Cabital Adds SEPA to Allow Customers To Change Between Euros and Cryptos

Digital assets institution Cabital has successfully met all mandatory regulatory and compliance requirements to add the European Union’s Single Euro Payments Area (SEPA) to its growing list of payment methods.

In a statement released Tuesday (Sept. 21), the FinTech startup said the SEPA integration would help customers not only seamlessly change between euros and cryptocurrencies, but to purchase and sell cryptocurrency assets with any euro amount at the best industry rates.

Similar to national payments, customers can make quick, safe and efficient cashless euro payments — via credit transfer and direct debit — within the 36 SEPA European countries, as well as to a number of non-EU countries.

Read more: The European Payments Initiative: Laying the Infrastructure for Europe’s Super Payments App

In the announcement, Cabital Chief Executive Officer and Co-Founder Raymond Hsu said the integration is a major milestone for the startup and has transformed it into “a full-service cryptocurrency wealth management and savings platform where users across the European Union can deposit their digital assets to earn up to 12% a year without any hidden fees.”

He added that the integration will provide the company with significant competitive advantages and “as we further expand across Europe and execute our strategic priorities, we will continue seeking efficient and secure on-ramps that will allow our customers to easily and safely invest in cryptocurrencies and generate high-yield passive income.”

See also: European Payments Initiative Looking To Topple US FinTechs

Cabital Senior Money Laundering Reporting Officer Jonas Narbutas said cryptocurrency regulation is essential and Cabital is committed to playing its part in advancing the development of the European Union’s cryptocurrency industry as well as helping “millions of people across the region achieve their financial goals in a safe and sensible way.”

Narbutas, who recently joined the leadership team and is based in Vilnius, Lithuania, previously worked in senior compliance roles at Western Union, and was also the head of anti-financial crime governance at Luminor Group.

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The announcement comes after Cabital’s recent $4 million seed round that was led by SIG, Dragonfly, and GSR, and increased its valuation to $40 million. Prior to that, the firm raised $3 million in an angel round.