FalconX, a leading digital asset prime broker, has launched an automated streaming service to help cryptocurrency miners convert their earnings directly into U.S. dollars. In a statement issued on Tuesday, the company explained that this new approach removes the middleman or the need for the user to trade manually.
Traditionally, cryptocurrency miners had to go through several processes to convert their mined tokens into cash. These steps sometimes proved cumbersome and time-consuming. FalconX has introduced a new service that enables miners to sell their crypto rewards directly to USD without the manual process of selling them on an exchange.
The service supports all the proof-of-work tokens, including popularly mined coins like Bitcoin and Litecoin. Through the service, miners receive an address which will be used to convert their deposits into dollars on a regular basis. This auto-liquidation feature, therefore, solves one of the biggest problems for miners by enhancing liquidity and flexibility of operations.
New services will expand FalconX’s support for miners
This service is timely for miners, especially after the fourth Bitcoin halving event, which greatly reduces mining rewards. The industry has witnessed decreasing daily revenues for the past three months, as well as rising network complexity. These factors have put more financial burden on the already strapped cash miners who have to sell their tokens for expenses like electricity bills and upgrading mining equipment.
Besides the auto-conversion service, FalconX is planning to expand its service offering to include a number of services designed for cryptocurrency miners. These services will include liquid management services, risk management tools, cash flow management solutions, and funding solutions.
FalconX has also been doing well in the recent past, and the company posted record revenues in the last quarter. As stated in the statement, Falcon X has outpaced most global exchanges in Bitcoin trading, where 90% of the transactions are done at lower rates. FalconX has been able to capture 94% of the global spot market, which enables miners to have a better liquidity pool to work within the current constrained market.
