Payments Veterans Seek to Unlock Blockchain's Power With Align Commerce
The bitcoin blockchain can be utilized to store transaction records in its public ledger database, but that is far from its only use case. Novel real-world applications in the fields of smart contracts and intellectual property rights have begun to surface, providing a glimpse of the kinds of future technologies many believe cryptocurrencies can help society unlock. Still, the most immediate use for the technology has been for payments, and with this is mind, startup Align Commerce intends to use bitcoin as a 'container' to move fiat currency quickly and easily across borders. Relying on....
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Align Commerce, a San Francisco, Calif.-based cross-border payments service provider, has established a “China corridor” to allow businesses to easily send and receive payments to and from Asia’s largest economy. With the value of bilateral trade between the U.S. and China surpassing $555 billion in recent years, businesses in both countries will now reap the benefits of Align Commerce’s multi-rail technology that combines the blockchain with traditional payments, real-time payment tracking and easy invoicing. Align Commerce, in celebration of the Chinese Lunar New Year and to mark the....
In April, Bitcoin Magazine reported that global payment provider Align Commerce launched a public beta of its payments platform, the first in the industry to use the Bitcoin blockchain transparently to enable faster and cheaper global payments. Transactions appear as traditional payments at both the sending and the receiving end, but Align Commerce pipes the transfer through the blockchain instead of using several intermediate banking relays, halving both time and cost of traditional international wire transfers. Now Align Commerce announced that it has raised a $12.5 million Series A....
Align Commerce announced yesterday that the public beta of its international payments platform had launched, which could cut the cost and time of transactions in a $24 trillion market. Thirty-four countries are now exposed to this beta. "The $24 trillion cross-border payments market is growing at a breakneck pace, expected to eclipse $54 trillion by 2022, despite a highly inefficient and expensive system in which businesses spend over $50 billion on wire and foreign exchange fees, wait up to seven days for transactions to complete and have no visibility into the process," said Marwan....
Align Commerce, a San Francisco, Calif. -based cross-border payments service provider that exchanges a payer's fiat currency into bitcoin, then exchanges it into the payee's currency, has raised $12.5 million in Series A funding by Kleiner Perkins Caufield & Byers, according to today's Wall Street Journal. Align Commerce's money transfer model avoids the "cumbersome" bank wire process for payments, according to CEO Marwan Forzley, who started the company after serving as general manager at Western Union. The company can also offer features like tracking fund movement in real time and....
Blockchain payments startup Align Commerce has raised $12.5m in Series A funding led by storied Silicon Valley investment firm Kleiner Perkins Caufield & Byers (KPCB). Rounding out the all-star cast of investors were first-time and repeat firms including Digital Currency Group, FS Venture Capital, Pantera Capital, Recruit Ventures Partners and SVB Ventures, the investment arm of Silicon Valley Bank. Founded by Marwan Forzley, a former Western Union general manager, Align Commerce is seeking to disrupt the small business (SMB) cross-border payments market, one it believes is characterized....