Mercury Cash on Chainstack: Powering financial inclusion

Mercury Cash is a multinational financial institution registered with the US Treasury Department and the Estonian Financial Intelligence Unit, as well as licensed as a money transmitter by the Florida Office of Financial Regulation in the United States.

Back in 2016, Mercury Cash’s founders, Victor Romero, Giordano Lugo, Amy Hunt and Marco Pirrongelli, identified the need for a Fintech solution to help Venezuelan customers access financial services. Venezuela has been experiencing hyperinflation, difficult choices in monetary policy, and financial hardship for many of its citizens. If there ever was a place where the promise of financial inclusion and liberation brought forward by cryptocurrencies could find fertile ground, Venezuela was the one.

In order to succeed in realizing this vision, Victor and the rest of the founding team understood that they had to work collaboratively with regulators from day one. This proved to be an enlightened move and that’s how they built both reputation and an ever-growing customer base. Having decided to avoid the ICO hype in 2017 and 2018, over the years Mercury Cash raised a total of $1.6M in funding, with their latest seed round back in April 2018.

Since its humble beginnings in 2016, Mercury Cash has grown into a global organization touching customers’ lives all over the world.

What does Mercury Cash do?

Mercury Cash is a live hosted-wallet solution with a current customer base of 20,000+ users. It allows for real-time liquidity and transfer between cryptocurrency and fiat assets in a seamless and intuitive way.

How did Mercury Cash come across Chainstack?

Initially Mercury Cash was running their own Parity nodes, but as Parity project waned down, the team didn’t want to commit to a system that didn’t have long term support should any issue arise. This was an existential threat for their business, and the thousands of customers trusting Mercury Cash with their money. After trying many other solutions that didn’t work, CTO Marco Pirrongelli came across Chainstack, which proved to be a lifesaver. It was fast to register and get the network going immediately.

For Mercury Cash, Using Chainstack meant saving around 20 hours DevOps time per month otherwise spent on running node infrastructure, plus many saved hours of emergency response if or when a node crashes.

How does Chainstack’s offer fit into Mercury Cash?

Mercury Cash runs Ethereum nodes on mainnet and on Ropsten testnet. The nodes are critical, as they manage both business operations and information flows.

While Mercury Cash initially designed and implemented an infrastructure that did not need a third party, over time the team realized that the most optimal solution was to not have to worry about node operations, something that Chainstack could easily and safely provide.

Since Mercury Cash does not focus on nodes implementation, upgrades and maintenance, their DevOps team can now focus more on the platform, gaining at least 5 to 10% of the time used to maintain nodes.

How does Chainstack support Mercury Cash?

Mercury Cash values highly responsive technical partners. Chainstack has over time earned a reputation for having a dedicated and knowledgeable team of engineers happy to support customers in a matter of minutes, rather than days or weeks.

Mercury Cash also values the personal relationship with the Chainstack team, and prefer to keep a single partner rather than adding unnecessary complexities to their infrastructure. Chainstack’s open communication and responsiveness makes it for a long term and effective partnership.

Node answers are more efficient between Mercury Cash’s API and Chainstack compared to previous solutions. This has made Mercury Cash’ web services load faster with the blockchain information requested by the user, resulting in better product performance and user experience.

What does Chainstack like about Mercury Cash?

The Chainstack team believes that the work of Mercury Cash has a direct positive impact on society, something that resonates deeply with Chainstack’s values and vision.

Mercury Cash makes a difference in people’s everyday life because they enable payments in an easy and cost-effective way where financial services may otherwise be hard to reach.

This is a step towards financial inclusion and finding better ways for people to pay and transfer their money.

Chainstack feels privileged to be able to help Mercury Cash to run their operations smoothly, safely, robustly and cost-effectively. By working closely with the team at Mercury Cash, Chainstack helps uncover their growing use cases and needs, and create a great developer experience for everyone involved.

What is the most interesting engineering challenge in working together?

Mercury Cash is a high-stake Fintech product. This brings great responsibility when it comes to running a compliant and resilient product and infrastructure. The lives of their customers would be deeply impacted by disruptions to Mercury Cash, and the trust from customers has been hard-earned over many years of reliable operations. 

Mercury Cash trusts Chainstack for this critical part of their operations, planning to develop their product further and add more complexities to it, built on Chainstack.

Chainstack continues to prove itself as a reliable and trustworthy technical partner, able to handle sensitive and complex deployment needs. 

Try Mercury Cash today

Would you like to try the easiest way to send and receive your payments in cryptocurrencies? Open a Mercury Cash account here.

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