Swiss-based crypto firm XEROF has reported a significant increase in demand for crypto products and blockchain technology. In a report covering the first half of 2023, XEROF highlighted the “extreme growth” in transaction service demand, specifically for crypto to fiat and payment services.
XEROF is a regulated Virtual Asset Service provider and is supervised by the Financial Services Standards Association. The company offers its services in compliance with Switzerland’s AML/CFT regulations and caters to family offices, high net worth individuals, exchanges, and other corporations.
The report from XEROF reveals a surge in demand for transactions between cryptoassets and major currencies such as the US dollar, Euro, pound sterling, and United Arab Emirates dirham. The company predicts a five-fold increase in cryptoasset payments issued over the course of 2023, with transactions originating in and being settled in cryptoassets.
While XEROF did not provide specific numbers regarding the transactions, CEO and co-founder Marc Taverner attributed the increased demand to the speed of transactions compared to traditional global payment systems. XEROF’s services take only a few hours, whereas other systems may take up to a week for settlement.
Taverner also mentioned a “surge” in new clients, with the company’s client base growing by 40%. From the beginning of 2023 until now, XEROF has witnessed a 500% growth in its banking partnerships, expanding to include global partners as well as Switzerland’s top private banks.
According to Taverner, the licensing of cryptoasset companies and growing demand from their customer base have led traditional banks to expand their digital currency services. XEROF’s payment rails and their partners’ deep liquidity allow customers to easily move across different asset classes.
Initially, XEROF primarily facilitated payments for luxury goods, such as property, in digital currencies. However, the company now also sees an increasing demand for purchases of cryptoassets themselves. Family offices and institutional investors utilize XEROF’s OTC desk to enter digital currency positions and diversify their portfolios.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it