VirgoX wants to consolidate  as an integrated crypto service

VirgoX wants to consolidate as an integrated crypto service

Company claims to be the only platform on which the investor can do virtually anything related to crypto, buying, selling and loans

VirgoX wants to consolidate  as an integrated crypto service

By Editorial Staff

The only platform in the world on which the investor can do virtually everything that is related to crypto – buying and selling on the spot, futures, forex trading, OTC desk, loans etc – inspired by the traditional financial market. This is how the VirgoX exchange, a spin-off of Canadian VirgoCX, defines itself and is setting its sight on a market that has a turnover of US$ 5 trillion annually – the forex trading.

And the company wants to grab much of that market share using stablecoins instead of fiat currencies. According to the company, the daily volume of transactions with stablecoins was US$ 60 billion in 2019. Therefore, there is still much to advance in this market compared to the demand of the traditional market. In addition, traditional foreign exchange operations are expensive, take days and are not always available.

The focus on stablecoins is not by chance. Countries such as China, Singapore and Canada are studying stablecoins supported by central banks. Companies such as Walmart, IBM and Facebook, in turn, are also developing such projects. Even the traditional JP Morgan launched its stablecoin, JPM Coin. By the way, the platform has its own token, which will also be made available on other exchanges

VirgoX: integrated platform for digital currency users

The company claims to have emerged from the lack of a fully integrated crypto platform, with several types of service in one place. In addition to the international exchange with stablecoins, the company offers cryptocurrency lending services – a market that the company currently estimates at US$ 4.7 billion -, trading of spots pairs and perpetuals of fiat-to-crypto, crypto-to-crypto, and others. According to the exchange, the global market for digital currencies is growing at an impressive 6.18% per year.

VirgoX’s initial focus markets are South America and Asia. In the first case, the high rate of unbanked and inflation in some countries are the main reasons for this bet. Given this scenario, digital currencies in that region have become a symbol of store of value and have been used for international remittances.

VirgoX: partnership with BRZ Token

In South America, the company sealed a partnership with BRZ to list the token paired with the Brazilian real on the platform. In parallel, it launched a financial product denominated in BRZ, which pays interest of 8% per year. The subscription date runs until this Saturday (13), but the company is considering to extend this period. To get an idea, the most conservative fixed income investment in Reais pays annual interest of less than 3% net.

In Southeast Asia, it was the cryptocurrency-friendly regulation that made the company choose the region as one of its focus markets. Above all, Singapore, Philippines and Thailand. In that region, about 13 million people own digital assets.

The institutional market is also one of VirgoX’s focuses. According to the company, 47% of institutional investors surveyed in research are considering putting cryptocurrencies in their portfolios.

In order to build a high-level digital currency trading platform, the company’s top executives have extensive experience in technology development and management on major stock exchanges around the world, as well as in multinational financial institutions such as The Bank of Montreal and Scotiabank.