Fintech Verto has launched a new marketplace for traders, brokers and treasurers in the US, UK, and EU markets to trade in illiquid and exotic African currencies.
Verto Marketplace is designed to address issues around limited rate control, high costs, and lack of transparency. The Marketplace supports 14 currencies, including both G10 and exotic currencies like XOF, XAF, GHS, NGN, KES, and UGX, catering to diverse trading needs.
Verto co-founder Anthony Oduu said there is “significant” pent-up demand for counterparties. “We built Verto Marketplace to directly address these systemic issues, offering a platform that provides the control, transparency, and cost-efficiency that traders, brokers, and corporate treasurers need,” Oduu added.
Features of the new marketplace include: rate autonomy; minimal upfront costs; and enhanced transaction security.
The global market for emerging currencies is expected to grow at a compound annual growth rate (CAGR) of 6.5% over the next five years, Verto said, with studies showing that only 15% of the forex market participants trade exotic currencies.
©Markets Media Europe 2024
