With unprecedented recent boom of use of blockchain technology and respectful associated crypto currencies and tokens in almost every field of modern tech, financial and social space, lots of companies aim to offer their clients an easier way to enter. There is no easier way than through exchanging fiat currencies for crypto.
Although crypto currencies are by idea decentralized, not government, institutions or bank regulated, their high popularity led companies to find a solution to exchange and acquire them easily. However, decentralization and anonymity behind most of them is the opposite of fiat at its state. That’s why (and high volatility and chargeback risk on top) banks in general are not allowing their customers to spend money acquiring/exchanging towards crypto until they become regulated by authorities and recognized by governments. Recently, card schemes started looking into processing orders in a more clear and organized way with providing banks with dedicated MCC codes for crypto exchange merchants. Countries, like Germany for example, decided to recognize Bitcoin as an official payment option.
If your business is all about crypto and the block chain (wallet, exchange or you just provide parallel fiat and crypto payment channels) you might find it difficult to find the right processor or how to organize payments flow. Or you are planning your ICO and need the most suitable KYC partner? Get in touch with us and let us find the right solution, tailored to your business model.