Monday, June 24, 2024

Bank Accounts in Crypto Are Now Real: Meet the New BaaS Solution from Mercuryo

Global payments infrastructure platform Mercuryo introduces the first Banking-as-a-Service product tailored to suit the needs of crypto market participants. Digital asset organisations, such as exchanges, wallet providers, NFT services, DeFi protocols, DAOs, and others can integrate the BaaS solution into their ecosystems and open full-fledged bank accounts. Doing so enables their customers to seamlessly store, transfer, spend, and convert fiat to crypto within a single platform.

BaaS is among the newest financial trends. Crypto organisations have long been struggling with the integration of fiat payments into their platforms. As this industry is still young and far from perfect, it’s difficult for CeFi and DeFi projects to integrate and work directly with traditional finance players.

As the first mover in this field, Mercuryo has identified this challenge and moved to provide an effective solution with its new BaaS product. Creating a seamless bridge between crypto and traditional finance, the integration empowers cryptocurrency users in the UK and the EU to access instant SEPA transfers via their own IBAN accounts for buying, selling, and storing digital assets with no to minimal commissions.

A major advantage of this product is that companies can offer banking products to their clients through integrations and without the trouble of having to receive their own licences. Instead, Mercuryo is responsible for handling all KYC and AML procedures.

“Mercuryo seeks to become a one-stop-shop for both conventional and crypto-native platforms that seek to seamlessly integrate financial infrastructure for crypto and fiat payments alike. Introduction of our BaaS product is a major step in bringing the two worlds together, and we are already seeing great demand for it among our partners and beyond,” says Petr Kozyakov, Mercuryo’s co-founder and CEO.

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