Crypto-Friendly Financial Companies Set-Up Operations in Russia and UK
Two companies from Russia and the United Kingdom were providing financial based services to those who were working in the crypto industry. A wide range of services will be offered by these companies like bank accounts or payments processing solutions. The main objective is to assist customers and startups to have access to the crypto industry.
Providing Crypto Market-based Services
Coinacquiring, the UK based consulting firm, has stated that the company will be offering help to companies who look to open bank accounts in order to operate in the crypto ecosystem. The services mainly consist of fiat-to crypto payment processing and multi-currency accounts and other solutions also.
The bank will also provide strength to other various currencies like British Pound, the US Dollar, the Euro, Japanese Yen and also the Swiss Franc. There are other currencies which are also included.
David Jones who is the senior payment consultant at Coinacquiring said that as of now the crypto community is asking for payment processing services. He described that the banks are trying to turn the crypto business away because they don’t know how to deal with the risk of the crypto space.
Meanwhile, the company is working in Europe with other financial institutions that will offer much-needed security and stability to the merchants of cryptocurrency. The firm has also collaborated with other smaller banks in the industry.
As of now, the company has priced $500 to open an account. The discussion over the other fees can be done with the merchant and the bank. The fee seems to be between 3 to 5 percent.
The company is providing services to firms, to open foreign exchange accounts. However, it looks like this service has not been requested, David Jones replied:
“We do know how complex fiat to crypto payment processing can be to set up. We want to develop a space wherein the cryptocurrency businesses can focus on developing amazing products and technologies rather than worrying about their banking infrastructure is reliable or not.”
Synell, the Belarusian firm is the second company that has started its operation in the Eastern European market. Synell has its offices located in Belarus, Russian and the United States. Synell is advertising its services to the European market. The software which will be designed by Synell will be able to process crypto payments and convert them to fiat money. This service is particularly developed for companies who want to offer customers the option of paying in digital assets.
As of now, Synell platform accepts payments mainly in Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH). These three digital currencies are the largest currencies in the market. The developers explained that the platform can even support other related coins if interested companies request us.
While in India, various asset exchanges have already shut their operations down because they are unable to make fiat transfers to clients. Banks have also taken serious measures so as to avoid themselves from being involved with the crypto market. This is the main reason why these two companies will be playing a major role in supporting the growth of the crypto market.
The cryptocurrency market will continue providing services and products to companies and firms who want to adopt these digital assets. There is a bank in the United States that has decided not to provide services to users who deal with digital currencies or blockchain assets, reportedly.