustToken to give businesses the ability to send and receive payments in stablecoin using TrustToken’s lineup.
Blockchain-based accounting solution start-up, Gilded has now partnered with financial infrastructure provider, TrustToken. The partnership will bring payments using stablecoins pegged against five popular fiat currencies – U.S. Dollar, British Pound, Australian Dollar, Canadian Dollar, and the Hong Kong Dollar.
This partnership hopes to be highly valuable and beneficial for both companies as cryptocurrencies have been increasingly growing as a medium for business-to-business payments. The traditional method used is wire transfers, and cryptocurrency acts as a very efficient alternative by cutting massive overhead transaction processing costs and enables much quicker transactions.
The recent explosion of digital assets also poses the great potential to potentially change the face of e-commerce altogether due to the speed and reduced cost benefits that it brings to the table.
Glided to use TrustToken’s stablecoin lineup
Gilded and TrustToken to give businesses the ability to send and receive payments in stablecoin using TrustToken’s lineup, in a faster and cheaper infrastructure than ever before. Companies can sign up to use Gilded and begin invoicing transactions in TrueUSD, and TrueGBP, with support for TrueCAD, TrueAUD, and TrueHKD coming shortly.
Gil Hildebrand, CEO of Gilded, says,
“The Gilded digital payment solution powered by TrustToken offers unparalleled speed, transparency, and cost savings for payments made to or from any part of the world. With our TrustToken partnership, we’re empowering business to take a bite out of the billions of dollars in excess fees charged by banks for international wire transfers.”
The lack of adoption of traditional cryptocurrencies like Bitcoin has been somewhat limited due to their volatility. A form of cryptocurrencies called stablecoins addresses this issue by deriving their value from a stable asset like fiat currency, commodity, or even a traditional cryptocurrency.
TrustToken’s stablecoin lineup, TrustCurrencies, are digital tokens backed by fiat assets and a bank account. For example, TrueUSD is the stablecoin offering from TrustToken that is pegged against the U.S. Dollar.
This partnership between the two companies will prove to be another useful and practical application for stablecoins, which have themselves been seeing a considerable increase in usage relative to traditional cryptocurrencies.