Svmuu News: Abdulla Kanoo, heir to the wealthy Kanoo family of Bahrain, is pushing to migrate a cross-border trade market worth approximately $6 trillion onto blockchain infrastructure. Currently, cross-border payments remain heavily reliant on the traditional correspondent banking system, leading to issues such as long settlement cycles, limited liquidity, and unequal access to the U.S. dollar. Kanoo stated that ARP Digital, the digital asset infrastructure company he co-founded, is building a settlement network for capital flows between emerging economies, with the goal of reducing the costs of cross-border payments and dependence on intermediaries, and accelerating the flow of trade funds in the “Global South.” According to its estimates, the volume of trade among emerging markets exceeded $6 trillion in 2024, accounting for about a quarter of global trade, and is expected to grow to $32 trillion by 2030. (CoinDesk)