DLTPAY, a stablecoin wallet provider based in Tallinn, Estonia, reportedly integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate cross-chain stablecoin payments across Ethereum Layer-2 networks.
The integration aims to simplify transactions and improve the user experience, according to a press release posted on Cointelegraph.
Reached for comment by PYMNTS, DLTPAY Co-founder Kenneth Kumor said in an email: “Our move to integrate with Chainlink’s CCIP reflects DLTPAY’s focus on enhancing our platform to handle cross-chain B2B payments more efficiently, directly addressing our users’ needs. This integration is a meaningful step in that direction.”
The use of Layer-2 networks and cross-chain settlements has gained popularity in eCommerce, salary payments, transactions with foreign suppliers and other commercial settings, according to the release.
Small- to medium-sized businesses (SMBs), freelancers and startups prefer receiving payments in USDC through low-fee networks like Arbitrum, Optimism and Polygon, the release said. Using these networks helps businesses reduce transaction costs.
SMBs often lack access to advanced banking services, such as multicurrency or U.S. dollar accounts, which are typically available to larger enterprises, per the release. Consequently, stablecoins have emerged as a cost-effective alternative for these businesses, granting them access to global market opportunities previously limited to larger counterparts.
Chainlink introduced its cross-chain solution, CCIP, in July, according to the release. CCIP enables secure message and token transfers across various blockchains.
CCIP will enable DLTPAY to provide cross-chain transactions securely and reliably, the release said. Additionally, DLTPAY is integrating additional services on the Chainlink platform to interact with external data sources and off-chain systems, enhancing the platform’s capabilities and reliability.
DLTPAY’s participation in the Chainlink BUILD program further supports this integration, per the release. The program assists Web3 projects in their growth by providing access to Chainlink services and technology support.
“Chainlink CCIP not only makes DLTPAY’s cross-chain payments faster but it provides our users with peace of mind because DLTPAY is underpinned by the industry’s most secure and reliable cross-chain solution,” DLTPAY Co-founder Kenneth Kumor said in the release.
It was reported in June that Chainlink is working with more than a dozen financial institutions and Swift to test the use of Swift’s existing infrastructure to transfer tokenized value over blockchain networks.
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