In a significant step towards enhancing cross-border payments, Sling Money has unveiled its US and European Virtual Accounts. These accounts merge the convenience of traditional payment systems with the efficiency of tokenization, setting the stage for a new era in global financial transactions.
Global Reach
Sling Money’s new offerings are designed to extend beyond simple peer-to-peer (P2P) transactions. The platform now allows users to receive payments in their local currency from various locations worldwide directly into their Sling Wallet, thanks to virtual accounts that can be routed to U.S. routing numbers or European International Bank Account Numbers (IBAN).
As Joel Hugentobler, a Cryptocurrency Analyst at Javelin Strategy & Research, pointed out: Sling Money has seamlessly integrated local banking systems with stablecoins into one cohesive application. This innovation will greatly reduce the friction associated with cross-border payments.”
The Bridge Alliance
A key factor in Sling Money’s advancement is its collaboration with Stripe’s acquisition of the regulated financial infrastructure provider, Bridge. Through this partnership, incoming payments are converted into stablecoins—either Pax Dollar, issued by Paxos Trust Company, or Euro Coin, issued by Circle. These stablecoins are then transferred to users’ wallets within the app.
Hugentobler added: Stripe’s integration of Bridge’s technology signals a major shift towards stablecoin infrastructure and seamless payment applications. This move not only enhances Sling Money’s credibility but also positions it as a leader in regulated crypto payments.”
The Role of Stablecoins
Stablecoins have emerged as crucial players in cross-border transactions. According to the Bank for International Settlements, bitcoin, ether, and other leading stablecoins facilitated approximately $600 billion in such transactions during Q2 2024.
Hugentobler elaborated: This underscores the validity of stablecoins as a viable payment option. Sling Money’s approach is ahead of its competitors by leveraging Bridge for regulated crypto payments, providing users with secure and efficient cross-border transfers.”
