The Good Tech Companies - Nexo and Sphere Partner to Cut Business Payment Settlement Times from Days to Hours

Episode Date: February 27, 2025

This story was originally published on HackerNoon at: https://hackernoon.com/nexo-and-sphere-partner-to-cut-business-payment-settlement-times-from-days-to-hours. Nexo and Sphere partner to revolutionize cross-border business payments with blockchain, cutting settlement times from days to hours while reducing costs. Check more stories related to tech-stories at: https://hackernoon.com/c/tech-stories. You can also check exclusive content about #nexo-news, #sphere-news, #nexo-announcement, #blockchain, #dlt, #cryptocurrency, #good-company, #web3, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Nexo and Sphere partner to revolutionize cross-border business payments with blockchain, cutting settlement times from days to hours while reducing costs and improving liquidity.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Nexo and Sphere partnered to cut business payment settlement times from days to hours by Ashan Pandey. Hash hash hash can blockchain fix cross-border payment delays? Nexo and Sphere think so why do international business payments still take days to settle in a world of instant digital transactions? The global cross-border payment system, dominated by traditional banking infrastructure, remains slow, costly, and dependent on intermediaries. Settlement times can stretch from three days to a week, with fees ranging between

3 to 7 percent per transaction, according to the World Bank. For businesses in regions with volatile currencies, such as Argentina, Brazil, and Mexico. These delays and costs compound financial risk and liquidity challenges. Nexo, a premier digital assets wealth platform, has announced a strategic partnership with Sphere, a leader in same-day cross-border settlement, to tackle these inefficiencies. The collaboration integrates blockchain-based solutions to reduce settlement times from days to hours, streamline treasury operations, and pro-vide businesses with stable, near-instant currency conversion. Addressing a growing problem, the inefficiencies of legacy payment systems have driven businesses to explore alternatives.

According to the Bank for International Settlements, global stable coin transaction volume exceeded $7 trillion in 2024, signaling increasing demand for faster, blockchain-powered settlements. Nexo and Sphere aim to leverage this shift by providing businesses with a secure and compliant way to be past slow correspondent banking networks. How the partnership works The Nexo-Sphere collaboration focuses on three key areas. 1. Near-instant settlement spheres scalable infrastructure shortens settlement times from days to hours, reducing FX risk and

improving liquidity for businesses. This is especially beneficial in high inflation economies where stablecoins provide a hedge against currency fluctuations. Through spheres API, businesses, fintechs, and financial institutions gain access to efficient, near-instant currency conversion for cross-border payments.2 Lower costs and smoother transactions by eliminating multiple banking intermediaries, the partnership reduces transaction fees, making payments more predictable and cost-effective. Nexo's integration with Sphere enhances its financial services suite, including personal

USD accounts, crypto-backed loans, and interest-earning products, while ensuring corporate clients can move capital seamlessly across borders.3. Regulatory-compliant blockchain solutions compliance remains a critical challenge in digital payments. Nexo and Sphere are addressing this by operating within regulated frameworks to ensure adherence to anti-money laundering, AML, and Know Your Customer, KYC, standards. Industry insights and expert commentary. At Nexo, we unite traditional and digital assets to build the next generation of wealth, said Savina Banchova, chief operating officer at Nexo. Collaborating with Sphere furthers that

goal by giving clients and businesses a faster, more transparent way to move between global currencies and digital assets, all within a compliant framework. With Latin American economies contending with considerable inflation and currency volatility, our alliance with Nexo stands to be a real game-changer, said Arnold Lee, CEO of Sphere. By joining forces, we can deliver a secure, streamlined environment for everything from everyday B2B transactions to larger-scale settlements, significantly cutting the time and overhead businesses face. A scalable future for cross-border transactions. Nexo and Sphere plan to roll out their blockchain-based payment infrastructure in select markets before expanding globally. With businesses increasingly turning to digital

assets for financial efficiency, this partnership could set a precedent for a new standard in cross-border transactions. Don't forget to like and share the story. Tip Vested Interest Disclosure This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. Thank you for listening to this Hacker Noon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.