Dear Globitex community!
Welcome to the final monthly community report of Globitex! Going forward we will switch to a quarterly format, which will make it more efficient both for us and for our readers to keep up with our progress.
The market has been quite hot over the past month with considerable volatility – something that both traders and exchanges appreciate. Bitcoin traded between $7000 and $9000 with other alts posting higher volatility as usual, but also higher gains. There is a lot of uncertainty in the BCH and BSV communities accompanied by some strange price action. There was a “BSV pump” with more than +100% rise within a day and speculations about what is behind this activity. It remains to be seen, but we have decided to steer clear of these coins as we never provided BSV trading and now have also stopped BCH trading both due to lack of demand and also due to concerns about integrity of the respective blockchains. The bitcoin safe haven narrative is being tested over this change of decades with global significance turmoil events such as US-Iran tensions, climate change as exposed by Australia bushfires as well as the rise of the coronavirus in China. While stock markets have tumbled, bitcoin is on the rise. While this is too little dataset to crown bitcoin the ultimate safe haven asset, the indications are positive.
For us it was a very busy holiday season with new onboarded clients reaching new highs despite almost two weeks of holidays and a complete standstill in business. We continued and will continue making the onboarding process more efficient both from interface as well as process perspective. Corporate client onboarding for EURO Wallet remains our top priority going into 2020.
Regarding product updates the biggest was the listing of USD Coin (USDC). USDC is trading against BTC and offers our clients additional diversification options as well as broadens the payments options our clients can incorporate in running their business operations.
In December we set records both for trading volume as well as processed EUR payments volume, both of which continue growing on a highly positive trend. The increased trading activity has been enabled by the liquidity we ensured in November combined with many new clients who need to travel between EUR and BTC for their business operations. There are challenges with increased trading activity, chief among them is the necessity to increase available liquidity even further, which we are working to bring ASAP.
The spring conference season is approaching and Globitex has big plans in this regard. We have already announced our first participation and sponsorship, which is the Paris Blockchain Week Summit, which will take place March 31st and April 1st. Not only Globitex is a sponsor and exhibitor, I will also reveal that I will be speaking on stage in Paris. This has not been announced yet, thus more details will follow upon announcement. Look out for updates regarding other conference participations in upcoming communications.