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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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‘Ghost’ Plume Found Beneath Oman May Explain India’s Ancient Tectonic Shift

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‘Ghost’ Plume Found Beneath Oman May Explain India’s Ancient Tectonic Shift

A long-hidden plume of magma beneath Oman’s Salma Plateau may have played a surprising role in shaping the Indian subcontinent’s ancient journey, researchers report. This “ghost” plume — hot material trapped beneath Earth’s thick crust — cannot erupt but may have shifted the Indian tectonic plate’s course during its dramatic collision with Eurasia tens of millions of years ago. First detailed in the journal Earth and Planetary Science Letters, the finding reveals a new class of deep mantle plumes that shape continents silently, without the typical signature of surface volcanoes.

Hidden ‘Ghost’ Plume Beneath Oman May Have Steered India’s Collision Path with Eurasia

As per a Live Science report, the plume was detected using seismic data from Oman’s dense sensor network. Under the leadership of geophysicist Simone Pilia, the group discovered that the plume altered the way sound waves moved through Earth’s layers, which in turn pointed to its presence. Unlike most mantle plumes, which rise and erupt through the oceanic plates, Dani is amagmatic and does not create surface eruptions because of the thick continental crust above the plume. This finding means that there may potentially be many hidden plumes lurking beneath continents.

The Dani plume is the first such non-eruptive plume beneath a continental plate, which is broadening scientists’ view of how mantle dynamics unfold out of sight. The researchers also calculated the movement of the Indian plate and found that it took a significant turn between 40 and 25 million years ago, which might have been affected by the shear stress created by the plume. The plume’s effects on topography are expected to be small regionally, but its geological role could be relatively large.

While plumes typically leave a visible volcanic trail—like Hawaii’s island chain—the Dani plume’s evidence may have been erased by subduction activity in the nearby Makran zone. Still, researchers say this finding opens the door to discovering more “ghost” plumes, particularly in regions with similar thick crusts, such as Africa. As seismic technologies advance, more silent subterranean forces shaping Earth’s history may come to light.

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Iran says it’s carried out ‘mighty and successful’ attack on US base – as Qatar air defences ‘thwart assault’

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Iran says it's carried out 'mighty and successful' attack on US base - as Qatar air defences 'thwart assault'

Iran claims it has carried out a “mighty and successful response” to “America’s aggression” after launching missile attacks on a US military base in Qatar and Iraq.

The attack comes after the US dropped “bunker buster bombs” on three key nuclear sites in Iran over the weekend.

Iran’s response this evening is the latest escalation in tensions in the volatile region.

Qatar has said there were no casualties at the al Udeid base following the strikes and that its “air defences thwarted the attack and successfully intercepted the Iranian missiles”.

People in Qatar’s capital, Doha, had stopped and gazed up at the sky as missiles flew and interceptors fired.

Follow latest: Iran attacks US bases

Iran had announced on state television that it had attacked American forces stationed at the al Udeid airbase.

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A caption on screen called it “a mighty and successful response” to “America’s aggression” as martial music played.

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Iran releases video after attack on US base

Initial reports claimed Iran had also targeted a base housing US troops in western Iraq, but a US military official later told Reuters news agency the attack in Qatar was the only one detected.

A US government official said the White House and US defence department was “closely monitoring” the potential threats to its base.

Meanwhile, US President Donald Trump was in the Situation Room in the White House with his team following the Iranian strikes.

Traces are seen in the sky over Qatar after Iran's armed forces targeted the al Udeid base. Pic: Reuters
Image:
Traces are seen in the sky over Qatar after Iran’s armed forces targeted the al Udeid base. Pic: Reuters

He later said in a post on Truth Social that the missiles were a “very weak response”, which the US “expected” and “very effectively countered”.

He added: “Most importantly, they’ve gotten it all out of their ‘system,’ and there will, hopefully, be no further HATE.

“I want to thank Iran for giving us early notice, which made it possible for no lives to be lost, and nobody to be injured.

“Perhaps Iran can now proceed to Peace and Harmony in the Region, and I will enthusiastically encourage Israel to do the same.”

Iran’s Supreme Leader Ayatollah Ali Khamenei said in a post on X: “We have not violated anyone’s rights, nor will we ever accept anyone violating ours, and we will not surrender to anyone’s violation; this is the logic of the Iranian nation.”

Read more:
Israel-Iran conflict poses new cost of living threat
Why Iran might close a crucial waterway

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The attacks came shortly after Qatar closed its airspace as a precaution amid threats from Iran.

Just before the explosions, Iranian president Masoud Pezeshkian wrote on the social platform X: “We neither initiated the war nor seeking it. But we will not leave invasion to the great Iran without answer.”

Kuwait and Bahrain briefly shut their airspaces after the attack, news agencies in each country reported.

Iraq also shut its airspace, while Oman Air suspended some flights in the region.

The Abu Dhabi-based Etihad Airways said it is rerouting several flights today and tomorrow due to restrictions in parts of the Middle East.

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US strikes: How much damage has been done to Iran’s nuclear facilities?

