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What are crypto DeFi wallet APIs?
Crypto & DeFi wallet infrastructure allows companies to build and run various applications using a single set of APIs. This infrastructure lets partners hold the funds of the end-users using custodial or non-custodial wallets and allows them to access complex DeFi protocols using simple APIs for smart contracts.
What is Crypto-BaaS?
Crypto Banking-as-a-Service (Crypto-BaaS) refers to companies that offer both cryptocurrency and fiat banking infrastructure for other businesses to incorporate into their products. Typical features provided by Crypto-BaaS include:
- Crypto
- Echanges de crypto-monnaies
- vIBAN accounts for individual users
- Virtual and Physical Cards
- KYC & AML controls
Examples of them are Striga, Solid, and Synapse
DeFi & crypto wallets
DFNS crypto and Crypto Banking-as-a-Service both facilitate the movement of funds between traditional financial systems and cryptocurrency. Essentially, as the name suggests, the unique features of Crypto-BaaS are its crypto functionalities: wallets, exchanges, and crypto-specific KYC/AML procedures.
Striga Vs. DFNS: Time to Market
Time to Market
DFNS: Integration with DFNS typically takes between 3 to 6 weeks. However, the duration can vary based on the specific gateway and the features being implemented.
Striga’s Starter Plan: This plan allows you to deploy a comprehensive solution with vIBANs and crypto wallets within a 3 to 6-week timeframe.
Verdict: The time to market is comparable for both options, contingent upon the speed of integration from your end. Notably, Striga’s CaaS plan offers a seamless experience for your end-users, enabling them to deposit EUR using instant SEPA payments.
Striga
DFNS
Time to Market
3 – 6 weeks
3 – 6 weeks
Striga vs. DFNS:
Financials
DFNS: DFNS typically charges a monthly fee and transactional fees, which may encompass KYC fees, exchange fees, and other fees depending on the type of swaps.
Striga: Striga’s Crypto-BaaS platform charges EUR 5,000 as an upfront integration fee, plus a monthly fee of EUR 1,990.
Verdict: Striga is considerably more cost-effective. It allows companies significant leeway to markup transactional fees, structure their business model around them, and consider the integration for a big volume
Financials
Striga
DFNS
Upfront Cost (EUR)
5,000
N/A
Monthly Fee (EUR)
1,990
500 – 2000
Striga vs. Ramp Network:
Services Offered
Striga offers a tailored, native solution for transitioning from EUR to crypto. Conversely, DFNS offers just an embeddable account, devoid of customization and without the flexibility to adapt to your application’s unique workflow.
- Individual IBAN accounts
- Physical and Virtual Card Issuing
- Apple Pay & Google Pay support (Tokenization)
- Publicly Available Sandbox:This administrative tool lets companies simulate the entire flow of funds, onboard users, monitor transactions, and set the transactional fees they wish to levy on end-users. DFNS lacks this feature, meaning all transaction management falls on the owner.
- Interactive Setup Guide: While many companies provide setup guides, most are static. Striga uniquely offers a guide that interacts directly with its servers, allowing clients to test and familiarize themselves with each step in real time.
- Public API Documentation: Striga boasts publicly accessible documentation. DFNS offers as well any APIs.
Verdict: Opting for Striga involves less hassle, thanks to the comprehensive resources on offer and the ease of liaising with a singular partner. This stands in stark contrast to the rigidity of Ramp Network widget, which offers no customization.
Striga Vs. DFNS
Regulation & Compliance
Successful integrations, an app filled with features your users adore, and favorable financials can all be jeopardized by a single regulatory misstep. To ensure continuity and compliance, it’s imperative to focus on three key areas: Know Your Customer (KYC), Anti-Money Laundering (AML), and licensing.
- Regarding KYC:By integrating with Striga, you gain access to a native KYC SDK, streamlining user onboarding without any external redirects. DFNS, on the other hand, does not offer embedded native KYC SDKs; user onboarding must occur on their platform.
- Regarding AML: Partners integrating with Striga don’t need an in-house compliance team. Conversely, DFNS doesn’t provide AML services, operating under the assumption that partners are licensed. With MiCa legislation imminent, such an approach may soon be untenable.
- Regarding Licenses: Striga doesn’t mandate its clients to possess virtual asset licenses or commercial registrations. In contrast, DFNS typically necessitates a detailed registration process or a digital asset-specific license.
Verdict: Striga offers greater regulatory flexibility, absolving clients from significant responsibilities. In the realm of compliance, Striga clearly holds the edge.
Regulation & Compliance
Striga
DFNS
KYC SDK
Yes
No
AML/Transactions Monitoring
Yes
No
Licenses or Commercial Registrations NOT Required
No
Yes
Verdict
Web3 Wallet API: Is Striga Crypto BaaS better than the DFNS Crypto Wallet?
The choice hinges on your specific needs and objectives.
If you seek a non-native onramp solution and have ample resources at your disposal, DFNS might be suitable.
Conversely, if your aim is to construct both fiat and crypto infrastructure while optimizing resource expenditure, Striga’s web3 wallet api emerges as the go-to option. It’s specially tailored for burgeoning enterprises in search of a comprehensive solution that leaves them space to breathe and expand their operations.
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.
