Crypto Volumes Surge During COVID Lockdown

The whole world has come to an economic standstill with COVID 19 preventive measures rolling out. While the traditional economy seems to be taking a hit, cryptocurrency is seeing a surge, platforms like Wyre and MoonPay have seen the numbers climb.

In an email to CoinTelegraph the Driector of Wyre said that they’ve seen a huge spike in retail volume over the previous few weeks, he also added that there was, initially, a spike in the sell- side of the market but later started maxing out of capacity on the buy side.

In the last few weeks, the mainstream markets have seen a downward action due to the Coronavirus scares, it is seeing some mild recovery.

Fiat-to-crypto marketplace MoonPay has also seen amplified customer records since the start of March, when global ambiguity ramped up.

“March was a record month for us at MoonPay where we experienced a surge in cryptocurrency purchase volumes of over 80% across our network of partner exchanges, wallets and decentralized applications,” Ivan Soto-Wright, MoonPay’s CEO and co-founder.

Looking toward a growth push focusing on customer and partner data privacy and security, MoonPay has also added a new interim CSO.

“With Nils Puhlmann joining as Interim CSO, we have a seasoned veteran who has built some of the strongest security teams at places like Twilio, Zynga and Electronic Arts, and we feel tremendously honored to have his guidance,” Soto-Wright said.

MoonPay’s focus on security comes after an IOTA hack several weeks ago that was traced back to MoonPay.