Fintech Brings Much-Needed Fiat Banking Solutions to the Crypto Industry
Naxxar, Malta – March 1, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Many crypto exchanges – and merchants accepting crypto payments – are on the lookout for the best crypto-friendly financial institutions to keep them ahead in the market.
FinXP is one example of a reliable and cutting-edge fintech company based in Europe. Established in 2014, building on decades of previous experience, the team at FinXP provides fiat payment and account services, solving troublesome pain points in the crypto market.
Crypto companies, such as exchanges, crypto processors, crypto developers, and others, face dire options when it comes to banking. They want to avoid turning to industry sharks and unreliable fintech startups for such services. On the other hand, most traditional banks are nervous about providing accounts to companies in the crypto space. Some, like Signature Bank and Silvergate, have turned against crypto exchanges, while many other banks have seemingly always been anti-crypto.
Over the past nine years FinXP has worked with international companies and big enterprises across different industries, establishing itself as a reputable fintech. An award-winning European-licensed Electronic Money Institution (EMI), the company has operations in Malta, Germany, Lithuania, and Cyprus. These factors combined make FinXP a commonly-cited trustworthy partner for crypto companies looking for banking solutions.
FinXP Provides a Haven For Crypto
A principal issue in the crypto industry is that traditional banks are often unwilling to offer their services to crypto companies due to the high-risk associated with the industry. This pain point also extends to merchants that accept crypto payments, as they may have their merchant accounts frozen if their bank finds out about crypto payment activity.
FinXP is stepping in to offer account services to companies affiliating with crypto, as it recognizes the importance that fiat currencies have to play in growing crypto adoption. Unlike many banks that focus primarily on banking services such as loans and investing, FinXP provides leading payment and Euro IBAN (International Bank Account Number) account solutions. FinXP distinguishes itself from many other fintechs through its deep experience, wide product portfolio, and by its culture of regulatory compliance, making it well-positioned to provide reliable and secure services to its clients.
Ineffective payment infrastructure also plagues the fintech industry, and this is causing particular problems for digital cross-border payments. Crypto is an efficient way to make cross-border payments, but it is floundering because of its difficulty to find safe and reliable banking. FinXP is offering a solution to this problem through IBAN4U, its fiat Euro account for crypto companies. Prioritizing a business-friendly experience and offering an account which is streamlined for cross-border financial transactions, IBAN4U might be an attractive option for crypto companies looking for a safe and dependable banking solution. FinXP also offers an accompanying XP White Debit Mastercard to go with its IBAN4U accounts to facilitate user accessibility to their account funds.
Another industry problem arises because many fintechs use white-labeled solutions to open accounts with third-party financial institutions. In some cases, a merchant might think he’s opening an account with ‘fintech X’, when he’s actually opening an account with a bank. As a result, some fintechs do not have the final say on who they can onboard or keep as clients. This is not the case with FinXP. The company doesn’t rely on any intermediary banks to open accounts. FinXP – not a third-party – makes the final decision on what accounts to open and maintain. Different to many other financial institutions, the company also doesn’t reinvest client funds, meaning money deposited in a FinXP IBAN account is secure and safeguarded.
As FinXP grows in popularity, it has now also started working with crypto exchanges to onboard the latter’s users to IBAN4U, as consumers often also face similar banking challenges. This arrangement makes it easy for end users to make instant Euro deposits and withdrawals to and from exchanges, while enjoying a very high rate of transaction approvals. This payment system can also be extended by providing end users with a debit card linked to their IBAN4U account, giving them seamless access to their funds.
Though many traditional banks have lost trust in crypto companies, crypto still offers a lot of practical solutions for the global marketplace. FinXP remains confidently optimistic about the future of the industry. Alongside companies like Cardano, MultiversX and Hedera, the company is sponsoring the upcoming Paris Blockchain Week Summit, the biggest European crypto conference.
Finally, FinXP is planning to launch an innovative, instant pay-out solution later this year, which will help crypto exchanges offer a much improved payment experience for their users.
Learn more about this leading fintech working at the heart of the crypto payment market. Visit FinXP’s website or subscribe to their monthly newsletter to stay up-to-date with the latest payment and company insights.
This article was originally published on Benzinga here.
FinXP, founded in 2014, is a Malta-based electronic money institution licensed by the Malta Financial Services Authority. The company’s mission is to enable its customers to quickly and easily, make and receive payments in whatever form best suits them. The company is registered with the European Payments Council and SWIFT, and it is a principal member of Mastercard. FinXP provides Dedicated IBAN Accounts, Card-Issuing, Omnichannel Payment Processing, Unique Pay-out Solutions, SEPA Direct Debit services, and Clearing services. It is a fast-growing player in the European PayTech industry.
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