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Theres a gap in the financial services market when it comes to integrating crypto into the mainstream financial system. FinXP is a European fintech company that is working to close this gap and help boost crypto adoption. It is a trusted partner for crypto companies requiring fiat banking and payment solutions; solutions that have now become notoriously limited in the sector.

While there is distrust around crypto in the mainstream financial industry, crypto use and adoption continue to grow. The global market for cryptocurrency was worth $4.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030.

The average daily trading volume for crypto sits at around $50 billion. In 2020 there were over 120 million financial transactions made with Bitcoin, the largest and most valuable crypto.

By 2027, it is predicted that crypto will have over 993 million users globally. This will bring user penetration from its current rate of 8.8% to approximately 12.5% worldwide. However, there is a significant barrier that is hurting the retail adoption of crypto. That is the difficulty that many have in finding an onramp to convert easily between crypto and fiat currency.

Traditional banking institutions have been skeptical about crypto adoption and transacting with crypto exchanges. The problem has grown more acute in the short term, as major players in the cryptocurrency banking industry, such as Signature Bank and Silvergate Bank, have pulled out of the sector.

In recent months there have also been moves made by regulators in an attempt to slow down transactions between crypto exchanges and banks. In 2020, 63% of financial institutions still described crypto as a risk rather than an opportunity.

Allowing users to deposit and withdraw fiat funds through crypto exchanges is key to onboarding the growing base of crypto users. This gap in the fintech market has created a space for forward-thinking alternatives to traditional banking.Why Exchanges Are Turning To Closed-Loop Payments

One solution that seems to be gaining traction in the fintech space is closed-loop payments. A closed-loop payment system is where both the end-user and the merchant share a common payments ecosystem.

If both a crypto exchange and its users hold accounts with the same banking partner, then payments between them would be fast, approval would be almost guaranteed, and cross-border payments wouldnt be an issue.

User accounts could also be linked to debit cards enabling individuals to more easily spend or withdraw their funds, thus adding to the utility of the account.

Closed-loop payment systems are seeing increasing popularity, with almost two-thirds of fintech and payment firms saying they will launch a closed-loop payment product by the end of 2023. A reason for their popularity is their high transaction approval rate and their ability to simplify and increase the speed of cross-border transactions.

FinXP is a leading provider of closed-loop payments for crypto exchanges. As an award-winning payments and banking solutions provider, FinXP stands out by not just providing banking solutions to the crypto industry, but they also offer several payment processing solutions.

The company works with crypto exchanges and crypto wallet providers to provide specialized custom payment solutions. It believes that many crypto investors are willing to open an IBAN account specifically to facilitate trading and investing in crypto. Its confident that its solutions can help boost crypto adoption and increase customer loyalty for its clients.

Visit FinXPs website to learn more about the company, or stay up to date with the industrys news and subscribe to FinXPs newsletter.

Read prior coverage by Benzinga on FinXP here.

Image used under license from FinXP from stock.adobe.com.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.

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Social Security numbers are a privacy liability

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Social Security numbers are a privacy liability

Hundreds of millions of SSNs have been leaked online already, but a privacy-focused identity solution could help fix the problem.

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UK

University of Essex students named as victims after car crashed into building in Colchester

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University of Essex students named as victims after car crashed into building in Colchester

Four university students who died when a car crashed into a building have been named by Essex Police.

The crash happened at around 4.40am on Saturday morning on Magdalen Street in Colchester.

Police have named the victims as University of Essex students Makyle Bayley, 22, Eva Darold-Tchikaya, 21, Anthony Hibbert, 24, and Daljang Wol, 22.

The university’s acting vice-chancellor Professor Maria Fasli said they “played an active role in our community through clubs and societies” and had “young lives filled with hope, promise, talent, and dreams for the future”.

“Anthony and Daljang were outstanding members of our Essex Rebels men’s basketball first team, Makyle was a talented basketball player who was a member of our BUCS basketball team and Eva undertook several roles in our Essex Blades Dance Club and was active in many other clubs and societies,” she said in a statement.

“Their loss will be felt by their families and closest friends and by all our university community. In classrooms, in halls, in shared moments of laughter and learning – they were part of us, and their absence will be felt profoundly.”

The scene of the collision in Colchester.
Pic: Essex Police
Image:
The scene of the collision in Colchester. Pic: Essex Police

Professor Fasli said the university would share details in the coming days of “a time and place for our university community to gather in remembrance”.

The University of Essex said in a statement “our whole university is in mourning”, adding: “They touched the lives of so many of us at Essex; their friends, classmates, the teams they played for, and the staff with whom they spent time.

“It is impossible to imagine the loss being felt by their families and many friends. Our thoughts are with everyone who knew them at this terrible time.”

Essex Police asked anyone who saw a black Ford Focus being driven along Magdalen Street or in the near vicinity around the time of the crash, or who has any CCTV, dash-cam or doorbell footage, to contact them.

Temporary Assistant Chief Constable Stuart Hooper said: “I want to extend my condolences to the friends and family of Makyle, Eva, Anthony and Daljang.

“This will be an incredibly difficult time for them and we have specialist officers supporting them.

“Our specialist serious collision investigation unit is investigating what led up to the collision but at this stage we do not believe any other vehicles were involved.”

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UK

Flowers left at scene as community pays tribute to two children killed in hit-and-run crash

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Flowers left at scene as community pays tribute to two children killed in hit-and-run crash

Tributes have been paid to two children who died following a hit-and-run crash in Essex.

Police were called after reports that a boy and a girl were in a collision with a car on Ashlyns in Pitsea around 6.25pm on Saturday and the vehicle failed to stop at the scene.

The youngsters – a nine-year-old girl and a 16-year-old boy – died despite emergency services’ efforts to save them, according to Essex Police.

Around 20 members of the local community, including children, gathered together on Sunday and left tributes, including flowers, at the junction between Ashlyns and Walthams.

One card left by a member of staff at a school read: “I’m so sorry that you have both been taken away, far too young.

“My thoughts and prayers are with everyone that had the joy to know you both, especially your family.”

‘Taken too soon’

Another read: “You were both taken too soon. You will never be forgotten.”

Locals said one of the children was of secondary school age.

A card that appears to have been left by a teacher – alongside a bunch of flowers – paid tribute to “Roman”. It described them as “such a good kid” and a “joy to teach in PE”.

Flowers and a card at the scene paid tribute to 'Roman'. Pic: PA
Image:
Flowers and a card at the scene paid tribute to ‘Roman’. Pic: PA

Essex Police have arrested a man and woman on suspicion of causing death by careless driving and failing to stop at the scene.

Both are still in custody.

Read more:
Murder arrest 20 years after woman found dead
‘Idiot’ driver jailed over boy’s injuries
Man arrested over ‘Koran burning’

Police are appealing for any CCTV, dashcam or other footage related to the incident to contact them.

In a statement on Saturday, Essex Police’s temporary assistant chief constable Stuart Hooper said: “My thoughts are with the friends and family of the girl and boy who have died this evening.

“Specialist officers are supporting them at this truly unimaginably difficult time. Our officers will be carrying out inquiries in the area this evening to establish the circumstances which led up to the collision so if you saw anything or have any information please get in contact.”

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