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New Crypto-Friendly Banking and Payment Services Launch in the UK and Russia

Two companies from different parts of Europe have recently announced new products that cater to the financial needs of businesses in the crypto industry. The services range from opening bank accounts to providing payment processing solutions. Developers say they will give crypto companies the peace of mind they need to focus on their core activities without having to worry about banking.

Also read: Cryptojobs Is a Platform With 1,300 Vacancies in the Cryptocurrency Industry

British Company to Open Bank Accounts for Crypto Businesses

Coinacquiring, a London-based consulting firm, has announced it now offers help in opening “crypto-friendly bank accounts” for companies in the sector. The corporate banking assistance will expand its portfolio, which already includes another sought after service, fiat-to-crypto payment processing provided to merchants accepting digital currencies.

The bank accounts will be available in multiple fiat currencies including British pound, euro, U.S. dollar, Swiss franc, and Japanese yen, along with many other currencies such as Czech koruna, Romanian leu and South African rand, for example. They will also support SEPA instant credit transfers and wire transfers via Swift.

Banking and payment processing services are in high demand in the sector and the company receives several requests a day as David Jones, senior payments consultant at Coinacquiring, told news.Bitcoin.com. Jones believes banks turn the crypto businesses away because they don’t fully understand how to evaluate risk in the crypto industry.

New Crypto-Friendly Banking and Payment Services Launch in the UK and Russia

To provide more security and stability to cryptocurrency merchants, Coinacquiring maintains relationships with a number of traditional financial institutions. “We have several Tier 1 European banks we work with and also options with smaller banks further afield,” the company representative assured.

Coinacquiring charges a fixed $500 account opening fee and additional fees are negotiated directly between the merchant and the respective bank. Jones added that these processing rates typically tend to be between 3 and 5 percent.

“We know how difficult fiat to crypto payment processing can be to set up,” David Jones was quoted as saying in a press release sent by the company earlier this week. “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,” he emphasized.

New Crypto-Friendly Banking and Payment Services Launch in the UK and Russia

Coinacquiring also offers assistance with opening foreign exchange accounts, although this service is not that frequently requested. “As an extension to this we will look to provide some treasury management solutions for exchanges working in multiple fiat currencies. However, this is a few months off,” Jones explained.

The consultant noted that there are currently plenty of crypto-to-fiat payment processing options and Coinacquiring wouldn’t be filling a void if it decided to offer this kind of service too. “As we grow I guess it makes sense to include this for completeness more than anything else,” Jones remarked when asked about the company’s plans for the future.

Belarusians Develop Crypto-to-Fiat Payment Processing Software

Meanwhile, a new crypto-to-fiat payment processing system has been developed in Eastern Europe, despite strong existing competition in this niche. One of the established companies in the field, Paytomat, already has a network of merchants accepting cryptocurrencies using its services for instant conversion to local fiat. Their clients are based in a dozen countries around the world, from Ukraine to Venezuela.

New Crypto-Friendly Banking and Payment Services Launch in the UK and Russia

Now Synell, an IT company headquartered in Belarus and with offices in Russia and the U.S., is promoting its offering to the growing market, its software capable of processing direct crypto payments and converting digital coins to fiat money for businesses that wish to provide their customers with the option to pay with cryptocurrency.

The platform, called Acquiring, can accept payments in three major digital currencies – bitcoin core (BTC), ethereum (ETH) and litecoin (LTC). The developers note, however, that support for other coins can be added upon request from interested parties. The team has also developed an API and a mobile application that enables users to receive payments directly at their store checkout.

The software package is now up for sale and offered to companies that would like to invest more time and effort into its further development and integration, Synell CEO Denis Gorskin told news.Bitcoin.com. The crypto payment processing platform, which costs $18,000, was originally designed for Russian clients but it can be adapted to any other market and already has an English-language version.

Do you think the launch of new services designed specifically for crypto companies indicates that the industry is recovering? Share your thoughts in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Tags in this story
bank accounts, Banking, Belarus, Coinacquiring, crypto, crypto payments, Cryptocurrencies, fiat payments, Payment Processing, platform, Russia, Software, Synell, uk
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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.