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US strikes: How much damage has been done to Iran's nuclear facilities?

Three of Iran’s key nuclear enrichment facilities – Fordow, Natanz and Isfahan – were targeted in US airstrikes on 22 June.

The prime target of the attacks was Iran’s most advanced facility at Fordow, suspected of being used to enrich uranium close to what’s needed for a nuclear bomb.

Satellite images from the aftermath of the US strikes suggest at least six bombs were dropped there.

Satellite imagery of Fordow after the US bombing. Credit: Maxar
Image:
Satellite imagery of Fordow after the US bombing. Pic: Maxar Technologies

The secure nuclear facility, home to Iran’s main enrichment site, is buried deep under a mountain.

So exactly how much damage was done is unknown, perhaps even to Iran, which appears to have evacuated the site. The specific location of the strikes and the bombs used gives us an indication.

America used the 30,000-lb Massive Ordnance Penetrator bomb, or a GBU-57 – commonly known as a “bunker buster”.

The bunker buster is the only missile that had a chance of destroying the Fordow facility, and American planes were needed for them to be used.

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Blueprints from Iran’s Nuclear Archive, which date from before 2004 and were seized by Israeli spies in 2018, suggest the bombs targeted the tunnels under the Fordow site.

Blueprints of the Fordow Fuel Enrichment Plant show tunnels running through the mountain. Pic: Google Earth
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Blueprints of the Fordow Fuel Enrichment Plant suggest tunnels run through the mountain. Pic: Google Earth

The access tunnels overground lead to a 250 metre long hall which is thought to contain the uranium enrichment centrifuges, and well as the location of what is thought to be ventilation shafts.

Iran is thought to have likely moved any enriched uranium from the facility before the strikes occurred. But if the ventilation shafts were hit, that would allow the bombs to penetrate as far as possible and hit the centrifuge hall itself.

Iran’s major nuclear facilities seriously damaged, if not completely destroyed


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Tom Clarke

Science and technology editor

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The loss of industrial-scale centrifuge “cascades” used to enrich uranium will certainly derail any imminent deadlines in weaponisation the Islamic Republic may have set itself – more on that below.

But it has already amassed a sizeable stockpile of highly enriched uranium and may even have already enriched some of it to the 90% or so needed to make fissile material necessary for a bomb.

And despite strikes on industrial scale facilities that have taken decades to generate that stockpile, the material itself weighs less than half a tonne.

Moving it, splitting it up, concealing it, is not beyond the wit of a nation that expected these assaults may be coming.

Iran’s nuclear programme is also more than its large-scale facilities. Iran has been developing nuclear expertise and industrial processes for decades. It would take more than a concerted bombing campaign to wipe that out.

The final steps to “weaponise” highly enriched uranium are technically challenging, but Iran was known to be working on them more than 20 years ago.

Iran also does not require industrial-scale facilities like those needed to enrich uranium, meaning they could be more easily concealed in a network of smaller, discrete lab-sized buildings.

But what’s far from clear is whether Iran had actually taken steps towards weaponisation in recent years.

Recent US intelligence assessments indicated that it hadn’t. Iran’s leaders knew that very significant moves towards making a bomb would be seen as a major escalation by its neighbours and the international community.

For a long time, a key deterrent to Iran developing a nuclear weapon has been an internal political one.

It’s possible of course that position may have been shifting and these latest strikes were designed to disarm a rapidly weaponising Iran.

But it’s also possible the attacks on its nuclear programme may be forcing a previously tentative government to push harder towards making a nuclear bomb.

Fordow is only one of three nuclear facilities targeted in America’s strike, however, and one of seven that have been targeted since the conflict began.

Natanz’s uranium enrichment facility, about 140 km south of Fordow, had been subject to multiple Israeli strikes before America’s advance.

Israeli raids targeted surface buildings, including stores of enriched uranium. However, post-strike radiation monitoring suggested there was little, if any, nuclear material there.

At the weekend, Americans dropped bunker-buster bombs there too, targeting thousands of enrichment centrifuges operating in bunkers below.

Pic: Maxar Technologies
Image:
Destruction at the Natanz Enrichment Complex from satellite imagery. Pic: Maxar Technologies

Then there is the Isfahan complex. Again, Israeli missiles destroyed a number of buildings there last week. And at the weekend, US cruise missiles targeted others, including the uranium conversion plant.

At the weekend, Americans also dropped bunker-buster bombs there, targeting thousands of enrichment centrifuges operating in bunkers below.

Esfahan facility. Pic: Maxar Technologies
Image:
Satellite imagery shows the impact on the Isfahan Nuclear Complex. facility. Pic: Maxar Technologies

Speaking from the White House after the attacks, Donald Trump said facilities had been “completely and totally obliterated”. But experts suggest it could take more to destroy it entirely.

“This is a very well-developed, long-standing programme with a lot of latent expertise in the country,” said Darya Dolzikova, a proliferation and nuclear security expert at RUSI, a UK defence and security thinktank

“I don’t think we’re talking about a full elimination at this point, certainly not by military means.”

The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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