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Crypto Banking Startup BVNK Gains VASP Registration in Spain

Started by forex4you, Oct 14, 2022, 07:21 am

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Crypto Banking Startup BVNK Gains VASP Registration in Spain

<p class="text-align-justify">BVNK, a London-based crypto-to-fiat
platform launched in October last year, has been registered by the Bank of
Spain as a virtual asset service provider (VASP).</p><p>The registration comes five months after
the business-to-business crypto payments provider <a href="">raised $40 million</a> from a
Series A funding round led by Tiger Global.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Our ambition is nothing less than to enable a generational shift in corporate banking and payments, and that, of course, requires funding. We're incredibly grateful to have received financial support from some of the world's leading investors. Read more: <a href=""></a> <a href=""></a></p>-- BVNK (@BVNKFinance) <a href="">May 13, 2022</a></blockquote><p>In a statement shared with Finance
Magnates on Thursday, BVNK noted that its presence in Spain will act as a
springboard for its expansion across countries of the European Union and beyond.</p><p>The registration also means that BNVK can
give "customers even greater confidence in the superiority of crypto-enabled
international payments," the startup said.</p><p>Jesse
Hemson-Struthers, BVNK's CEO, noted that: "gaining the Spanish registration, and
growing our  footprint in the EU, are important milestones in our drive to
become the 'go to' crypto-enabled payments platform for global business."</p><p>"The registration in Spain will be the
first of many similar landmarks and demonstrates our commitment to becoming a
globally recognised business that holds itself against the highest
international regulatory standards," added Maximilian von Both, BVNK's Chief
Legal, Risk and Compliance Officer.</p><p>BVNK believes the registration is a
validation of its efforts in designing compliance into its technology, features and services.</p><p>'Five Times Faster'</p><p>BVNK noted that compared to conventional
systems such as SWIFT, an international payments messaging system, its platform
offers fees that are 80% lower.</p><p>Moreover, the startup's platform reduces the settlement
period from days to minutes and simplifies the process of managing funds across
multiple jurisdictions, BVNK said.</p><p>"Cross-border payments made via the BVNK
platform are up to five times faster than Swift with fees reduced by up to
80%," Hemson-Struthers said.</p><p>He added that the startup was "aggressively building
out" its licensing and infrastructure to make it easier and faster for more
customers to enjoy the aforementioned features.</p><p>Growth</p><p>According to the press release, BVNK
expanded its headcount from 40 to 160 in 2021, and the company plans to further expand this number to 250 in the next year.</p><p>On top of that, the startup disclosed that it has made a
number of new hires in order to work with local regulators to expand its market reach. </p><p>Finance Magnates reports that BVNK in
July <a href="">hired Jonathan Cumberlidge</a>, a
senior executive and Sales Director at Finalto, to work as the startup's FX Sales
Director.</p><p>Meanwhile, BVNK in the press statement noted that it has processed
billions in annualized payment volume this year.</p><p>Furthermore, the startup said its business
account supports cross-border payments in more than 100 cryptocurrencies and 30
fiat currencies.</p>

This article was written by Solomon Oladipupo at

Source: Crypto Banking Startup BVNK Gains VASP Registration in Spain
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