Fiat payment rails and neobanking services are playing a crucial role in driving the mainstream adoption of cryptocurrencies. Industry experts at the European Blockchain Convention in Barcelona emphasized the growing importance of third-party payment rails and banking platforms in the cryptocurrency space. OpenPayd, for example, processes a significant volume of monthly transactions and provides banking and payment infrastructure for various industries, including cryptocurrency. The CEO of OpenPayd highlighted the increasing level of mistrust from regulators and traditional financial institutions towards payment rails in the crypto world. This has led to the emergence of specialized services like OpenPayd and Ramp, which act as intermediaries between traditional banks and cryptocurrency-related businesses, addressing concerns around identity, traceability, and money laundering. These services facilitate the necessary due diligence and enable the flow of fiat between traditional finance and decentralized finance ecosystems. Ramp Network, for instance, offers a single API platform that allows users to buy and sell cryptocurrencies worldwide, while Damex specializes in providing fiat on and off-ramps for higher-risk clients. The development of the European Union’s Markets in Crypto-Assets (MiCA) framework is expected to provide a common framework for both traditional and Web3 players to operate more easily. Overall, the integration of fiat payment rails and neobanking services is seen as a vital step towards wider adoption and acceptance of cryptocurrencies.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇪🇸 🇬🇮 🇬🇧 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Szymon Sypniewicz, Iana Dimitrova, Samuel Rondot |
| Companies | Ramp Network, SWIFT, SEPA, Damex, OpenPayd |
| Currencies | pounds sterling, Euro, Koda Cryptocurrency, Unidef |
| Securities | None |
