As the forthcoming Markets in Crypto Assets (MiCA) regulations present a new European crypto landscape, real-time payments firm Volt has introduced a new stablecoin settlement solution.
The MiCA regulations will come into effect on 30 December 2024, and financial stakeholders across Europe have been scrambling to prepare for incoming requirements. Regulators, such as France’s monetary authority, have been recommending firms to initiate preparations as soon as possible.
Many also see the regulations as an opportunity, however, with Volt being one such company. The firm hopes to forge strategic partnerships between its new VX2 stablecoin solution and leading on/off ramp liquidity providers, including exchanges, issuers, and OTC desks, to facilitate smooth integration with its own network of banks.
VX2’s chief objective is to offer interoperability between fiat and stablecoin transactions, which Volt believes will enhance the company’s overall value. As the international crypto market continues to develop and more stringent regulations come into effect, VX2 aims to become a ‘key player’ by developing a global payments network.
Robert Kraal, Chairman of the Board of Volt, said: “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.”
Meanwhile at Volt, alongside its stablecoin settlement aspirations, the company has seen a boardroom reshuffle with the arrival of a new CEO for VX2.
Tom Greenwood, the company’s CEO, has transitioned to become CEO of VX2, its new stablecoin. He will be tasked with addressing cross-border payments demands using stablecoins like USDT and USDC, and steering the future direction of the solution.
Meanwhile, Volt Co-Founder, Steffen Vollert, will become its interim CEO. VX2 will operate as a separate entity to its parent company, with Volt acting as majority owner, with added financial support coming from the latter’s same core investors of IVP, EQT, CommerzVentures, Augmentum Fintech, and Fuel Ventures.
Greenwood remarked: “I thrive in innovation and I am excited for this next chapter. 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.
“We will harmonise old money with new, to deliver a globally connected and coherent payments network, that is real-time.”
