Crypto Exchanges Are Scrambling To Find Banking Solutions For Users FinXP Has The Answer

Published

2 years ago

June 19, 2023

admin

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.

World

Trump just wants a Ukraine-Russia deal – will Putin or Zelenskyy blink first?

Published

3 hours ago

March 20, 2025

admin

Trump just wants a Ukraine-Russia deal - will Putin or Zelenskyy blink first?

The tone has changed totally. It’s a remarkable turnaround from the Oval Office meltdown to the perfect phone call.

President Trump is wholly transactional. His desire for give and take far outweighs any ideological instincts. He has no particular alignment to Ukraine or, for that matter, to Russia.

He just wants a deal. Peace would stop the killing as he has said repeatedly. It would also allow for deals which can benefit America: recouping the taxpayer money spent on Ukraine and reconnecting the American economy with Russia.

But trumping all that is his legacy and his image. He wants to be seen as the peacemaker president.

Since the Oval Office moment, Ukraine’s President Zelenskyy seems now to have recognised all that.

Ukraine’s approach towards Trump has changed. Zelenskyy is now playing his game: transactionalism.

The minerals deal hasn’t dissolved. The indications I am getting is that it’s essentially been upgraded and broadened to a wider scope: fuller economic cooperation.

Zelenskyy needs to encourage America deep into his country economically. Has he bought into the idea that a US economic footprint amounts to a key part of a security guarantee?

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The old adage is: “If you are not at the table, you are on the menu.” That’s too true with President Trump.

Zelenskyy now feels like he’s at the table and I am told he doesn’t feel coerced.

The challenges remain huge though: he doesn’t trust Putin. That’s what he tried to tell President Trump in the Oval Office. The performance that day proved to him that Trump is inclined to trust Putin.

Zelenskyy must use transactionalism to draw an impatient Trump in.

President Trump is in a hurry for a deal. He’s inclined to accept wholly disingenuous commitments from Russia, or as one source put it to me: “Trump has a high tolerance for bullshit…”

That’s the jeopardy for Zelenskyy.

US

Trump just wants a Ukraine-Russia deal – will Putin or Zelenskyy blink first?

Published

3 hours ago

March 20, 2025

admin

The tone has changed totally. It’s a remarkable turnaround from the Oval Office meltdown to the perfect phone call.

President Trump is wholly transactional. His desire for give and take far outweighs any ideological instincts. He has no particular alignment to Ukraine or, for that matter, to Russia.

But trumping all that is his legacy and his image. He wants to be seen as the peacemaker president.

Since the Oval Office moment, Ukraine’s President Zelenskyy seems now to have recognised all that.

Ukraine’s approach towards Trump has changed. Zelenskyy is now playing his game: transactionalism.

The minerals deal hasn’t dissolved. The indications I am getting is that it’s essentially been upgraded and broadened to a wider scope: fuller economic cooperation.

Zelenskyy needs to encourage America deep into his country economically. Has he bought into the idea that a US economic footprint amounts to a key part of a security guarantee?

👉 Follow Trump 100 on your podcast app 👈

The old adage is: “If you are not at the table, you are on the menu.” That’s too true with President Trump.

Zelenskyy now feels like he’s at the table and I am told he doesn’t feel coerced.

Zelenskyy must use transactionalism to draw an impatient Trump in.

President Trump is in a hurry for a deal. He’s inclined to accept wholly disingenuous commitments from Russia, or as one source put it to me: “Trump has a high tolerance for bullshit…”

That’s the jeopardy for Zelenskyy.

US

Trump 100, Day 60: Zelenskyy and the ‘perfect’ phone call

Published

3 hours ago

March 20, 2025

admin

Trump 100, Day 60: Zelenskyy and the 'perfect' phone call

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From an Oval Office explosion to a “perfect phone call”, Donald Trump has spoken to Volodymyr Zelenskyy – just hours after his conversation with Vladimir Putin.

On Day 60, US correspondents James Matthews, Martha Kelner and Mark Stone discuss what’s happened to the minerals deal and ask: could the US take control of Ukraine’s energy infrastructure?

And as a constitutional showdown brews in America, Trump takes aim at the judiciary, calling for judges who block his policies to be removed. With tensions rising between the executive and judicial branches, could America be heading toward a crisis of power?

If you’ve got a question you’d like James, Martha and Mark to answer, you can email it to trump100@sky.uk.

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