B2B Payments

Coinfloor Connects Crypto Firms To Current Accounts

U.K.-based bitcoin exchange Coinfloor is collaborating with Enumis to provide current account services to businesses that handle cryptocurrencies, according to reports in TokenPost on Thursday (May 30). The electronic money institution will pay Coinfloor a referral fee for crypto businesses that open current accounts with the company.

"Crypto-focused businesses are growing at a steady pace, but, until now, no reliable banking facilities have existed to help them manage fiat and crypto finance operations in an effective manner," said Coinfloor Founder and CEO Obi Nwosu in a blog post announcing the tie-up.

Companies can deposit and withdraw funds via the U.K. Faster Payments, Bacs and CHAPS payment schemes, and conduct online banking. Enumis is also connecting these firms to prepaid debit cards.

"We hope that this offering — designed by members of the crypto community, for the community — will help the community of crypto businesses overcome their financial limitations, and drive the crypto economy forward," added Nwosu.

Coinfloor isn't the only company looking to fill the banking services gap for cryptocurrency companies. Earlier this year, CoinAcquiring announced the launch of a bank account service for crypto businesses.

"Banking is notoriously difficult for crypto businesses," said CoinAcquiring Senior Payments Consultant David Jones in a statement at the time. "Banks still don't fully understand how to evaluate risk in the crypto industry, and instead just turn the business away and close accounts. These core banking and payment services are vital for any crypto business to operate."

CoinAcquiring's services connect U.S. crypto firms with financial services, including virtual IBANs, multi-currency bank accounts, physical and virtual cards, and SEPA instant transfers.

Last September, SEBA Crypto announced $103 million in new funding, which it said would be used to open a cryptocurrency bank that includes traditional and crypto financial services.

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