Due, a blockchain-powered cross-border payment platform, has recently secured $3.3 million in funding to further develop its innovative solution. The funding round was led by Flourish Ventures, a venture capital firm focused on backing fintech startups that aim to improve financial well-being for individuals and small businesses.
Cross-border payments have long been a pain point for businesses and individuals alike. Traditional methods are often slow, expensive, and prone to errors. Due aims to address these challenges by leveraging the power of blockchain technology to streamline and enhance the efficiency of cross-border transactions.
The platform utilizes smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. These smart contracts enable Due to automate various aspects of the payment process, reducing the need for intermediaries and minimizing the risk of human error.
One of the key advantages of Due’s platform is its ability to significantly reduce transaction costs. By eliminating intermediaries and leveraging blockchain’s decentralized nature, Due can offer lower fees compared to traditional payment methods. This is particularly beneficial for small businesses and freelancers who often face high fees when sending or receiving payments internationally.
Furthermore, Due’s platform offers faster settlement times compared to traditional methods. With blockchain technology, transactions can be processed and settled in near real-time, eliminating the need for lengthy waiting periods. This speed is crucial for businesses that rely on timely payments to maintain cash flow and meet financial obligations.
Security is another area where Due excels. Blockchain technology provides a high level of security by encrypting and storing transaction data across multiple nodes in a decentralized network. This makes it extremely difficult for hackers to tamper with or manipulate transaction records. By leveraging this technology, Due ensures that cross-border payments are secure and protected from fraudulent activities.
The recent funding secured by Due will be used to further enhance its platform and expand its reach. The company plans to invest in research and development to improve user experience, scalability, and interoperability. Additionally, Due aims to expand its network of partners and financial institutions to provide a seamless cross-border payment experience for its users.
The funding round led by Flourish Ventures highlights the growing interest and confidence in blockchain-powered solutions within the fintech industry. Due’s innovative approach to cross-border payments has the potential to disrupt the traditional financial system and provide a more efficient and cost-effective alternative.
As the world becomes increasingly interconnected, the demand for seamless cross-border payment solutions continues to grow. Due’s blockchain-powered platform offers a promising solution to this challenge, providing businesses and individuals with a secure, fast, and cost-effective way to send and receive international payments. With the recent funding secured, Due is well-positioned to further develop its platform and revolutionize the cross-border payment landscape.
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