Fintech brings much-needed Fiat banking solutions to the crypto industry

Many crypto exchanges – and merchants that accept crypto payments – are looking for the best crypto-friendly financial institutions to keep them ahead of the market.

FinXP is one example of a reliable and pioneering fintech company based in Europe. Established in 2014, based on decades of past experience, the team at FinXP offers fiat payment and account services, solving troublesome pain points in the crypto market.

Crypto companies, such as exchanges, crypto processors, crypto developers and others, face serious options when it comes to banking services. They want to avoid turning to industry sharks and unreliable fintech startups for such services. On the other hand, most traditional banks are nervous about giving accounts to companies in the crypto space. Some, like Signature Bank and Silvergate, have turned against crypto exchanges, while many other banks have seemingly always been anti-crypto.

Over the past nine years, FinXP has worked with international companies and large companies across various industries, establishing itself as a recognized fintech. The company is an award-winning European licensed electronic money institution (EMI), and has operations in Malta, Germany, Lithuania and Cyprus. These factors combined make FinXP an oft-cited trusted partner for crypto companies looking for banking solutions.

FinXP provides a haven for crypto

A main problem in the crypto industry is that traditional banks are often unwilling to offer their services to crypto companies due to the high risk associated with the industry. This pain point also extends to merchants who accept crypto payments, as they can have their merchant accounts frozen if their bank finds out about crypto payment activity.

FinXP is committed to providing account services to companies associated with crypto, as it recognizes the importance that fiat currencies must play in growing crypto adoption. Unlike many banks that primarily focus on banking services such as loans and investments, FinXP offers leading payment and Euro IBAN (International Bank Account Number) account solutions. FinXP distinguishes itself from many other fintechs through its deep experience, broad product portfolio, and by its culture of regulatory compliance, which makes it well positioned to offer reliable and secure services to its clients.

Inefficient payment infrastructure also plagues the fintech industry, and this creates particular problems for digital cross-border payments. Crypto is an efficient way to make payments across borders, but it is flooding due to the difficulty of finding safe and reliable banking services. FinXP offers a solution to this problem through IBAN4U, its fiat Euro account for crypto companies. By prioritizing a business-friendly experience and offering an account that is streamlined for cross-border financial transactions, IBAN4U can be an attractive option for crypto companies looking for a safe and reliable banking solution. FinXP also offers an accompanying XP White Debit Mastercard that comes with its IBAN4U accounts to facilitate users’ access to account funds.

Another industry problem arises because many fintechs use white-labeled solutions to open accounts with third-party financial institutions. In some cases, a seller may think he is opening an account with ‘fintech X’, when in fact he is opening an account with a bank. As a result, some fintechs do not have the final say on who they can onboard or retain as customers. This is not the case with FinXP. The company is not dependent on any intermediary banks opening accounts. FinXP – not a third party – makes the final decision on which accounts to open and maintain. Unlike many other financial institutions, the company also does not reinvest client funds, which means that money deposited into a FinXP IBAN account is safe and secure.

As FinXP grows in popularity, it has now also started working with crypto exchanges to onboard the latter’s users to IBAN4U, as consumers often also face similar banking challenges. This scheme makes it easy for end users to make instant Euro deposits and withdrawals to and from exchanges, while enjoying a very high rate of transaction approvals. This payment system can also be extended by providing end users with a debit card linked to their IBAN4U account, giving them seamless access to their money.

Although many traditional banks have lost trust in crypto companies, crypto still offers many practical solutions for the global market. FinXP remains confidently optimistic about the future of the industry. Alongside companies such as Cardano, MultiversX and Hedera, the company is sponsoring the upcoming Paris Blockchain Week Summit, the largest European crypto conference.

Finally, FinXP plans to launch an innovative instant payout solution later this year, which will help crypto exchanges offer a much improved payment experience for their users.

Learn more about this leading fintech working at the heart of the crypto payment market. Visit FinXP’s website or subscribe to their monthly newsletter to keep up to date with the latest payment and business insights.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.

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