Moneycorp Americas enters Crypto space as FX liquidity provider

Rick Steves

Moneycorp shows perfect timing. A recent industry report found that crypto exchanges accounted for more than $14 trillion in trade volume in 2021 and that there will be 1 billion crypto users by 2027.

Fed’s Brainard cautious over boom of blockchain technology

Moneycorp Americas has entered the cryptocurrency space as an FX liquidity provider for digital asset exchanges across the globe in a new vertical for the payments specialists.

The company will help supply forex liquidity rails to cryptocurrency exchanges with competitive FX rates and settlement times in an ecosystem that has been underserved by traditional banks due to their limitation and regulatory challenges.

Digital asset trading platforms will be able to count on Moneycorp’s FX liquidity for better turnaround times and more accurate delivery, said the firm who added the new vertical because of crypto’s growing popularity.

“With the rise in digital currencies, we feel this is an opportune time for Moneycorp to join in the space and make an impact on the future of digital payments. Due to industry risk and limitations, digital currency investors still face many hurdles when it comes to facilitating transactions and this is where Moneycorp is hoping to offer its services by delivering funds faster and saving them money.”

Crypto exchange revenue surpassed traditional stock exchanges

Moneycorp shows perfect timing. A recent industry report found that crypto exchanges accounted for more than $14 trillion in trade volume in 2021 and that there will be 1 billion crypto users by 2027.

The top ten cryptocurrency exchanges are bringing in as much as $3 million per day in profit, according to Bloomberg estimates. This industry didn’t exist before 2009, which makes the deed even more astonishing.

Global trading revenue generated by cryptocurrency exchanges hit $24.3 billion in 2021, having surpassed total revenue generated by traditional stock exchanges like the New York Stock Exchange and the Nasdaq for the first time ever, according to a report by Opimas.

Revenue at crypto exchanges increased seven times from the $3.4 billion in sales recorded in 2020 and was 60% higher than the roughly $15.2 billion brought in by traditional securities exchanges, the report added.

Revenue growth of approximately 600% is quite a figure on a year over year comparison. The digital asset industry is clearly far from stabilizing its volumes as the crypto space continues to mature and institutional participants join the party amid increasing security, liquidity, and regulatory approval.

Securities and Exchange Commission Chairman Gary Gensler told MarketWatch in a February interview that beefing up cryptocurrency exchange regulation will be a top priority for the agency in the months and years to come.

He noted that the vast majority of crypto trades happen on centralized exchanges and that “that activity centralized on those platforms they need the investor protection, the market integrity and anti-manipulation” rules that govern markets for other financial assets.

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