Launched in 2011, and having received over $10 million in funding since its launch, Kantox announced that it has reached the $1 billion milestone for FX transactions taking place on its P2P platform.
Kantox, a peer to peer (P2P) foreign exchange transfer platform for businesses, announced that they have surpassed $1 billion in currency exchanges on their platform. The milestone occurs as transactions rose 250% over 2014, with $200 million in exchanges taking place over the last two months.
An alternative to banks, Kantox matches buyers and sellers of physical currencies on their platform. As a P2P marketplace, and without the need of banks acting as counterparties to currency exchanges, the appeal of Kantox and similar services, such as TransferWise and OZ Forex which target different geographies and customer type, are lower fees when compared to traditional currency exchange systems.
Launched in 2011, and having received over $10 million in funding since its launch, Kantox differs from its P2P currency transaction peers as it has always focused on businesses. According to Kantox, currently there are 1,000 businesses using the platform, double the same time last year. Over 2014, the platform’s largest transaction took place when a client transferred $21 million from euros to dollars.
In conversations Forex Magnates has had with P2P currency transaction users, the feedback we received was that after getting over the initial friction of using a non-bank institution for transfers, customers are impressed by the lower fees which brings them back to the P2P platform. In regards to Kantox, in order to improve available Liquidity , the firm has partnered with FX spot dealers to provide continuous pricing for transactions. However, as the marketplace grows, the natural customer order flow is expected to decrease the need of dedicated Liquidity Providers.
Speaking at the Forex Magnates London Summit Fintech Panel, Philippe Gelis, CEO and co-founder Kantox, explained that the idea for Kantox came to be when he and his co-founder had been working at Deloitte. At the time, they were analyzing available currency exchange rates for one of their Spanish clients and found limited transparency from banks for their prices. As a result, they decided that “through banks it would be very hard to find fair prices and transparency." So they envisioned a different model that would be much simpler, “a platform with no banks and direct connections between businesses, which would be user friendly."
Answering whether the problem of transparency is a banking or technology issue, Gelis explained further that he believed it was due to the way banks have an oligopoly on the deliverable FX exchange market as he said, “Banks are able to have transparency and give tight spreads, but they just don’t want to." He added, “We are pushing transparency in the market, knowing that banks will never do that knowing that it is simply not profitable for them to do so."
https://youtu.be/jt3PvIx_gpQ?t=6m10s
Kantox, a peer to peer (P2P) foreign exchange transfer platform for businesses, announced that they have surpassed $1 billion in currency exchanges on their platform. The milestone occurs as transactions rose 250% over 2014, with $200 million in exchanges taking place over the last two months.
An alternative to banks, Kantox matches buyers and sellers of physical currencies on their platform. As a P2P marketplace, and without the need of banks acting as counterparties to currency exchanges, the appeal of Kantox and similar services, such as TransferWise and OZ Forex which target different geographies and customer type, are lower fees when compared to traditional currency exchange systems.
Launched in 2011, and having received over $10 million in funding since its launch, Kantox differs from its P2P currency transaction peers as it has always focused on businesses. According to Kantox, currently there are 1,000 businesses using the platform, double the same time last year. Over 2014, the platform’s largest transaction took place when a client transferred $21 million from euros to dollars.
In conversations Forex Magnates has had with P2P currency transaction users, the feedback we received was that after getting over the initial friction of using a non-bank institution for transfers, customers are impressed by the lower fees which brings them back to the P2P platform. In regards to Kantox, in order to improve available Liquidity , the firm has partnered with FX spot dealers to provide continuous pricing for transactions. However, as the marketplace grows, the natural customer order flow is expected to decrease the need of dedicated Liquidity Providers.
Speaking at the Forex Magnates London Summit Fintech Panel, Philippe Gelis, CEO and co-founder Kantox, explained that the idea for Kantox came to be when he and his co-founder had been working at Deloitte. At the time, they were analyzing available currency exchange rates for one of their Spanish clients and found limited transparency from banks for their prices. As a result, they decided that “through banks it would be very hard to find fair prices and transparency." So they envisioned a different model that would be much simpler, “a platform with no banks and direct connections between businesses, which would be user friendly."
Answering whether the problem of transparency is a banking or technology issue, Gelis explained further that he believed it was due to the way banks have an oligopoly on the deliverable FX exchange market as he said, “Banks are able to have transparency and give tight spreads, but they just don’t want to." He added, “We are pushing transparency in the market, knowing that banks will never do that knowing that it is simply not profitable for them to do so."
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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