B2B Payments

CoinAcquiring Targets Crypto Companies’ Banking Services Gap

CoinAcquiring is rolling out a bank account service targeting businesses in the cryptocurrency industry. A press release issued on Friday (March 29) said CoinAquiring, a U.K. consulting company providing fiat-to-crypto payment processing services, now supports the opening of bank accounts for companies in the sector, a particularly challenging process for many firms, according to CoinAcquiring Senior Payments Consultant David Jones.

“Banking is notoriously difficult for crypto businesses,” he said in a statement. “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, and CoinAcquiring is excited to offer a service which takes the headache out of account opening, and makes the process easy and straightforward.”

The new services include multi-currency bank accounts, SEPA instant credit transfer capability, virtual IBANs, SWIFT wire transfers, physical and virtual card issuing, and Visa and Mastercard merchant-acquiring facilities — made possible through CoinAcquiring’s banking partners. The company did not indicate which financial institutions are part of its partnership ecosystem, however.

According to the company, working with CoinAcquiring raises the chances that a bank will not turn away a crypto company.

“Offering crypto-friendly corporate bank accounts to our services is a huge milestone or both us and the crypto industry,” Jones continued. “We are very excited to be the channel through which crypto merchants can gain access to fiat-based payment processing and bank services without any issues. We know how difficult fiat-to-crypto payment processing can be to set up, and we want to create a space where crypto businesses can focus on building exciting products and technologies, instead of having to worry about whether their banking infrastructure is reliable or not.”

Last year, another crypto industry player, SEBA Crypto, raised $103 million to further develop a bank that offers cryptocurrency services to companies and investors, in conjunction with traditional banking solutions for companies operating in the crypto space.

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New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.

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