Crypto Payments FinTech Front Debuts API Platform
Cryptocurrency Payments FinTech Company Front has launched on Product hunt an application programming interface (API) platform that enables FinTechs to access more than 250 integrations with brokerages and exchanges to transfer crypto across exchanges.
The platform, called Front API, has been in stealth mode since July and aims to give FinTechs and decentralized finance (DeFi) companies access to digital asset transfer and cross-exchange exchange similar to the way open banking provides access to traditional financial services providers, according to a Wednesday (Sept. 14) press release.
“We’ve been using our API since the launch of the Front app in late 2020 and realized how beneficial it would be to allow other FinTechs access to their user accounts that they’ve never had before,” Front Founder and CEO Bam Azizi said in the release. “Because we enable access to the execution and transfer of crypto assets across exchanges and crypto platforms, we came to the realization that we can help FinTechs increase their [assets under management (AUM)] and income immediately.”
The company expects this API to be used by DeFis, decentralized autonomous organizations (DAOs), lending services, brokerages and other FinTech companies, the release said.
“Looking at the US FinTech landscape alone gives us an addressable market of over 10,000 companies that can build modern, sticky FinTech apps on top of the Front API platform,” Front Vice President of Partnerships Dara Rahimzadeh said in the release.
PYMNTS has reported that 83% of businesses consider APIs critical to their strategies next year and beyond.
Read more: 83% of companies say APIs are critical to their strategies
For example, payment orchestration APIs can help businesses more easily add new features to their technology stacks. For businesses, primary use cases for APIs include integrations with payment gateways, fraud management tools and other technologies, according to “Accelerating the time to initial payments,” a PYMNTS and Spreedly collaboration.
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