Floating Point Group, a Crypto prime broker, has recently tapped United States Dollar Coin (USDC) stablecoin on the Algorand Blockchain. The major aim of the crypto broker was to execute trade settlements faster and maintain ease in the flow of funds. Floating Point Group will be making other significant changes to improve the trading experience for crypto investors.
USDCa Integration and the Floating Point Group
The institutional traders of the Floating Point Group are now allowed by the USDCa integration to convert their funds from their bank account into stablecoins on the Algorand Blockchain within a matter of seconds.
This effort of integration is one of the several efforts of the company to resolve the capital efficiency issues faced by the institutions. The fast transferability of money is surely an improvement over the pre-existing plans.
Algorand, a blockchain developer, has utilized its efficiency to enable the fast transfer of U.S. dollars, leading to the instantaneous settlements of programs outside the banking system.
John Peurifoy, the Co-founder and CEO of Floating Point Group, said:
“We’re excited to announce another one of our efforts to relieve the capital efficiency problem dampening the cryptocurrency market’s growth.”
Along with his announcement of another effort of relieving the capital efficiency issue, he added:
“The teams at Circle and Algorand have executed on an incredible vision of making the transfer of dollars nearly free and instant, and it’s a powerful force to take our platform to the next level.”
USDC on Algorand Blockchain
At present, moving the USDC on Ethereum to Coinbase exchange will take around 500 seconds, keeping in mind the volatility of Bitcoin for quite a long time.
With USDC on the Algorand blockchain, the total time in the transfer would be less than 5 seconds and that is way too fast. After this announcement, a period of eruptive growth was followed by Floating Point Group, as well as for the adoption of stablecoin.