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Volt launches stablecoin settlement solution VX2

Ellie Duncan
11 Sep 2024

Global real-time payments platform Volt has launched a stablecoin settlement solution, called VX2, which will be headed up by Volt’s chief executive officer Tom Greenwood.

Greenwood will transition from his current role to lead VX2 as its new chief executive officer, with the aim to guide VX2 as it addresses the most “challenging” cross-border payment needs using stablecoins such as USDT and USDC.

Volt co-founder Steffen Vollert has been named as interim chief executive officer of Volt.

VX2, which has been designed to integrate with Volt’s existing real-time payment infrastructure, is described as “offering a single point of access and interoperable protocol” to act as “an end-to-end orchestration layer between existing cloud-based and ‘new money’ infrastructure”.

To achieve this, VX2 will form strategic partnerships with stablecoin on/off ramp liquidity providers, including exchanges, issuers and OTC desks, to enable integration with Volt’s proprietary network of bank connections.

At VX2, Greenwood will lead a team of cross-domain industry experts with a focus on developing VX2 into “a powerful platform for modern payments”, according to a press statement.

Volt has confirmed that VX2 will act as a separate entity which is majority-owned by Volt and supported by the same key investors, including IVP, EQT, CommerzVentures, Augmentum Fintech, and Fuel Ventures.

“With the imminent arrival of MiCA in the EU and the rollout of digital asset regulation around the world – and the legitimisation of stablecoins as a regulated financial instrument – now is the time to harness this technology and to build utility in the digital realm,” Greenwood said.

“We will harmonise old money with new, to deliver a globally connected and coherent payments network, that is real-time.”

Robert Kraal, chair of the board of Volt, added: “We are excited to continue our partnership with Tom as he launches VX2.

“We are firm believers that the digitization of capital flows around the world will continue to accelerate and that Volt and VX2 will play a significant role in delivering value, transparency and speed to our customers around the world.”

Earlier this year, Volt launched a secure, PayTo-based, one-click payment solution for its retail customers in Australia, having entered the Australian market in November 2023, following a $60 million Series B fundraise.