Mercury Cash Targets Latin America with Miami Crypto Exchange

Florida-based cryptocurrency exchange Mercury Cash seeks expansion to Latin America with the new platform.

by Nina Dimitrova
21 May • 2 mins
In News

Florida-based cryptocurrency platform Mercury Cash aims to expand to Latin America and the Caribbean with the launch of Miami Crypto Exchange (MCEX), the company announced in its blog. MCEX, described as a fully-compliant crypto gateway between the US and the rest of the world, will initially offer trading in cryptocurrency coins and non-securities tokens.

MCEX will further expand its portfolio with security tokens. “In partnership with the multi-currency wallet system, Mercury Cash, the MCEX platform allows trading of a wide variety of utilities and securities, with exclusive services features unique to the industry”, the exchange said, adding that it offers many levels of entry to meet the needs of every customer.

Currently MCEX supports trading in Bitcoin (BTC), Ethereum (ETH), OmiseGO (OMG), DASH (DASH) and EOS (EOS) against USD and BTC. It also accepts applications to list non-security tokens which need to undergo a compliance review.

MCEX’s trading infrastructure is powered by AlphaPoint – a global financial technology company offering a secure, scalable, and customizable distributed ledger platform.

The trading fee for market takers is 0.25% and for market makers is 0%. Deposits in cryptocurrencies are free, while dollar deposits are charged USD 15. Withdrawals in cryptocurrencies come with a fee varying by coin. Withdrawals in USD have a flat fee of USD 10.

MCEX is registered as a money transmitter through Florida’s Office of Finance Regulation, the Department of Treasury of the U.S. under the Department of Finance and Crime Enforcement Network (FinCEN) and is Payment Card Industry Data Security Standard (PCI DSS) compliant. It is subject to regular audits and claims to have the most high-security standards for its IT and financial infrastructure. Ninety-five percent of its customer funds are kept in offline cold storage.

Mercury Cash, a fintech company established in 2016, offers an Ethereum wallet for storing and transferring cryptocurrencies. It also supports the instant conversion of ETH for fiat currencies and the other way around, through a bank account or a debit or credit card. It plans to launch merchant services for businesses that would like to accept payments in ETH.