FalconX launches feature that automatically converts crypto to cash
FalconX, a digital asset prime broker, announced in a statement on Tuesday that it has launched a new product for cryptocurrency miners: an electronic streaming service that streamlines the reinvestment process for mining operations by automatically converting cryptocurrency rewards into US dollars (USD).
Introducing auto-liquidation for miners đź””
— FalconX (@falconxnetwork) October 15, 2024
Miners are an important part of crypto's capital markets, and today we're excited to help them save money and increase operational efficiency.
Our new offering automatically converts mining rewards into USD đź’µ
Here's how it works 👇 pic.twitter.com/iqfsNP3ujR
This launch is also a major milestone in FalconX's broader strategy of developing the capital markets for cryptocurrencies, where miners play a foundational role. FalconX is dedicated to collaborating closely with miners to meet their cash needs in the most economical manner possible in the current challenging environment, which is characterized by rising energy costs and capital constraints.
The company said in the upcoming weeks, it will highlight the platform that has been developed specifically for miners, which provides financing, cash flow management, hedging, and liquidity options.
FalconX auto-liquidation feature for cryptocurrency miners
An important market need is met by this auto-liquidation feature, which gives miners—who work in capital-constrained environments—access to increased liquidity and operational efficiency. To convert rewards into cash, miners have historically had to deal with a number of procedures and outside suppliers, frequently running into delays and inefficiencies. These obstacles are eliminated by FalconX's new service, which gives miners a single, integrated platform to swiftly and securely reinvest in their businesses, the post added.
How the auto-liquidation for miners work?
Clients who sign up with FalconX are given a specific deposit address. Without the need for manual trading or extra operational work, the platform seamlessly starts the conversion as soon as rewards are deposited, allowing users to reinvest in their businesses.
Meaningful cost savings and operational efficiency for miners
In the end, this results in significant cost savings and improved operational effectiveness for miners working in an industry characterized by narrow profit margins.
We can provide low-cost execution with little slippage by utilizing our wide liquidity network. We take great satisfaction in the fact that we routinely outperform major global cryptocurrency exchanges in BTC trades by more than 90%.
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