Crypto.com’s new functionality, new partnership, and plans for the new year
Recently hailed as the dominant player in North American crypto trading, Crypto.com has made headlines this week with the announcement of a transformative partnership with Ingenico, a prominent payments acceptance provider. This collaboration is set to empower Ingenico’s global user base to seamlessly accept cryptocurrency payments, marking a significant step towards mainstream crypto adoption. Not only will consumers enjoy rewards for their transactions through Crypto.com’s innovative Crypto.com Pay, but merchants will also have the advantage of efficiently managing payments and services via intuitive mobile and tablet platforms.
In addition, Crypto.com revealed this week its plan to broaden its service offerings to encompass essential banking services, credit card capabilities, and stock trading options. The newly introduced rewards program, Level Up, is designed to provide customers with a wide array of benefits across various products, including credit cards, stock trading, and banking services through strategic partnerships with banks. Level Up boasts a flexible rewards structure aimed at maximizing user benefits across the multifaceted Crypto.com ecosystem.
“This product expansion represents our most aggressive push across traditional and digital finance and brings users to one simple app for industry-leading benefits through Level Up,” stated Crypto.com President and COO Eric Anziani, emphasizing the transformative potential of this initiative.
As Crypto.com prepares to close out 2024, it is already strategizing for the upcoming year. The Singapore-based fintech has ambitious plans to expand its cryptocurrency offerings in 2025 to include both a stablecoin and an innovative exchange-traded fund (ETF) product. Furthermore, the company is prioritizing the introduction of traditional financial products such as stock trading and banking services as highlighted earlier. Notably, Crypto.com has set Q1 2025 as the target launch date for its banking services, while it aims to enhance its debit card offerings across Latin America, the Middle East, and Africa by Q4 this year, along with launching credit cards in the U.S. and South Korea by Q2 of the next year.
Boerse Stuttgart Digital partners with Fenergo
In a significant move to enhance its service offerings, European cryptocurrency and digital asset infrastructure provider Boerse Stuttgart Digital has forged a strategic alliance with Fenergo, a specialist in KYC, client lifecycle management, and transaction monitoring solutions. This partnership aims to expedite the onboarding process for financial institutions eager to launch their very own cryptocurrency services.
“Fenergo’s client lifecycle management solution, validated by the world’s largest financial institutions, will allow Boerse Stuttgart Digital to future-proof its solutions against regulatory change,” remarked Fenergo Managing Director EMEA Ruth Ormsby. This makes it clear that compliance is a top priority, necessitating robust solutions that evolve with the regulatory landscape.
The collaboration between Fenergo and Boerse Stuttgart Digital is specifically designed to streamline the onboarding procedures for banks, brokers, and asset managers ready to venture into the cryptocurrency and digital asset market. This integration will enhance Boerse Stuttgart Digital’s compliance processes regarding Know Your Customer (KYC) and Anti-Money Laundering (AML), ultimately enabling financial institutions to offer secure and reliable crypto trading and custody services to their clientele.
“In the race to realize their own crypto offerings, financial institutions require efficient trading and custody solutions without compromising on regulatory compliance,” said Boerse Stuttgart Digital Chief Digital & Product Officer Ulli Spankowski. This clearly illustrates the urgency and necessity for robust infrastructure in the evolving financial landscape.
Headquartered in Dublin, Ireland, Fenergo made its Finovate debut at FinovateEurope 2012 in London, showcasing industry leadership from the outset.
BitPay launches new cryptocurrency payout service
Late last week, payments company BitPay officially launched a groundbreaking service designed to empower companies to facilitate payments to employees, contractors, customers, and vendors in cryptocurrency.
The service, BitPay Send, specifically caters to international and gig economy companies looking to streamline payments to multiple recipients online simultaneously. Importantly, organizations using this service are not required to buy or manage cryptocurrencies directly, providing a simplified financial operations model. Recipients benefit from efficient payment processing, allowing for quicker transactions at lower costs, according to BitPay CEO Stephen Pair.
