MEXC, a global cryptocurrency exchange with a trading engine that can process 1.4 million transactions per second, has announced the support of direct USD deposits following the integration of SWIFT and Fedwire.
According to a recent announcement, MEXC clients in North America and Europe can access the service through their ambitious Global Bank Transfer Program, launched on June 7, 2022, from 1300 HRs UTC.
It marks the first time the exchange allows direct processing of USD fiat to MEXC clients. Earlier, traders and investors with accounts at MEXC had to use third parties leading to high transaction costs and further losses through exchange rates conversion. However, with the Global Bank Transfer Program, MEXC has said this will be a thing of the past.
The welcomed addition of SWIFT and Fedwire as part of the ramp’s fund processing methods would save clients from unnecessarily high transaction costs, boosting user experience. The Global Bank Transfer Program boosted by SWIFT and Fedwire support would ease access to MEXC. Clients in 170 countries would now buy leading cryptocurrencies like Bitcoin and Ethereum without paying transaction fees.
Users keen on making direct USD deposit to MEXC must submit their banking and personal details as part of KYC. Information required includes the exchange’s deposit address and amounts. Users also ought to indicate their email and physical addresses for swift processing. After submission, funds would reflect in their MEXC accounts within two days.
Typically, bank processes can take up to a week. However, in MEXC’s case, their direct integration with SWIFT and Fedwire translates to low wait times. SWIFT and Fedwire are two of the world’s largest infrastructure providers enabling quick fund transfers. Over 11k financial institutions use SWIFT for quick fund settlement. Meanwhile, Fedwire is a trusted conduit operated by twelve Federal Reserve banks in the U.S for same-day fund transfer and settlement.
MEXC is one of the most liquid exchanges in the world, with millions of registered traders. Besides crypto spot trading, the ramp allows trading of complex crypto derivatives products like Futures and ETFs. Crypto is an emerging asset class gradually being incorporated into the existing financial infrastructure. Bitcoin, for example, is already legal tender in El Salvador and the Central African Republic (CAR). Furthermore, the U.S. Securities and Exchange Commission (SEC) approved the trading of the Bitcoin Futures Exchange Traded Fund (ETF), permitting institutions to get exposure to digital assets.