Castler closes Pre-Series A funding of $6 Million led by Flipkart, Capital 2B, IIFL Fintech Fund, Venture Catalysts & Zerodha

How can a cross-border escrow service help protect against currency fluctuations during a transaction?

A cross-border escrow service like Castler’s Digital Identifier system can help protect against currency fluctuations during a transaction by providing a secure and neutral platform for the buyer and seller to conduct their business. When using an escrow service, the buyer deposits the funds into an account held by the escrow service, and the seller ships the goods or provides the services. The escrow service holds the funds until both parties agree that the transaction has been completed satisfactorily.

During this process, the escrow service can also offer currency exchange services, which can help protect against currency fluctuations. For example, if the buyer and seller are located in different countries and are using different currencies, the escrow service can convert the funds into a neutral currency, such as US dollars, to avoid any currency fluctuations. This can help ensure that both parties receive the agreed-upon amount, regardless of any changes in exchange rates.

Overall, using a cross-border escrow service like Castler’s Digital Identifier system can provide a secure and reliable way to conduct international transactions while also protecting against currency fluctuations.