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For fintechs and crypto exchange platforms looking to offer crypto bank card, the process is time consuming and overly complicated. As European regulatory compliance introduces newer licenses to stay operational, it’s going to be difficult juggling operational requirements and product development while maintaining a streamlined budget.
Small scale fintechs and startups planning for an early market launch are not well positioned to spend months and years building from scratch. To handle the complex card issuing process, crypto companies need a minimum of eight different partnerships, handle compliance, manage real time crypto conversions and transactions, and keep iterating on the product to fit customer needs.
All that sounds way too complicated and resource-heavy for small-scale fintechs.
Why go through the hassle when crypto banking platforms can help you launch within six weeks? Let’s break down why you should launch a crypto wallet with debit card with crypto banking infrastructure.
Real Time Crypto to Fiat Conversion With A Crypto Bank Card
One of the challenges for crypto is making it practical. The most common way to spend cryptocurrencies is by converting them to fiat first and then withdrawing into a bank account with which you have a debit card.
However, with a debit crypto bank card, you can store your Bitcoins and spend it directly at any PoS the way you would with a regular debit card. This way even if the price fluctuates, you will have the same balance without the hassle of pre-funding.
But this isn’t the only benefit of partnering with a crypto banking provider.
Financial institutions must be regulated and that means complying with the laws and securing proper licenses before providing any kind of services – bringing us to the next point.
Keeping it Compliant in A Regulated Industry
Navigating the regulatory laws can be complex and often require a dedicated team – increasing the resource expend. For instance, with the upcoming MiCA regulation, companies must comply and secure the license to continue operating with the European Union.
Crypto banking platforms such as Striga allows crypto companies to skip the licensing stage and start building the product from day one. With just a handful of APIs companies can build their platform and simply focus on scaling.
With Striga taking care of user verification, onboarding, and transaction monitoring and reporting, companies don’t need to worry about licensing or risk management.
When the ground is covered, businesses can focus on iterating and building a product that solves real-world problems for their end users.
Bringing us to the final and the most important reason why crypto companies should opt for crypto banking providers.
Building A Scalable Product Within Six Weeks
Keeping up with the exorbitant costs and multiple partnerships required to launch a card program is taxing. Working with major card networks includes significant set up and integration fees. Further, as the transaction volume grows, the legacy systems might lack the potential to scale effectively.
On top of that, maintaining a robust fraud detection system is complex and requires a dedicated KYC and AML team for thorough verification and onboarding.
Not to mention, building everything from scratch means companies need to invest heavily in resources – this includes building a dev and product team. If the goal is to launch a wallet and exchange platform as early as possible, the best solution is to partner with a crypto banking provider and integrate the crypto wallet API.
Simplified Solution to Complex Problems – APIs For Crypto Bank Card And Wallet
Launching a crypto bank card involves several moving parts – wallet integration, fiat-crypto conversion, compliance checks, and payment processing.
A simple API integration takes away the hassle, allowing companies easy access to complex systems. It acts as a bridge between the platform and provider’s infrastructure. So that businesses can request and manage virtual and physical crypto bank card with ease. With a simple crypto wallet API, they can integrate crypto wallets and allow users access to their own funds. A crypto wallet with debit card makes spending crypto practical and reduces user drop off as they can use the same platform to swap, convert, and pay.
What more, with white label crypto solutions, businesses can offer branded debit cards and set the spending limit, transaction fees, and rewards program from a single dashboard.
Launching a crypto exchange platform and don’t know where to start? Send us a message at our crypto banking platform.
Striga Crypto-native Banking as a Service:
Your path to building and launching financial products
Join the financial businesses that use Striga’s cloud platform to delight their customers and launch their own products without the complexities that come when dealing with core banking solutions’ relationships, licensing, compliance and payments methods.
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