Swarm, a non-profit firm specializing in security token infrastructure, has just announced that they will be supporting fiat deposits for their marketplace. Investors can now use over 30 fiat currencies on Swarm’s platform.
Mercury FX, a global currency specialist firm established in 2007, has partnered with Swarm to bring a fiat gateway to the Swarm platform as per a new announcement jointly made by both companies. Swarm’s goal is to establish the necessary infrastructure to make security token trading easy and ultra-accessible. Part of this vision involves integrating the token space with real-world assets, and the introduction of fiat on their platform brings the project one step closer to this goal.
“Familiarity and Trust Are Key to Investors”
Introducing new investors to the security token space will inevitably involve making the interface and methods of investing familiar. If the platforms for security token adoption are not intuitive, the industry will never reach its real potential. There’s been considerable debate over this question, however, with concerns over whether to model the digital infrastructure on existing assets or create an altogether new infrastructure for security tokens.
Swarm has decidedly taken a middle approach: make it feel familiar with traditional asset classes, but also be its own unique marketplace.
Mercury FX will be in charge of integrating fiat with Swarm’s platform, thereby bridging the divide currently between trust and the security token space. Mercury FX is also known in the cryptocurrency space as being one of the first payment providers that was using Ripple’s new rapid system for cross-border payments.
The founder of Mercury FX, Alastair Constance, has said that Swarm and his company “share a mission of constantly finding better ways to safely connect people and their money.” It, ultimately, is about accessibility.
The fiat gateway is currently live on the Swarm platform as of last week. The two companies hope to expand support for more fiat currencies in the near future.
What do you think of this most recent partnership? Will integration with existing financial systems be crucial for the security token industry? Let us know in the comments below.
Images courtesy of Swarm and Mercury FX.