Cryptocurrency-Friendly Financial Companies Start Operating in Russia and the United Kingdom
There are two firms from the United Kingdom and Russia that will be offering financial services to those operating in the crypto industry. They will be offering a wide range of services such as bank accounts or payments processing solutions. The main intention is to help startups and customers have access to the crypto space.
Offering Services to the Crypto Market
The UK-based consulting firm, Coinacquiring, announced that it will be offering help to companies that want to open bank accounts to operate in the crypto ecosystem. The services include fiat-to-crypto payment processing and multi-currency accounts, among other solutions.
The bank will offer support to different currencies, including the British Pound, the Euro, the US Dollar, the Swiss Franc and also the Japanese Yen. Many other currencies are also available.
At the moment, the crypto community is requesting payment processing services according to David Jones, senior payments consultant at Coinacquiring. As he explained, banks tend to turn the crypto business away because they do not understand how to evaluate risk in the space.
At the same time, the company works with other financial institutions in Europe that provide more security and stability to cryptocurrency merchants. They have also partnered with smaller banks in the industry.
The company charges $500 fixed for opening an account. There are other fees that are negotiated with the merchant and the bank. In general, the fees tend to be between 3 and 5 percent.
On the matter, David Jones, commented:
“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.”
The company is also offering services for firms to open foreign exchange accounts. Nonetheless, it seems that this service is not usually requested,as Jones explained.
The second company that started operating in the Eastern European market is the Belarusian firm Synell. The company has offices in both Belarus, Russia and the United States. This firm is promoting its offering to the market. The software that it creates is able to process crypto payments and converting them to fiat money. This service has been specifically designed for firms that want to provide customers with the option to pay in digital assets.
At the moment, their platform accepts payments in Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), three of the largest virtual currencies in the market. Developers explain that other coins can be supported if interested parties request it.
This shows that the cryptocurrency market continues offering services and products to companies and firms that want to embrace these digital assets. We have recently written that there is a bank in the United States that has decided not to offer services to users that deal with virtual currencies or blockchain-related assets.
In India, several digital asset exchanges had to shut down their operations due to the fact that they could not deal with fiat transfers to clients. Banks have taken very hard measures to avoid being involved in the crypto market. This is the reason why these two companies will play an important role in supporting the growth of the crypto market.