With rare exceptions, even slow cryptocurrency transactions are faster than many other payment methods. Most blockchain transactions are completed in minutes, rather than hours or even days, and are able to provide assurances against error or fraud through the transparency of distributed-ledger technology (DLT).
This added speed becomes particularly important for cross-border transactions. In fact, more than 37% of businesses said they are currently using blockchain and cryptocurrencies for cross-border transactions, according to the “Blockchain Payments Tracker,” a PYMNTS and Algorand collaboration.
Get the report: Blockchain Payments Tracker
In addition, another 13% of the businesses surveyed said they would like to use crypto for that purpose. In total, 50% of firms currently use or would like to use blockchain and cryptocurrency for cross-border payments.
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