Hong Kong-based digital asset company OSL Group has announced plans to invest up to US$30 million in the development of the PayFi ecosystem, a growing segment of the Web 3.0 space.
This initiative aims to accelerate the global growth of PayFi, a key component of Web 3.0 that facilitates payment products and services using cryptocurrencies and stablecoins.
OSL plans to collaborate with various industry players, including card issuers, lenders, payment providers, and digital wallet service providers, to enhance the PayFi ecosystem.
By integrating PayFi with regulated digital asset platforms, OSL seeks to ensure regulatory compliance, improve fiat settlement processes, and foster innovation in financial products.
OSL believes its strong connections to traditional finance and deep liquidity position it as a bridge between conventional banking and the Web 3.0 world, enabling efficient cross-border transactions.
Guoliang Hao, Chief Business Officer of OSL, said,
“As a regulated digital asset platform, OSL has a lot to offer in the advancement of PayFi, providing a compliant and secure platform to support different PayFi transactions and fiat settlements.
PayFi is central to our strategic roadmap, and we will leverage our strengths to fully support its development and unlock its full potential. We are also proactively seeking partners and welcome any interested parties to collaborate with us.”
Featured image credit: Edited from Freepik
