Nonco Launches FX Onchain Initiative on Avalanche Network
Nonco, an institutional digital asset trading firm, has launched its foreign exchange (FX) onchain initiative on the Avalanche network, aiming to bridge institutional FX liquidity with the stablecoin market. The FX Onchain protocol, built on Avalanche’s C-Chain, automates conversions between local currencies and USD-backed stablecoins, such as USDC and USDT, facilitating faster and more cost-effective global payments and cross-border transactions. By enhancing stablecoin liquidity onchain, Nonco seeks to create a more efficient FX market for institutions. The initiative addresses existing challenges in the FX space, including limited local exchange liquidity and high conversion costs, by connecting institutional FX liquidity providers with the Avalanche-based protocol.
With backing from Vaneck and a commitment to redefining institutional FX liquidity, Nonco’s protocol is set to debut with trading pairs like USDMXN and expand to include USDBRL and EURUSD.