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Rezolve AI, a publicly traded company focused on artificial intelligence (AI) powered commerce tools, has acquired Smartpay, a financial technology firm that enables businesses to accept payments in stablecoins.
The announcement was made on October 7. Although the purchase amount was not revealed, Rezolve stated that the deal would support its ongoing work with Tether
They aim to improve digital payment options that allow customers to use digital tokens while businesses continue to receive payments in local currencies.
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Smartpay allows users to pay in stablecoins like USDT, but the companies they buy from still receive payment in regular local currency. This setup protects both buyers and sellers from price changes in cryptocurrencies while still offering the benefits of digital asset payments.
The company has processed over 19 million transactions for more than a year. The total value of these transactions was over $1 billion in USDT.
Smartpay operates mainly in Latin America and central Africa. In these regions, people often opt to pay using stablecoins due to local currency instability.
Rezolve plans to use Smartpay’s technology and experience to grow its payment services. It aims to create a system that allows people to pay with digital money and businesses to receive traditional currency immediately.
Rezolve CEO Daniel M. Wagner said in the announcement that Smartpay gives them a working system they can expand globally as they develop their digital asset payments plan.
Meanwhile, Franklin Templeton is partnering with Binance to develop blockchain-based versions of traditional financial products. What is the goal of this collaboration? Read the full story.
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