Institutional digital asset trading firm Nonco is making waves in the foreign exchange (FX) market by launching its FX Onchain initiative on the Avalanche blockchain. This move is aimed at bridging the gap between institutional FX liquidity and stablecoins, making cross-border transactions faster and more cost-effective.
The FX Onchain protocol, built on Avalanche’s C-Chain, enables seamless conversions between local currencies and USD-backed stablecoins like USDC and USDT. This innovation is expected to enhance liquidity and streamline foreign exchange trading for institutional investors.
Why It Matters
Traditional FX markets often struggle with liquidity issues, high conversion fees, and slow transaction speeds. Nonco’s solution aims to tackle these challenges by connecting institutional liquidity providers with an efficient, blockchain-powered FX system.
With support from investment firm VanEck, the initiative is set to launch with trading pairs such as USD/MXN (U.S. dollar/Mexican peso). Over time, it will expand to include other major currency pairs like USD/BRL (Brazilian real) and EUR/USD (euro/dollar).
By bringing institutional-grade FX liquidity to the blockchain, Nonco is reshaping the foreign exchange landscape, making it more accessible and efficient for global transactions.
