A number of financial institutions are sharing the exploratory heavy lifting by funding or joining partnerships to chase and deploy opportunities for individual and joint cost savings, such as with lower inter-bank settlement fees. Over 40 industry consortiums, mostly in the financial arena, are actively exploring blockchain use cases, developing rules and standards, and creating platforms for a range of financial activities including cross-border payments, asset management, and trading. Many of these consortiums serve as a kind of financial international space station. All participants know that there are advantages to joint exploration and shared costs, but there is also competition at play in a still unexplored environment.

Digital currencies and blockchain platforms are by nature in the business of putting financial overlords out of business. If individuals and institutions can transact directly at a significantly lower cost due to the removal of exchange middlemen, then there is less of a need for traditional banks and other controllers of the money game. For example, transaction intermediaries (e.g., card networks like Mastercard) — five or more of which are currently required to complete the endto- end processing of, say, your coffee purchase at Starbucks — are potentially put at risk.

In the highly lucrative business of money transfers, global leader Western Union does not appear to be overly concerned about blockchain-based cryptocurrency money movement competitors. Upstarts in the crypto money transfer space advertise lower money transfer fees using bitcoin, but Western Union counters that the ease of use and ubiquity of their existing systems, and lack of customer demand for crypto-based systems, do not offer enough of an incentive to change course.

No doubt some legacy institutions are hesitant to try the new technologies at a time when existing systems still work and are profitable. They understandably want to see how other large companies and startups fare before making major investments of their own. But the writing is on the wall, especially since startups in the fintech world are nipping at their heels and driving the development of new, innovative solutions.

Challenges for Latin America

Latin America / South America faces an economic crisis with the declining value of fiat currency and sparse banking options. Additionally, there are concerns with the allocation of monetary funds stemming from high inflation in large segments of the economy. These challenges are heightened by slow blockchain (technology) adoption, market manipulation, and the hedging of traditional institutions against Finance Tech (Fintech) Industry. Furthermore, there has been no considerable breakthrough in business models to implement tokenization for the long-term extending to businesses, government institutions and financial entities; which are in conflict with one another over Fintech regulations.

The PAX Pago platform will offer solutions to mitigate these challenges. The goal is to return liberty into the hands of citizens by opening new channels of commerce. PAX Pago is utilized as payment for items produced, products sold or services rendered. Our platform offers high-speed reliable transfer, and enables transparent information flow in addition to Combating problems of inflation, inefficient public services, and slow technological advances. PAX Pago will be a medium of exchange.

PAX Pago will be a borderless payment and settlement platform. The project provides transparent transactions and will be a medium of stability in the event of economic turmoil. Independent from economic cycles, the project builds an ecosystem supporting the trading of goods and services.

As the platform progresses, there will be features introduced to further develop the overall growth of the ecosystem such as: Validation System, Point System. Currently, the platform has several existing core functions with the capacity to grow. More functions will be released as the stages of ICO progresses:bCold Storage Hardware wallet and Multi-Currency Support