ICOMI’s Chief Operating Officer, Matej Tomazin, recently announced on the company’s blog that it will be introducing a fiat ramp-up service on its platform. There are two stages to the ramp-up. The first is the Over the Counter (OTC), and the second is the direct deposit.
The company’s announcement is as follows:
“Offering a comprehensive set of tools to allow anyone to enter and explore the crypto-economy breaks down the barriers to entry and will expand ICONMI’s reach even further.”
Further, those who are eligible to use the platform will have the opportunity to make deals with ICONOMI, which will enable them to acquire cryptocurrency assets in exchange for fiat money deposits into their bank account. Although investors will not be able to purchase cryptocurrencies directly from an exchange, they will be able to send money to ICONOMI, which will then be the purchasing intermediary for Bitcoin and Ether. ICONOMI will then be able to deposit the funds into investors’ accounts.
#ICONOMI Fiat Gateway, stage 1: this week, we achieved one of our biggest milestones so far: a fiat gateway, making it easier than ever for everyday users to enter the crypto-economy. Read more about the past week here: https://t.co/FShItmiHIW pic.twitter.com/HlZHJ5wd9o
— ICONOMI (@iconominet) June 2, 2018
Concerning the first stage of the process, users will be able to deposit about 50 thousand Euros in over the counter deals. To be eligible, those who are interested must pass know your customer and anti-money laundering requirements and they must also be verified tier-2 users. Additionally, digital asset array managers may benefit from the service because they can get funds from investors in traditional currency.
As for the second stage, which involves direct deposits, it is already being implemented in Europe. Those who have met Tier 2 qualifications for ICONOMI will have the opportunity to directly deposit funds from their bank account to their ICONOMI account.
These Developments Beg The Question: Is ICONOMI Really Making A Difference?
The announcements certainly sound as if they’ll be able to make the changes that users are looking for, however, the downside seems that the minimum 50-thousand-euro requirement makes it difficult for many to participate.
The good news is that ICONOMI’s moves may be able to bypass the SEC’s radar, at least for new and until the commission implements official regulations that are poised to significantly change the industry.