Moneycorp launches FX liquidity solution for Crypto Exchanges

Rick Steves

“Our announcement today is considerable to the community because our APIs enable them to integrate complex systems and data, while automating and accessing FX rates across any system or workflow.”

Moneycorp launched a Foreign Exchange Liquidity Management solution for providers of digital asset exchanges (DAXs).

The leading payments fintech addresses the needs of crypto exchanges as the global cryptocurrency market size is expected to grow at a CAGR of 12.8% by 203.

The FX liquidity management solution provided by Moneycorp sources liquidity from 16 LPs and makes use of its suite of APIs to ensure clients can execute payments anywhere in the world. The aim is to offer “operational excellence, agility, and business growth to DAXs providers”, the firm stated.

Tejus Oza, CEO, Moneycorp North America, said: “The crypto and blockchain community is one that Moneycorp has paid close attention to for many years. We have looked at how our business can help the community manage FX transactions, just as they are accustomed to in a ‘traditional’ bank environment.

“Our announcement today is considerable to the community because our APIs enable them to integrate complex systems and data, while automating and accessing FX rates across any system or workflow. The result is empowered DAXs providers, who can now settle funds faster and seamlessly, while our API does all the work in the backend to give them the best settlement experience.”

Moneycorp reported significant growth in 2021

Moneycorp is a subsidiary of Bridgepoint after being acquired in 2014 for £212 million. The firm then expanded internationally by obtaining Money Service Business licenses across Spain, Romania, and the United States. Moneycorp also obtained banking licenses in Brazil and Gibraltar as well as Hong Kong and Canada.

In May, the firm reported its full year 2021 highlights, including:

  • Significant growth in EBITDA, excluding retail, up 38% to £36.74m, with the most significant EBITDA growth derived from Financial Institutions Group (FIG) operations in EMEA (up 77%) and International Payment Services in North America (up 35%).
  • The Group continues to digitalise its client solutions, with approximately 61% of international payment transactions completed via either the Group’s online payments platform or mobile app. During the year, the Group completed a significant data centre migration, now employing Microsoft Azure, to improve scalability and security.
  • Following the strategic decision taken in 2020 to exit retail operations, the Group has now closed all bureau de change operations with the closure of the last remaining retail branch at Gatwick Airport in April 2022.

Earlier this year, Moneycorp reviewed all clients and transactions and confirms full compliance with all applicable international sanctions with regards to the war in Ukraine.

The Group is no longer offering trades for currency pairs with Russian Ruble (RUB) or Ukrainian Hryvnia (UAH) and there are no remaining exposures to these currencies, the firm stated, adding that all payments and transactions to any parties on sanction lists, in any currency, have been suspended indefinitely.

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