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AAX exchange, the first crypto-oriented partner of London Stock Exchange Group, shared with the blockchain community the results of its analysis of fiat deposits on the platform.
Big Three of fiat currencies on AAX
According to the estimates of the AAX exchange, the top three currencies in April are the Hong Kong Dollar, Singapore Dollar and Great Britain Pound.
To obtain these statistics, AAX Exchange tracked deposit data for the first ten days of April 2021.
AAX representatives added that this session witnessed a jaw-dropping trading volume. This, in turn, was followed by the ballistic increase of fiat deposits to AAX accounts.
Namely, AAX users deposited more than $10 million U.S. dollars in ten days only.
Erasing barriers between crypto and fiat
This result was achieved due to the long-term focus on fiat integrations advocated by AAX. It supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners and direct bank transfers powered by First Digital Trust.
The latest firm is the crypto custody department of Hong Kong-licensed and regulated company Legacy Trust.
AAX's CEO, Thor Chan, stressed the importance of the success of such a system for the entire decentralized scene:
For many years, the on and off ramps between crypto and fiat have acted as a bottleneck. Now that the infrastructure is in place, we're seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.