Strugglea banking-as-a-service platform focused on the European market, has launched its latest product, crypto on-ramp and off-ramp APIs for neobanks, DeFi and Web3 apps.
Striga aims to make it easier to hold or pay out cryptocurrency. The platform has launched new fiat-to-crypto or crypto-to-fiat APIs that can be built into any crypto or fintech product. Overall, the company’s main goal is to make it easier for more users to buy and sell crypto.
The new product offering is also expected to support its partners as well as consumers. Striga’s partners can improve their own offers by plugging in the new widget on their own platforms. The company looks to ensure that users do not leave the platforms to search for the right crypto token. The new addition to Striga’s services allows these consumers to purchase crypto and also have it sent directly to their personal crypto wallets.
Strigas’ BaaS platform also has a very competitive 0.5 percent switching fee. Striga also offers its partners the opportunity to flag this interchange fee and create another revenue stream.
Fiat-to-crypto and crypto-to-fiat APIs also provide more flexibility to both crypto and fintech apps. The platform offers its Striga Sandbox to enable businesses to manage their application from one central location.
No licenses? No problem.
Striga explained that it has ensured that it is already ready to meet the requirements of the MiCA legislation which will apply pan-Europe in 2023. The move ensures that the implementation of the legislation cannot slow down the platform’s rollout of new products globally.
Providers of new fintech or crypto apps can take advantage of Striga’s license and use the crypto infrastructure as a service. By offering this, there is no need to try to ensure compliance and can even use the service without a separate license.
Currently, companies that want to ensure compliance themselves can expect to have to put over 1 million euros into it. The process involves implementing compliance-related infrastructure in the companies’ core code base. Shipping and completion of products can also be slowed down when ensuring compliance in this way. Striga hopes to reduce the time it takes to do this with its offering, while also eliminating uncertainty and doubt before the products can be launched.
In September 2022, Striga became the first licensed company to operate under the new law on the prevention of money laundering and terrorist financing. The license is obtained from Estonian Financial Intelligence Unit.
