OKX Ventures Joins Forces with Swift to Add Exclusive Functions
OKX Ventures, the venture subsidiary of the crypto exchange OKX, has recently announced a partnership with Swift (a payments platform). The collaboration is focused on the incorporation of exclusive functions to provide convenience to consumers eyeing the latest technological developments. The platform took to its official Twitter account to disclose the mutual venture of both entities.
02. The combination of Swift @swiftcommunity and #Crypto offers new functions like #crosschain interoperability and atomic swaps,
allowing users to effortlessly convert one cryptocurrency into another. ♨️— OKX Ventures (@OKX_Ventures) February 26, 2023
OKX Ventures and Swift Collaborate to Advance the Payments Across the Borders
OKX Ventures noted that it is devoted to bringing unique and more assistive products to the community. In this way, a lot of attention is paid by the company to benefits from the emerging technologies and the developed markets to facilitate the consumers in terms of payments across borders.
While announcing the latest payment-related features, OKX Ventures informed the community that seven additional crypto tokens have also been added by the platform. The new incorporated crypto tokens take into account @Cardano, @onXDCNetwork, @iota, @hedera, @StellarOrg, @Ripple, and @quant_network.
The collaborating payment platform also addressed the community and disclosed that it is operating on a standard called “ISO 20022”. The respective standard deals with payments across borders. In this standard, the entirety of the required capabilities is in advance provided for the organizations, as mentioned by Swift on its official website. The company added that the institutions can exchange enormous data messages in an opt-in manner.
The exclusive features to be included by OKX Ventures for cross-border payments as a result of this collaboration takes into account atomic swaps as well as cross-chain interoperability. The platform asserted that the consumers will get considerable benefits from these new functions. According to it, they can convert value between the crypto assets matchlessly and conveniently.
Nonetheless, the venture-focused subsidiary of OKX claimed that the implementation has witnessed a delay in its launch. In its words, the party responsible for the respective procrastination is Swift. As confirmed by both entities, the launch will be witnessed in the next month. Moreover, OKX Ventures claimed that a lot of improvement in the payments would be witnessed by the clients in terms of speed and size.
ISO 20022 Initiative Improves Interoperability, Says OKX Ventures
While moving on, OKX Ventures also discussed the latest payment standard. The platform revealed that the payment standard has remained effective in bringing betterment to real-time gross settlement (RTGS) and High-Value Payments (HVPs). It added that “ISO 20022” comprises much large information as compared to the thicket systems’ conventional performance. The platform additionally brought to the front that this initiative has efficiently increased interoperability.
