FalconX,aleadingdigitalassetprimebroker,haslaunchedanautomatedstreamingservicetohelpcryptocurrencyminersconverttheirearningsdirectlyintoU.S.dollars.InastatementissuedonTuesday,thecompanyexplainedthatthisnewapproachremovesthemiddlemanortheneedfortheusertotrademanually.
Traditionally,cryptocurrencyminershadtogothroughseveralprocessestoconverttheirminedtokensintocash.Thesestepssometimesprovedcumbersomeandtime-consuming.FalconXhasintroducedanewservicethatenablesminerstoselltheircryptorewardsdirectlytoUSDwithoutthemanualprocessofsellingthemonanexchange.
Theservicesupportsalltheproof-of-worktokens,includingpopularlyminedcoinslikeBitcoinandLitecoin.Throughtheservice,minersreceiveanaddresswhichwillbeusedtoconverttheirdepositsintodollarsonaregularbasis.Thisauto-liquidationfeature,therefore,solvesoneofthebiggestproblemsforminersbyenhancingliquidityandflexibilityofoperations.
NewserviceswillexpandFalconX’ssupportforminers
Thisserviceistimelyforminers,especiallyafterthefourthBitcoinhalvingevent,whichgreatlyreducesminingrewards.Theindustryhaswitnesseddecreasingdailyrevenuesforthepastthreemonths,aswellasrisingnetworkcomplexity.Thesefactorshaveputmorefinancialburdenonthealreadystrappedcashminerswhohavetoselltheirtokensforexpenseslikeelectricitybillsandupgradingminingequipment.
Besidestheauto-conversionservice,FalconXisplanningtoexpanditsserviceofferingtoincludeanumberofservicesdesignedforcryptocurrencyminers.Theseserviceswillincludeliquidmanagementservices,riskmanagementtools,cashflowmanagementsolutions,andfundingsolutions.
FalconXhasalsobeendoingwellintherecentpast,andthecompanypostedrecordrevenuesinthelastquarter.Asstatedinthestatement,FalconXhasoutpacedmostglobalexchangesinBitcointrading,where90%ofthetransactionsaredoneatlowerrates.FalconXhasbeenabletocapture94%oftheglobalspotmarket,whichenablesminerstohaveabetterliquiditypooltoworkwithinthecurrentconstrainedmarket.
cryptopolitan.com