Nilos, the leading cryptocurrency payment processor in the UK, has partnered with Modulr to offer virtual EU IBANs for crypto companies in Europe. This move is aimed at enabling crypto businesses to access the European market with ease, especially after the UK’s exit from the European Union.
Modulr, a leading payment infrastructure provider, will provide virtual EU IBANs that will enable companies to receive and send payments smoothly across the EU. With a virtual EU IBAN, companies will be able to create and manage SEPA-compliant IBANs in real-time, enabling them to receive and make payments in a secure and efficient manner.
Nilos, on the other hand, will leverage its expertise in cryptocurrency processing to offer seamless integration of crypto-related transactions into businesses’ existing payment flows. The company also offers a suite of other payment processing tools, including BitGo Instant, a multi-currency wallet that enables instant settlements, and fiat conversion services.
This partnership is particularly significant because it seeks to overcome some of the challenges that have faced crypto businesses when trying to access the European market. These challenges include the lack of clear regulatory frameworks, a fragmented financial landscape, and the need to comply with various anti-money laundering (AML) and know-your-customer (KYC) regulations.
Virtual EU IBANs provide an excellent solution to these challenges, as they are a simple and cost-effective way of complying with the various regulatory frameworks in Europe. Businesses can avoid the high costs associated with establishing a physical presence in the EU, which includes the need to hire staff, rent office space and comply with local regulations.
Using virtual EU IBANs also has the added benefit of providing companies with a single point of access to the European market. This eliminates the need for multiple banking relationships and enables businesses to manage all their European payments centrally.
With the partnership between Nilos and Modulr, crypto businesses can now access virtual IBANs that are specifically designed for the unique needs of the industry. This will enable companies to reduce their reliance on cash and provide their customers with a broader range of payment options, including cryptocurrencies.
The partnership has been received positively in the crypto industry, with industry players commending the move as a significant step towards mainstream adoption of cryptocurrencies. Oliver Oram, the CEO of Chainium, a blockchain-based equity market, said: “Providing virtual EU IBANs for crypto companies is a massive step forward for the industry. It removes a significant barrier to entry and enables businesses to operate seamlessly across borders.”
As the crypto industry continues to grow, partnerships such as this are likely to become more common. These collaborations are necessary to support the industry’s evolution and enable more businesses to benefit from the opportunities that cryptocurrencies offer.
Overall, the partnership between Nilos and Modulr to offer virtual EU IBANs for crypto companies in Europe is a significant development that will enable more businesses to access the European market. By leveraging the expertise of both companies, businesses will be able to seamlessly integrate crypto transactions into their existing payment flows, providing their customers with more payment options while complying with all relevant regulations.
Nilos, a platform dedicated to businesses dealing with cryptocurrencies, has launched new Virtual EU IBANs in Europe. This innovative solution enables businesses to have a dedicated crypto-friendly payment account that allows them to create EUR and GBP virtual accounts, make payments across Europe and the UK, and use SEPA and Faster Payment rails. The move is made possible by Nilos’ partnership with payment and card issuing platform Modulr, which allows Nilos to provide customers with a modular payment infrastructure that enables them to move from crypto to fiat seamlessly using their own business account.
Traditional banking systems have been unhelpful for businesses dealing with cryptocurrencies, according to Nilos. Even when these businesses find banking options, on/off ramps don’t work, and onboarding takes more than a month, and compliance is challenging. The partnership with Modulr allows Nilos to address these issues. Eytan Messika, Co-founder of Nilos stated, “With our technology, businesses can now seamlessly move funds from crypto to fiat in just 7 seconds, with their name as the originator of the payment. This innovative solution eliminates the pain points associated with slow, compliance-heavy processes and empowers businesses to thrive in the evolving landscape of payments.”
The launch of Virtual EU IBANs comes after Nilos raised a $5.2 million funding round in April 2022. The funding round was led by Viola Ventures and Fabric Ventures, with Mensch Capital Partners also participating. Several business angels also contributed to this round, such as Yuval Tal, Sebastien Borget, Emmanuel Schalit, Benjamin Seror, Didier Valet, Guillaume Houzé, Philippe Suchet, and Valentine Baudouin.
The launch of Virtual EU IBANs is a game-changer for businesses involved in the cryptocurrency market. It provides a solution to the challenges that these businesses have faced in finding viable payment alternatives. This innovative solution will enable businesses to thrive in the ever-evolving landscape of payments. With this technology, businesses can move funds from crypto to fiat in just seven seconds, making international payments much more accessible and less time-consuming. Nilos’ partnership with Modulr opens up new opportunities for businesses that have been faced with traditional banking systems’ shortcomings and provides them with a more efficient and flexible payment infrastructure that meets their needs.
Overall, Nilos’ Virtual EU IBANs have the potential to revolutionize the way businesses deal with cryptocurrencies. This innovative solution will enable businesses to navigate the challenges of the evolving landscape of payments and adapt to these changes seamlessly. With the market demand for secure and compliant access to faster payment facilities growing, this move is timely and much-needed to facilitate the continued growth of the cryptocurrency market.