Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Cryptocurrency banking and payment platform BVNK is successful in its registration and can now operate in Spain as a Virtual Asset Service Provider (VASP). Henceforth, the London-based payment platform can offer its products and services to corporates across the county based on local regulations.
Markedly, the approval from the central bank of Spain, largely identified as the Bank of Spain, serves as a springboard for expansion into the European Union (EU) for BVNK.
It also provides customers with a level of assurance and confidence in the superiority of crypto-enabled international payments, that is, in comparison to traditional banking style.
“Cross-border payments made via the BVNK platform are up to five times faster than Swift with fees reduced by up to 80%. We are aggressively building out licensing and infrastructure to make it easier and faster for more customers to enjoy these wins.
“Gaining the Spanish registration, and growing our footprint in the EU, are important milestones in our drive to become the ‘go to’ crypto-enabled payments platform for global business.” Jesse Hemson-Struthers, BVNK’s Chief Executive Officer stated
BVNK Offers Crypto Business Accounts
Digitally-enabled transactions overs a host of advantages including lower transaction fees, reduced settlement times from days to minutes, and simplified management of funds across multiple jurisdictions. Ultimately, BVNK offers businesses crypto services that most times are not offered through existing payment and settlement providers.
The payment platform provides business accounts that supports over 100 cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Solana (SOL). The business account also provides a ‘Know-Your-Business’ process for access to GBP/EUR/USD and digital asset wallets. Businesses can now manage settlement, exchange, and payment from a single account.
In the last nine months, BVNK has processed billions in annualized payment volume. It has also increased its employees from 40 to 160 and plans to reach up to 250 in the coming year. The newly recruited employees will work with local regulators even as the payment firm expands into further markets.
Last year, BVNK launched its digital asset platform to eliminate the hurdles that keep fast-growth financial services providers and businesses from maximizing the benefits of cryptocurrencies.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.