A Better Way to Move Money

Traditional Banking

  1. Client A sends funds into their account at Bank A with instructions to convert to a different currency.
  2. Bank A does the FX conversion — frequently charging a wide bid/ask spread or conversion fee.
  3. Bank A sends a wire transfer to a specified beneficial account holder, Client B, at Bank B, charging a fee for this wire.
  4. Depending upon how many correspondent banks are involved, Client B only receives good funds after 2–3 business days and likely has to pay a fee to Bank B to receive the funds.

Cross-Border Payment with Crypto

  1. Client A sends crypto (frequently, but not always, stablecoins) to Covario AG.
  2. For crypto, the provenance of all coins are screened with blockchain software and Client A has undergone thorough KYC and AML due diligence checks.
  3. Covario uses its liquidity aggregation platform to find the best price at which to convert the crypto into the payment currency of choice of Client A. The bid/ask spreads on these transactions is minute.
  4. The proceeds of the crypto sale are sent to Covario’s account at a crypto-licensed bank who is then able to make a same day remittance to Client B’s bank.

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