It’s been a wild ride!
Looking back on the departing 2021, we could confidently call it the year of crypto adoption. DeFi 2.0 continued to evolve, focusing on solving liquidity issues and DAO development. The NFT craze captured the minds of everyone, including half of Twitter, with the total sales of non-fungible tokens to hit $17.7 billion by the end of the year.
Amid all these positive changes, El Salvador recognized Bitcoin as legal tender, and Coinbase became the first crypto company to hold an IPO. Those are just a few highlights of 2021 that promise a brighter future for the cryptocurrency industry.
The general shift in perspective is there for all to see. Today, significantly more people recognise cryptocurrency as technology as opposed to solely using it as a speculative asset. Mercuryo has always aligned with the idea and successfully put crypto tech to use. With institutionals embracing crypto, our mission to provide businesses with a global payments toolbox started to feel even more tangible.
Here’s what we’ve accomplished in 2021.
The beginning of the year was marked by entering the US market, a massive milestone for the team. Since we’ve already incorporated Mercuryo in the US, we’re working on getting relevant licenses in each of the states not only to provide services in the country but also to work with American partners.
We’ve extended our services to a few more markets in LatAm, including incorporation in Brazil. The network of payment partnerships keeps growing at a rapid pace. Local currency payments are now active in Brazil, Mexico, Indonesia, and other regions worldwide.
Besides, Mercuryo has received the Canadian MSB license, allowing the company to provide acquiring and cryptocurrency service in the country. Overall, we’ve grown from only two companies in our holding to five by the end of the year. Mercuryo’s legal department conducted numerous research on international crypto and financial regulations, and thanks to that, we know exactly where we’re heading in the next year.
New Products and Plans
We’ve started 2021 by adding Apple and Google Pay support. Later in the year, Mercuryo launched IBANs to help companies and individuals open full-fledged banking accounts. This solution is considered unparalleled in the crypto space as it allows combining fiat and crypto services in one app. We obtained an Electronic Money Institution licence for our UK company to put this idea into motion.
This year, the blockchain industry came through a major high gas fee issue caused by NFT and other hypes in the space. As a result, numerous projects launched alternative layer 2 solutions to improve scalability. In the framework of IBANs, we’ve designed another product that will come out in early 2022. Banking as a Service (BaaS) will target DeFi and other crypto projects and is especially useful for sophisticated layer 2 solutions.
As a lot of companies from the institutional sector indicated their willingness to work with digital currencies in 2022, we concluded that the following year a need for a solid crypto infrastructure would be in priority. Mercuryo, in turn, will provide institutional clients with relevant payment infrastructure solutions. Consequently, these banks and fintech firms will be able to scale by offering new types of services to their clients.
While developing and rolling out new products, Mercuryo constantly perfects its security system. In 2021, we have advanced our current anti-fraud system and increased its efficiency in identifying fraud cases by 31% compared to the previous year. At the same time, we managed to improve payment conversion.
Also, we introduced a system for countering illegal and suspicious activity related to crypto transactions, launched monitoring and evaluation of all crypto addresses.
2021 was rich for strategic partnerships. Apart from the few epic сollaborations that we’ll reveal in the near future, we’ve signed numerous new contracts with crypto and fintech enterprises from all over the world. It felt great to be back meeting people face to face at global financial conferences, like Money 20/20 and Blockchain Life, and planning our future steps together.
In the summer, Mercuryo teamed up with Ninjas in Pyjamas (NIP), a Swedish esports organization, uniting two very close communities of gamers and cryptocurrency enthusiasts.
Another spotlight of the year was raising $7.5 million in a Series A round led by Target Global.
Thanks to the funding, we are ready to launch a few long-awaited products and continue our global expansion, eliminating barriers in business payments.
The Mercuryo team has continued its steady growth. This year we’ve opened new offices in London, Minsk, Riga, and Krasnodar and welcomed dozens of remote teammates from different parts of the world. Our team is getting more diverse and international, and we’re looking forward to seeing what it will look like by the end of 2022.
This year Mercuryo team has expanded to 200 people, welcoming developers, designers, PR and marketing specialists, analysts, sales and business development managers, and others. We’re always looking for new professionals to join our team, so if you or your friends are hunting for opportunities in fintech, drop us a line.
The Bottom Line
The year of crypto adoption was the year of forming a new vision for Mercuryo. We declared our B2B direction as the company’s main focus and highlighted the main objectives. Along with providing easy access to crypto assets for end customers, we committed to making a radical change in technologies for business payments. In 2022, we hope that any business with global ambitions will be able to benefit from Mercuryo’s payment infrastructure.