Mistertango, the first crypto-friendly electronic payment company, today announced that it has seen a thirteen-fold growth in transactions over the last accounting period from April 2017 to April 2018. The total yearly value of transactions processed grew from €89m to €1.2bn. This growth comes as a result of onboarding over 1000 corporate crypto users and serving 25,000 retail users.
This growth in transaction volume is due in part to the increased pressure faced by crypto companies to implement a more regulator-friendly business model. Crypto companies are facing several forces which could greatly impact the way they do business, including:
- Dramatic increase in trading: Daily trading volumes in cryptocurrencies hit $50bn in December 2017, around the same as that on the NYSE. Such volumes have raised regulators concerns around an intrinsically opaque market
- Lack of funding options: Many banks and some governments have made it nearly impossible for those trading cryptocurrencies to deposit funds in their bank accounts. This has meant that legitimate investors are unable to cash out and this “locked in” cash may artificially inflate prices and reduce liquidity.
- A move to KYC-compliant facilitation: With regulations such as the fifth anti money laundering directive, AMLD5, coming into force and regulators globally cracking down on crypto transactions, companies are seeking to demonstrate a responsible and compliant approach to cryptocurrency trading.
Mistertango is the first crypto-friendly electronic payment company offering dedicated IBAN accounts to individuals and crypto-related businesses, including cryptocurrency exchanges and ICO companies. The payment account, complete with IBAN number, ability to transfer money instantly via SEPA and accompanying prepaid MasterCard, allows individuals and businesses to simply, quickly and securely facilitate and fund crypto-currency activities using fiat currency.
This facility is underpinned by rigorous KYC (know your customer) and AML (anti money laundering) processes, ensuring that transactions meet regulatory requirements. Mistertango works with crypto exchanges such as CEX.IO, itBit, Coingate, Quoinex, Coinfalcon, Gatecoin and ICO companies and service providers including Crypterium, WePower, Blackmoon, Latoken, Amazix, Lympo and Bitdegree.
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The growth we’ve experienced is a clear sign that the crypto market is maturing,” said Gabrielius Bilkštys, Business Manager at Mistertango. “
Companies realise that regulation is inevitable and are keen to show governing bodies that respectable businesses do exist in this market. Because of the high level of AML and KYC, it’s only these businesses that use our platform, and this growth shows that there is no shortage of them.”
Oleksandr Lutskevych, CEO of CEX.IO, a multi-functional cryptocurrency exchange, said, “We partnered with Mistertango for various reasons, one of which was the due diligence it performs on the transactions it facilitates. In today’s environment, it’s essential that reputable crypto businesses remain above suspicion of wrongdoing - unintended or otherwise. Mistertango provides us, and our customers, with the reassurance they need to feel confident in this market.”
