There are now more than 5 billion internet users in the world with mobile internet accounting for 59.4% of all internet traffic. Gone are the days of needing a computer or ethernet cable to access the internet because the average internet user spends 3.34 hours a day using mobile internet.
Considering the trend away from computers as the primary device for internet connectivity, businesses are transforming their services away from complex software to much lighter applications that can be fully operational from a mobile device. This has given rise to the utility of cloud-based software that if not fully operational, has a lite version available on mobile.
Set for a brand refresh, foreign exchange tech business Midpoint FX will soon unveil a new mobile appthat will offer all its FX services while retaining Midpoint’s backend framework that includes anti-money laundering (AML), Know Your Client (KYC), and transaction reporting.
While the app will be an efficient way to access peer-to-peer FX, the website will also be updated to be a more user-centric platform for SMEs and high net worth individuals.
The upgrades coming to Midpoint are part of the business upgrade being undertaken by Blockmate Ventures (TSX.V: MATE) which acquired all assets of Midpoint Holdings in 2021, adding it to Blockmate’s portfolio of business ventures.
Leveraging Blockmate’s expertise in Web3 development and digital payments, upgrades to Midpoint will also expand the FX services offered by Midpoint where customers will be able to convert between major currencies GBP, EUR and USD, as well as many more in what Blockmate Chairman Domenic Carosa described to shareholdersas “a very, very efficient platform”.
With Asia and Africa the two biggest continents for mobile internet use, access to mobile-friendly FX may be most valuable to populations in smaller economies where local currency is prone to volatility. For those with deflationary currencies, being able to quickly convert funds to US Dollars can be life changing as a defensive mechanism to political forces, such as hyperinflation.
By utilizing other services within the Blockmate portfolio, users can even add a layer of cryptocurrency conversion on top of their FX with Midpoint planning to launch an OTC (over the counter) desk in the future.
“The feedback that we’ve had from SMEs and high net worth individuals is that they actually want to talk to someone. They want to be effectively educated, and they want someone to hold their hand through that process,” said Carosa.
“So what our OTC desk will do is allow individuals and companies and institutions to buy and sell crypto, and the ability to generate yield to stake certain coins as well.”
Core to the FX services that Midpoint offers is its FCA UK-based Payment Service Provider (PSP) License, enabling Midpoint to offer its FX services where funds are 100% secured and authorized by a Tier 1 UK Bank. Having held this license and maintaining a strong background in regulatory compliance, further financial service licenses will be sought by Midpoint which will enable further expansion into different asset classes and markets.
With these plans in place and Blockmate’s focus on blockchain technology, the new Midpoint app and platform will have much more functionality built in preparation for their expansion plans as more FCA licenses are secured.
As of August 2022, mobile internet traffic accounted for 59.4% of all global internet traffic which is more than 5x the size in 2012 when accounting for just 10.88% of global internet traffic and 2.94% in 2010 when Midpoint was first launched.
Learn more about Midpoint and Blockmate’s current ventures here.
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