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Crypto-friendly Companies Launch Banking Services in the UK and Russia

March 30, 2019
Saad Mohammad


Crypto-friendly Companies Launch Banking Services in the UK and Russia

Two companies in Europe have recently announced that they have launched new products that will cater to the financial needs of crypto-related businesses. The companies will be offering banking services such as the opening of bank accounts, payment processing services, and much more. The developers behind these companies revealed that the services will be launched with the aim of providing crypto businesses the peace of mind to allow them to concentrate on their primary business activities.

Coinacquiring launches crypto banking services

Coinacquiring, a consulting firm in London, recently announced that it would be offering help to crypto companies aiming to open bank accounts. The crypto banking service to be provided by this company will expand its portfolio as it provides fiat-to-crypto payment processing functions to companies accepting cryptocurrencies as a means of payment.

According to the blog post announcement, the bank accounts that will be opened will be made available in several fiat currencies such as the British pound, the Euro, U.S. dollars, Swiss francs, and the Japanese yen. It will also cover a few others including, the South African rand, the Czech koruna, and the Romanian leu, amongst others. The company stated that it would also be supporting SEPA instant credit transfers and wire transfers made via SWIFT.

The crypto sector has been lacking in banking and payment processing services. David Jones, a senior payments consultant at Coinacquiring, told that they currently receive several requests daily from crypto companies seeking banking services. Jones maintained that the reason why banks turn away crypto-related companies is that they don’t know how to properly evaluate the risks in the cryptocurrency space.

Coinacquiring revealed that it keeps in touch with a number of traditional financial institutions with the aim of providing more security and stability to crypto merchants. A company representative stated that “We have several Tier-1 European banks we work with, and also have options with smaller banks further afield.”

The company has a fixed charge of $500 for opening bank accounts, while extra fees can be negotiated with the merchant and the bank. Jones further stated that processing rates are usually around 3 to 5 percent for transactions.

He explained the system as follows: “We know how difficult fiat to crypto payment processing can be to set up. We want to create a space where crypto businesses can focus on building exciting products and technologies instead of having to worry about whether their banking infrastructure is reliable or not.”

Coinacquiring is also helping crypto companies open foreign exchange accounts, although this service is rarely used. Jones stated that as an extension of this service, they are aiming to offer various treasury management solutions for crypto exchanges that make use of multiple fiat currencies. However, this solution will likely take a few months to develop.

Belarus developers create crypto-to-fiat payment processing software

Another company in Belarus, Synell, has developed a crypto-to-fiat payment processing system despite facing stiff competition in this sector. The company has offices in Russia and the US and is currently offering its services to the crypto sector.

The software developed by the company allows users to process direct cryptocurrency payments and converting the cryptos to fiat currencies for merchants who want to provide cryptocurrency as a means of payment.

The platform is called Acquiring, and it currently accepts BTC, ETH, and LTC. The developers, however, stated that they could add support for other cryptocurrencies upon requested by interested clients. The team has also created an API and a mobile app that allows merchants to receive crypto payment directly at their store checkout. The CEO of the company, Denis Gorskin stated that the software was first designed for their Russian clients. However, it can be tweaked to serve other markets and already has an English language version available.