The Russian-controlled crypto payment processor Mercuryo announced that it had doubled its number and volume of transactions since Q4 2022, a 3.5x increase in total transactions year-over-year. The number of new users doubled in Q1 2023 compared to the same period in 2022. Mercuryo is one of the portfolio companies of Target Global, a German-based venture capital firm founded in 2012 by the Russian Alexander Frolov.
According to the press release, Bitcoin (BTC) became the most popular cryptocurrency in Q1 2023, with 38% of all crypto transactions processed by Mercuryo in this period occurring in BTC. USDT was the second most popular cryptocurrency, with a 32% share of transactions.
17% of the transactions processes came from the U.S. in Q1 2023, the company said. The UK and Germany follow in second and third places, with 10% and 8.5% respectively. According to Similar Web analysis, in Q1 2023, most website visitors came from China (23%) and Turkey (22%), followed by the U.S. with just under 6%.
“We’ve seen our transaction volume rebound significantly since the ‘crypto winter’, which we believe demonstrates the success of our commitment to building trust amongst our user base. Despite the ongoing crises affecting the sector, we saw a 54% YoY growth in payments processing volume since the beginning of 2022,” – said Andrey Ilinsky, CPO of Mercuryo, who resides in Cyprus.
Regulatory Issues
Mercuryo lost its Estonian crypto license in 2022 due to problems with money laundering regulations and undisclosed beneficial owners. Currently, Mercuryo has a crypto company, MoneyAmber UAB, registered with the FIU in Lithuania.
Share Information
If you have any information about Mercuryo, its operators, and partners, please let us know via our whistleblower system, Whistle42.
