Blockchain startup Bleumi Inc. announced Tuesday it has launched two services, Bleumi Pay and Bleumi Invoice, for cross-border remittances. Bleumi Pay, a gateway that works with so-called stablecoins to avoid the price volatility afflicting cryptocurrencies like Bitcoin. The gateway will allow businesses and merchants to receive payments via Web site, email, or in person “for only a fraction of the conventional gateway fees,” the company says in a press release.
Stablecoins are said to resist volatility because their value is tied to that of a fiat currency, such as the dollar or euro.
Andover, Mass.-based Bleumi also rolled out an invoicing feature that allows businesses to create bills on any device and receive payment via Bleumi Pay.
Bleumi did not announce pricing for the new payment service, but its executives hint fees will be reduced from typical cross-border payments costs. “Using Bleumi Pay and Bleumi Invoice, businesses and individuals can now easily send and receive payments across the globe for a small flat fee,” said John Melvin, chief operating officer and co-founder, in a statement.
Major banks have begun exploring the potential for blockchain and stablecoins for remittances. In February, JPMorgan Chase & Co. announced it has been testing a blockchain-based prototype called JPM Coin for wholesale payments between institutional clients. JPM Coin is tethered to the U.S. dollar.