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Just a few years ago, the idea of a crypto neobank seemed like a dream. Today, multiple neobanks support crypto transactions. This is possible because of payment gateway providers. The providers have enabled neobanks to effortlessly integrate crypto payment systems into their platforms, offering a more flexible and modern banking experience.
Crypto neobanks offer many benefits, such as buying, holding, and managing cryptocurrencies.
But, crypto neobanks are not just supporting cryptocurrency transactions, they’re transforming how people interact with digital currencies, making them safer, faster, and more accessible than ever before.
Payment gateway providers offer APIs for virtual banking
Fintech startup visionaries can easily launch crypto neobank within six weeks with the help of payment gateway providers. Payment gateway providers offer a set of APIs that eliminate the need for hard-core tech and allow plug-and-play smart setup.
To become one of the best virtual banks in the industry, it is important to be different and create ease for the end users. Crypto startups can differentiate themselves from traditional fintech companies by offering services like; crypto wallets, exchanges, and payments with lower fees and an easy onboarding process.
Partnering with payment gateway providers such as Striga empowers companies with APIs that help with wallet management and card issuing, as well as providing dedicated vIBANs to end users.
With the help of payment gateway providers, companies can issue physical or virtual cards to end users. A single, easy-to-use dashboard handles the whole card lifecycle management. Businesses can also approve or decline end users’ transactions in real-time.
Additionally, startups can partner with payment gateway providers to build innovative solutions for end users, such as offering crypto rewards, travel, BTC, or USDC cards.
Online payment systems, licensing complexities & KYC
MiCA stands for Markets in Crypto-Assets Regulations. Companies need this license before launching their crypto platforms in Europe. Getting a license is one of the major hurdles in building a crypto-neo bank.
Receiving a MiCA license in Europe can take six months to one year. However, payment gateway providers solve licensing complexities for crypto startups, which means companies can start operating within weeks without a license.
Another big issue crypto startups face is setting up an in-house compliance system and team within online payment systems. This is where payment gateway providers such as Striga come in. Striga does KYC of the end-users, ensuring whoever is onboarded has a clean background.
Striga uses Sumsub for the end user’s KYC. Additionally, an in-house compliance team monitors AML and handles suspicious transactions.
White label payment gateway benefits virtual banking
A white-label payment gateway allows crypto neo-banks to launch quickly without investing heavily in development. Companies can start operations within a few weeks. Startups can build and launch crypto exchanges and wallets using white label payment gateway.
Additionally, companies can offer end users branded physical and virtual crypto cards with which customers can spend anywhere in the world. Providers like Striga offer a single set of APIs for building a white-label crypto platform. Whether it is DeFi products or a card program, Striga can deliver according to business requirements.
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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