Certain third parties who settle payments made in cryptocurrency on behalf of merchants that accept cryptocurrency from their customers are required to report payments to those merchants on a 1099 - K. (smartasset.com)
The system is expected to allow global firms to settle payments with Chinese businesses more quickly and efficiently, replacing a patchwork of networks such as clearing banks around the world. (cnbc.com)
Many new assets entered the space touting to be better and faster for settling payments. (ripple.com)