Floating Point Group Taps USDC on Algorand for Faster Transactions
- The USDCa integration allows FPG’s traders to convert funds within seconds into stable tokens on Algorand blockchain.
Crypto prime broker, Floating Point Group (FPG) has added support to the USD Coin (USDC) stablecoin on the Algorand blockchain, aiming for faster trade settlements and to streamline the flow of funds.
As the company continues to add critical pieces of the prime brokerage stock, FPG's asset managers, proprietary traders and OTC desks can now leverage a “nearly-instantaneous and fully-programmatic settlement” outside the traditional banking system.
Additionally, USDCa helps resolve the issue of extremely-fragmented liquidity in cryptocurrency markets. Getting the best execution involves allowing internal transfers between exchanges and custodial venues as long as they are jointly supported by FPG and USDCa.
The move comes a few months after the stablecoin was launched on the Algorand (ALGO) blockchain, which reduced its reliance on Ethereum network that has offered the support for the native ERC-20 coin since inception.
Floating Point Group Raises $2M to Expand Offering
Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, USDC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.
USDC currently ranks as the second-largest stablecoin by market cap, and the 12th-biggest crypto asset with a capitalization of nearly $7.2 billion. The coin was developed as a joint venture comprising US crypto exchange, Coinbase and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term firm, Circle.
"At the time of this release, it takes nearly 500 seconds to move USDC on Ethereum to an exchange like Coinbase. With USDCa, that time is less than 5 seconds. In the last year, Bitcoin's price has moved by more than 10% within 500 seconds X times, meaning that the speed of value transfer is more salient than ever for investors managing substantial balance sheets," said John Peurifoy, Floating Point Group CEO and Co-founder.
Floating Point Group is a New York-based cryptocurrency trading platform that leverages smart order routing to provide a “single point of access to digital currency markets.” The startup has recently raised $2 million from venture capital firms, serial angel investor, Naval Ravikant and many mainstream financial institutions.
Crypto prime broker, Floating Point Group (FPG) has added support to the USD Coin (USDC) stablecoin on the Algorand blockchain, aiming for faster trade settlements and to streamline the flow of funds.
As the company continues to add critical pieces of the prime brokerage stock, FPG's asset managers, proprietary traders and OTC desks can now leverage a “nearly-instantaneous and fully-programmatic settlement” outside the traditional banking system.
Additionally, USDCa helps resolve the issue of extremely-fragmented liquidity in cryptocurrency markets. Getting the best execution involves allowing internal transfers between exchanges and custodial venues as long as they are jointly supported by FPG and USDCa.
The move comes a few months after the stablecoin was launched on the Algorand (ALGO) blockchain, which reduced its reliance on Ethereum network that has offered the support for the native ERC-20 coin since inception.
Floating Point Group Raises $2M to Expand Offering
Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, USDC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.
USDC currently ranks as the second-largest stablecoin by market cap, and the 12th-biggest crypto asset with a capitalization of nearly $7.2 billion. The coin was developed as a joint venture comprising US crypto exchange, Coinbase and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term firm, Circle.
"At the time of this release, it takes nearly 500 seconds to move USDC on Ethereum to an exchange like Coinbase. With USDCa, that time is less than 5 seconds. In the last year, Bitcoin's price has moved by more than 10% within 500 seconds X times, meaning that the speed of value transfer is more salient than ever for investors managing substantial balance sheets," said John Peurifoy, Floating Point Group CEO and Co-founder.
Floating Point Group is a New York-based cryptocurrency trading platform that leverages smart order routing to provide a “single point of access to digital currency markets.” The startup has recently raised $2 million from venture capital firms, serial angel investor, Naval Ravikant and many mainstream financial institutions.