Avalanche's Payments Collective Aims to Revolutionize Cross-Border Transactions

Avalanche has launched its Payments Collective, bringing together 28 founding organizations to facilitate cross-border payments and financial services.

The collective includes major players in the industry such as Franklin Templeton, VanEck, Paxos, Anchorage Digital, Ethena, Rain, Axiym, Tassat, WisdomTree, Kraken, and others. These partners aim to provide a network for payments across over 150 countries, using 96 currencies, and reaching more than 22 billion payout points.

The Avalanche Payments Collective is designed to address the needs of moving money globally, including liquidity management, compliance, custody, settlement, treasury operations, foreign exchange services, and local payment connectivity. This marks a trend in the industry as blockchain networks compete to become the base for digital payments, not just trading platforms.