The world is going crazy about crypto. Some love them, some hate them, and a large number just don’t understand them. Forget the ridiculous market cap and the volatility involved, the digital transformation brought about by cryptocurrencies and blockchain technology certainly can’t be ignored.
Over time, several new use-cases of cryptocurrencies have cropped up and experts believe this is just the beginning. Let’s take cross-border payments as an example, which has always been a tedious and expensive process. According to the World Bank, cross-border payments cost an average of 6.51 per cent in Q4 2020 worldwide. Apart from the hefty tariffs involves, most international transfers take multiple days to be processed.