PayBolt was ecstatic to publicly state, in collaboration with Bridge Advisory and Consulting, the formation of a PayBolt wholly-owned subsidiary company in Sri Lanka, in which PayBolt will serve as the majority owner and Bridge will retain a minority stake.
The headquarters will conveniently be placed in Port City, Colombo, a Special Economic Zone in which the local government has unveiled an action plan to entice cryptocurrency and blockchain businesses to build a thriving Web3 financial technology city. PayBolt Sri Lanka’s mission is to:-
- Promote and expand cryptocurrency payments in the nation and throughout South Asia.
- Web3 crypto payouts are going to power the area.
- Obtain the necessary regulation, virtual currencies, and banking licenses to run on a worldwide scale.
- Inward crypto remittances will also assist the nation in boosting its dollar reserves.
The Bridge team has more than 5 decades of combined top leaders in top MNCs all around the globe in IT, digitalization, financial technology, and blockchain, allowing them to bring out the mission of establishing a thriving web3 hub for Port City.
Bridge co-founder Michael Sathasivam is positive about the company’s future. The government has emphasized attracting blockchain-based companies to grow and expand one‘s imprints throughout the Port City region in recent years.
They hope to turn Port City into a financial technology capital of South Asia by providing better tax benefits and cordial crypto regulation. Bridge chose to collaborate with Paybolt as they see tremendous potential in the services they offer. They would then have a competitive edge and will be perfectly placed to gain from Port City measures.
Thanks to government destabilization and varying Sri Lankan Currency, merchants are preparing to adopt new payment options that are quick, safe, and pinned to USD (in the case of stablecoins). For any cryptocurrency action plan to prosper and extent, regulatory approval and support are essential.
To date, the conversations have been overwhelmingly favorable; the government is very accepting and supportive of their goals of making cryptocurrency payments the default payment method for everybody. They are actively working with them on the municipal financial services regulatory requirements and ensuring that payment systems work in accordance with the rules.
PayBolt Lanka intends to spearhead a nationwide effort to increase inflows in Sri Lanka. This will supplement the established Forex challenges that Sri Lanka is facing today in order to boost the economy.
In phase one, they will aim at the tourist and hospitality industries, with foreign nationals and visitors being the most probable early investors to benefit from the advantages of paying with cryptocurrency, which will spare them time, cash, and the fuss of currency exchanges, thereby improving the overall tourist satisfaction.
Phase 2 will focus on e-commerce as well as meals and beverages, revealing vendors to a youthful, crypto-savvy segment of the population that they wouldn’t have otherwise had access to. PayBolt Sri Lanka intends to expand its payment system across Port City, Colombo, and ultimately throughout the nation in the coming years.