Jan 9, 2025, Toronto, Canada — Virgo Group (“Virgo”), which boasted a regulated Canadian cryptocurrency trading platform in its portfolio of companies, and the world’s first modular PayFi infrastructure, PolyFlow, have announced a strategic partnership to jointly drive innovation and implementation within the PayFi (Payment Finance) ecosystem. Through technological integration, compliance collaboration, and ecosystem building, the two parties aim to deliver secure, efficient, and compliant financial service solutions to users in Canada and worldwide.

Advancing the Implementation and Innovation of the PayFi Ecosystem in Canada

PayFi combines the advantages of blockchain technology and payments, redefining the future of financial services. This partnership will focus on PolyFlow’s technological capabilities, combined with Virgo’s compliance expertise in Canada and globally, to drive the following innovations:

Deep Integration of Payment Technology and Compliance Operations

Virgo’s compliant access solutions will be mapped on-chain through PolyFlow’s modular compliance layer, Payment ID (PID), enabling traditional financial infrastructure to seamlessly integrate with DeFi and on-chain payment applications, reaching more global user scenarios.

Optimization of Cross-border Payment and Settlement Efficiency

Canada has numerous small businesses conducting significant cross-border transactions with the United States, yet traditional payment rails face efficiency and cost challenges. Against this backdrop, PolyFlow and Virgo plan to develop cross-border payment solutions for the Canadian and global markets, leveraging PolyFlow’s technology to build a multi-chain wallet settlement network with Virgo’s fiat (CAD, USD) support, significantly reducing cross-border transaction costs and enhancing settlement efficiency.

Integration of Digital Asset and Fiat Payments

Based on PolyFlow’s PayFi architecture, businesses and individuals can use digital assets for payments, storage, and settlement, achieving seamless integration with the traditional financial system and offering users a new payment experience.

Looking to the Future: Transformational Opportunities for Canada’s Payment Industry

Canada is progressively advancing its Open Banking initiative, which aligns closely with PayFi’s innovative positioning. PolyFlow’s technological innovations, combined with Virgo’s local and global presence, will support the vision and plans of Open Banking, enhancing data sharing and financial service efficiency, and connecting more financial institutions and payment scenarios.

PolyFlow and Virgo’s collaboration will focus on user-centric solutions, aiming to meet the payment efficiency and security needs of SMEs, cross-border transactions, and individual users. Both plan to launch a series of educational and promotional activities to accelerate the adoption of the PayFi concept in the Canadian market.

“Virgo’s strong capabilities in compliance operations and asset security provide us with a unique foundation for collaboration. We look forward to creating a payment system that combines innovation and trust through this partnership,”said, Raymond Qu, Co-founder of Polyflow.

“Virgo’s local market compliance experience complements PolyFlow’s technological strength perfectly. We believe this partnership will not only advance the development of PayFi but also inject new momentum into financial innovation in Canada,” said, Adam Cai, CEO of Virgo Group.

About PolyFlow

PolyFlow is the first modular PayFi infrastructure designed to connect Real-World Assets (RWA) with Decentralized Finance (DeFi). As the infrastructure layer of the PayFi network, PolyFlow integrates traditional payments, crypto payments, and DeFi, processing real-world payment scenarios in a decentralized manner. PolyFlow provides the necessary infrastructure for building PayFi scenarios, ensuring compliance, security, and seamless integration of real-world assets to foster a new financial paradigm and industry standard.

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About Virgo

Virgo Group operates a Canada-based regulated cryptocurrency trading platform known for its secure, compliant, and user-friendly services, and is an industry leader in crypto asset management and trading.

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