RocketFuel Blockchain Inc (OTCQB:RKFL) said increased adoption of cryptocurrencies by the mainstream will help to address the complex challenges faced by large corporations seeking efficient global payment solutions.
In an interview with Proactive, Daniel Gonzalves, sales manager at RocketFuel, shared the company's streamlined approach, which leverages cryptocurrencies to simplify the payment process.
For many multinational corporations, he said navigating the intricacies of paying employees across various countries and currencies can be an administrative nightmare. Compliance issues, integration complexities, and lengthy processing times can strain accounting and technology departments. Gonzalves said RocketFuel offers a solution that alleviates these pain points.
The company's approach involves transferring funds into a custodial trust account, after which RocketFuel handles the distribution of payments. This eliminates the need for corporations to manage multiple integrations and compliance hurdles.
"If you think about these large companies that need to pay out thousands of people globally, in whatever currency they need to pay them out in, it's a huge strain on their accounting department," Gonzalves said.
"Think about compliance; what they have to manage for KYC [know your clients] verification, AML [anti-money laundering] ... even their technology departments, right handling all these integrations for places that they need to pay out, banks they need to integrate with. With RocketFuel it's super simple. They transfer the money into a custodial trust account, tell us who to pay, and we pay them."
One significant advantage of RocketFuel's approach is its ability to address the unbanked population and gig economy workers. With just one verification process, he said individuals can use RocketFuel's mobile wallet-like system to receive payments, facilitating a flexible and efficient payout system. Additionally, RocketFuel's solution is fast and secure, with cryptocurrency transactions encrypted and decentralized.
Gonzalves emphasized that the cross-border aspect of RocketFuel's solution is particularly advantageous. By leveraging cryptocurrencies, RocketFuel bypasses the traditional banking system's lengthy processing times and potential hurdles. Payments can be made in stablecoins pegged to major fiat currencies, minimizing the risks associated with volatility.
Gonzalves also shared insights from the company's data, revealing that approximately 50% of individuals are open to receiving their earnings in cryptocurrency, particularly stablecoins like Tether or Circle that are pegged to the US dollar.
RocketFuel's vision is to enable businesses and individuals to make and receive payments in any currency, fiat, or crypto, anywhere in the world.
Contact the author at stephen.gunnion@proactiveinvestors.com