In March Custodia Bank announced a collaboration for tokenized deposits with Vantage Bank. Now the two banks are working together to support cross border payments using Custodia’s Avit token on a permissionless blockchain. Previous transactions were on Ethereum.
Vantage Bank’s customer, courier firm DX Xpress, used the programmable dollar tokens for a payment between Mexico and the United States. A common real world use case often cited for digital currencies is conditional payments, such as paying for ecommerce purchases on delivery. Hence, if the goods don’t arrive, the buyer isn’t out of pocket. DX Xpress is using it for this purpose and to pay drivers.
“We see the capability to offer integrated, programmable U.S. dollar payments through our platform to speed up cash conversion cycles allowing for payments to be initiated via a smart contract at delivery and ultimately paying drivers for a completed route within the hour,” said Antonio Bazán, President and CEO of DX Xpress.
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