Roxe launches Central Bank Digital Currency payment network

Roxe, a blockchain-based payment company, announced that it has launched a Central Bank Digital Currency (CBDC) payment network running on its settlement infrastructure, the Roxe Instant Settlement Network.

According to the press release, the CBDC payment network will allow central banks to issue, manage, and distribute CBDCs across the world and interoperate with other CBDCs and every other Roxe network member.

Roxe will allow central banks to make faster, less expensive and more reliable cross-border payments and enjoy the network effects of a growing ecosystem. The Roxe network offers a pre-built infrastructure to connect with central, domestic, and foreign bank members in order to send, receive, and exchange digital currency.

Haohan Xu, CEO of Roxe, said that a world without Roxe would mean a more fragmented financial system because each country could have its own CBDC that's not compatible with other CBDCs and payment networks. And they're on a mission to enable financial institutions, especially central banks, to remove barriers of time, geography, and currency so that financial value can move with unprecedented speed at much lower costs anywhere in the world.