For a number of years now, we at Mercury FX have been conscious of the potential power of blockhain technology and the cryptosphere to challenge and disrupt the traditional fiat payment networks. Our internal policy has been to pursue a symbiosis of fiat and crypto payments to advance, accelerate and streamline international financial flows.
Rather than see cryptos and blockchain technology as a threat, we have for some time been looking at the optimal ways to embrace and integrate said technologies.
We believe that the more established blockchains will eventually replace the SWIFT network alongside other frankly clunky payments networks. Cryptos will be used as a conduit to replace fiat eventually.
Mercury will be testing payments into Mexico & Philippines with Ripple and we're most excited about the potential to bring currently unconnected markets into the fast lane of global finance. Allowing people access to the international markets will create new markets and allow those currently without access to begin to trade with the global financial community and monetise their goods and services. The possibilities for poverty alleviation are vast, not just in terms of much lower costs but also in terms of financial returns for the emerging markets.
As with all things, we will start with modest sums and add 0s as we progress. Come the end of the pilot there is no reason we shouldn't be making payments of a million dollars or more.