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Web3 banking firm Vaulta has announced a strategic partnership with digital asset provider VirgoCX Global Holdings to launch VirgoPay. VirgoPay will be a cross-border remittance network that integrates stablecoins to reduce transfer fees and speed up transactions. Set to launch in May, VirgoPay will use Vaulta as its default settlement layer, enhancing the reliability and efficiency of international payments, according to a release shared with crypto.news. VirgoPay will allow users to fund transfers through traditional payment methods—such as bank transfers, e-transfers, and card processing—or directly via crypto wallets. Stablecoins will serve as an intermediary, enabling near-instant transactions and reducing fees by up to 70% compared to traditional remittance services. “Cross-border payments remain costly and slow, often requiring access to banks that some regions lack,” said Yves La Rose, CEO of Vaulta Foundation. “Virgo is addressing this by leveraging stablecoins and demonstrating the power of Vaulta’s Web3 Banking OS.” The partnership aligns with Virgo’s mission to improve financial accessibility. “Stablecoins for payments will be the first killer app for distributed ledger technology,” said Adam Cai, CEO of Virgo. “VirgoPay is excited to partner with Vaulta to make global money movement seamless.” Phase one of VirgoPay’s rollout will connect financial hubs in the U.S., Canada, Hong Kong, Argentina, Brazil, and Australia. A second phase will expand the network into South America, Southeast Asia, and the Middle East, targeting the $1 trillion remittance market projected by 2029. Vaulta, formerly EOS Network, continues to expand its financial infrastructure solutions, with additional partnerships expected to be announced soon.

Chinese businessman Cai Wensheng's Longling Capital transferred 21,000 ETH ($38.81M) to Binance, according to @EmberCN. Longling Capital was liquidated on-chain during the market crash on June 14 and June 15, 2022, with a liquidation amount of 93,793 ETH (about $114 million).

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According to Lookonchain, a wallet associated with Longling Capital (the cryptocurrency fund of Cai Wensheng, the founder of China's Meitu company) has purchased another 5,000 ETH today. The wallet currently holds 68,064 ETH (about $168 million) and borrowed 44 million USDT from Aave. In 2022, Longling Capital was liquidated for 93,793 ETH (about $114 million).