Cryptocurrency and tokenized asset exchange Currency.com set its foot in the U.S following registration with the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) as a money services business.
What Happened: In an announcement shared with Benzinga on Thursday, Currency.com announced that it will launch in 48 states and territories across the U.S. and facilitate the acquisition, storage and investment in cryptocurrencies. Currency.com CEO Steve Gregory said this brings the platform to "one of the world’s most mature cryptocurrency markets."
See Also: How To Get Free Crypto
Currency.com claims that in 2021 it experienced a 445% increase in overall trading activity compared to the previous year and a 409% increase in the number of executed trades. Gregory told Benzinga the platform differentiates itself from competing cryptocurrency exchanges by using a machine-learning algorithm to assess client risk profiles and reducing the onboarding to just minutes — if not second.
Looking into the future, Gregory said that Currency.com expects to expand its U.S. operations. He said that while this is a more mature market than average, currently only under 20% of U.S. adults hold crypto and he believes there will be plenty of room for growth as the company expects that "this number will exceed 50% at the next uptrend of the market."
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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