“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” Pair remarked, underscoring the significance of blockchain technology in modern payment solutions.
BitPay Send can flexibly facilitate a variety of payment operations, including payroll, customer cash-outs, contractor payments, rewards, and marketplace seller settlements. This new feature also strategically positions BitPay to compete with established crypto payroll services such as BitWage.
Swift, UBS, and Chainlink conclude blockchain pilot
In a significant achievement, Swift, UBS Asset Management, and Chainlink have jointly completed a pilot project focused on the efficient settlement of tokenized fund subscriptions and redemptions utilizing the Swift network. This innovative project aims to facilitate digital asset transactions across a global network of over 11,500 financial institutions situated in more than 200 countries and territories.
The pilot advances an initiative by UBS Asset Management and SBI Digital Markets aimed at creating a sophisticated digital system for subscribing to and redeeming tokenized funds. This often problematic area in traditional fund operations typically suffers from manual interventions, delays in settlements, and lack of real-time transparency. However, the pilot effectively demonstrated how blockchain technology can simplify the subscription and redemption settlements for tokenized investment fund vehicles, paving the way for automation without requiring widespread adoption of an on-chain payment method.
This collaborative project operates under the auspices of Project Guardian, which unites policymakers and industry players to improve the efficiency and liquidity of financial markets through asset tokenization and is sponsored by the Monetary Authority of Singapore (MAS).
“For digital assets to be adopted globally, they must seamlessly integrate with both existing payment systems and digital currencies,” stated Swift Head of Strategy Jonathan Ehrenfeld, highlighting the importance of interoperability in the digital asset landscape.
Commercial Bank International inks MoU with Zumo
Commercial Bank International, a notable financial institution located in the UAE, has formalized a Memorandum of Understanding with Zumo, a pioneer in digital assets from the UK. This collaboration aims to explore innovative methods for tracking the sustainability of digital assets, positioning the UAE as a leading global hub for digital asset innovation and ethical practices.
“Our collaboration with CBI will see Zumo’s pioneering digital assets and blockchain technology complement CBI’s financial expertise and innovative approach to drive sustainability,” explained Zumo COO Clark Povey, emphasizing the shared vision of fostering sustainable digital finance.
Crypto-as-a-service platform Zumo equips banks, fintechs, and financial services companies with essential infrastructure needed to launch sustainable digital asset products. Zumo stands at the forefront of sustainability in crypto, devoting resources towards research and solutions aimed at helping the crypto market reach net-zero carbon emissions. Registered with the U.K. Financial Conduct Authority (FCA), Zumo has received public funding to develop a solution aimed at measuring, mitigating, and reporting the carbon footprint of cryptocurrency companies. Founded in 2017, Zumo contributed to setting an industry standard with the recent introduction of its MiCA-compliant sustainability module in September.
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Ou with Zumo, a leading cryptocurrency platform developed in Scotland. This memorandum of understanding (MoU) aims to explore innovations in the sustainability of digital assets, emphasizing the growing importance of environmentally-friendly practices in the cryptocurrency sector.
Through this partnership, both organizations seek to address the sustainability challenges associated with cryptocurrency mining and transactions. By leveraging Zumo’s expertise in developing eco-conscious solutions, Commercial Bank International can enhance its offerings while promoting responsible financial services within the digital asset sphere.
“We are excited to collaborate with Zumo on this impactful initiative, which aligns with our commitment to innovation and sustainability,” stated Commercial Bank International’s CEO, highlighting the confluence of financial technologies and environmental responsibility.
This partnership underscores a significant trend within the financial industry, reflecting a shift toward embracing sustainable practices as part of the broader movement toward financial inclusiveness and innovation. As both companies work together, they will explore methods to minimize the environmental footprint of digital asset transactions, creating a framework for sustainable growth in the cryptocurrency ecosystem.