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BVNK, a London-based crypto-to-fiat platform that launched last October, has been registered with the Banco de Espaa as a Virtual Asset Service Provider (VASP).
The registration comes five months after the business-to-business crypto payment provider raised $40 million from a Series A funding round led by Tiger Global.
Our ambition is to enable a generational shift in corporate banking and payments. Of course, it requires funding. We are extremely grateful for the financial support we have received from some of the world’s leading investors. read more: https://t.co/EODO7n6W1r pic.twitter.com/j4PeCa55IR
BVNK (@BVNKFinance) May 13, 2022
In a statement shared with financial king On Thursday, BVNK said its presence in Spain would serve as a starting point for its expansion to European Union countries and beyond.
The registration also means that BNVK will be able to give customers greater confidence in the superiority of crypto-enabled international payments.
BVNK CEO Jesse Hemson-Struthers said:
BVNK’s Chief Legal, Risk and Compliance Officer Maximilian von Both said, “The registration in Spain is the first of many similar landmarks and is recognized globally as complying with the highest international regulatory standards. It demonstrates our commitment to be a successful business.
BVNK considers this registration to be a validation of its efforts to design compliance into technology, features and services.
BVNK noted 80% lower fees for its platform compared to traditional systems such as SWIFT, an international payment messaging system.
In addition, the startup’s platform will reduce settlement times from days to minutes, simplifying the process of managing funds across multiple jurisdictions, BVNK said.
Cross-border payments made through the BVNK platform are up to five times faster than Swift, and fees are up to 80% lower, said Hemson-Struthers.
He added that the startup is “proactively building out” its licenses and infrastructure to allow more customers to enjoy the aforementioned capabilities more easily and quickly.
According to a press release, BVNK will expand its workforce from 40 to 160 employees in 2021 and plans to further expand this number to 250 next year.
In addition to that, the startup revealed that it has made a number of new hires to work with local regulators to expand its market reach.
financial king BVNK reported in July that it had hired Finalto Senior Executive and Sales Director Jonathan Cumberlidge as FX Sales Director for the startup.
Meanwhile, BVNK said in a press statement that it has processed billions of dollars in annualized payments this year.
Additionally, the startup said its business accounts support cross-border payments in over 100 cryptocurrencies and 30 fiat currencies.
BVNK, a London-based crypto-to-fiat platform that launched last October, has been registered with the Banco de Espaa as a Virtual Asset Service Provider (VASP).
The registration comes five months after the business-to-business crypto payment provider raised $40 million from a Series A funding round led by Tiger Global.
Our ambition is to enable a generational shift in corporate banking and payments. Of course, it requires funding. We are extremely grateful for the financial support we have received from some of the world’s leading investors. read more: https://t.co/EODO7n6W1r pic.twitter.com/j4PeCa55IR
BVNK (@BVNKFinance) May 13, 2022
In a statement shared with financial king On Thursday, BVNK said its presence in Spain would serve as a starting point for its expansion to European Union countries and beyond.
The registration also means that BNVK will be able to give customers greater confidence in the superiority of crypto-enabled international payments.
BVNK CEO Jesse Hemson-Struthers said:
BVNK’s Chief Legal, Risk and Compliance Officer Maximilian von Both said, “The registration in Spain is the first of many similar landmarks and is recognized globally as complying with the highest international regulatory standards. It demonstrates our commitment to be a trusted company.
BVNK considers this registration to be a validation of its efforts to design compliance into technology, features and services.
BVNK noted 80% lower fees for its platform compared to traditional systems such as SWIFT, an international payment messaging system.
In addition, the startup’s platform will reduce settlement times from days to minutes, simplifying the process of managing funds across multiple jurisdictions, BVNK said.
Cross-border payments made through the BVNK platform are up to five times faster than Swift, and fees are up to 80% lower, said Hemson-Struthers.
He added that the startup is “proactively building out” its licenses and infrastructure to allow more customers to enjoy the aforementioned capabilities more easily and quickly.
According to a press release, BVNK will expand its workforce from 40 to 160 employees in 2021 and plans to further expand this number to 250 next year.
In addition to that, the startup revealed that it has made a number of new hires to work with local regulators to expand its market reach.
financial king BVNK reported in July that it had hired Finalto Senior Executive and Sales Director Jonathan Cumberlidge as FX Sales Director for the startup.
Meanwhile, BVNK said in a press statement that it has processed billions of dollars in annualized payments this year.
Additionally, the startup said its business accounts support cross-border payments in over 100 cryptocurrencies and 30 fiat currencies.
