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Before crypto becomes mainstream, there are a couple of features that need to be absolutely foolproof to avoid any regulatory and security mishap. Particularly to off ramp crypto – or, crypto to fiat exchange.
This is a crucial part of any crypto exchange platform to ensure user safety so they can easily liquidate their crypto assets without feeling like they’re locked in. A smooth crypto on ramp and off ramp helps build user trust, ensuring long-term client retention.
What are the 3 most important features for users looking to off ramp crypto?
Whether a user is buying crypto currencies or looking to exchange crypto for fiat, there are a few features that make up the backbone of every crypto exchange platform.
– An easy to use interface that streamlines the process with clear instructions and minimal steps to off ramp crypto assets into their bank account. Keeping it simple and straightforward helps.
– A quick crypto to fiat exchange solution is highly valued amongst users looking to cash out their digital assets. This can be especially important during market volatility or when users need instant access to fiat currencies. Near-instantaneous or same-day transactions can be crucial in maintaining user retention.
– A transparent and competitive fee structure is important for frequent users as higher transfer fees can eat into the profits. It helps establish trust when there are no hidden fees and users know exactly how much they’re being charged for each transaction.
What challenges are the crypto exchanges facing today?
The above-mentioned all point towards the need to build a more robust and simplified exchange wallet platform.
To retain users and encourage a mainstream adoption, crypto companies need to ensure their platforms are not only well-equipped with all the necessary features, but it should also have a simplified user experience and interface so it’s clear to all types of users – experienced or newbies.
A well-structured platform, where the necessary regulatory and security details are laid out for the users to make informed decisions helps them understand the risks involved.
Bringing us to the next challenge of maintaining regulatory standards. Most crypto companies don’t yet meet the regulatory requirements, making it difficult to offer crypto capabilities that their user base needs.
This is particularly challenging for companies who may not have the resources to go through with the upcoming MiCAR license in the EU. Handling crypto compliance, building the platform from scratch, and scaling the product can be a lot to handle all at once – this is where partnering with a crypto banking platform becomes a more practical option.
What exactly is crypto banking solving for crypto exchanges?
Typically, crypto to fiat exchange platforms allow users to swap between cryptocurrencies or buy cryptocurrencies using fiat. If they wish to exchange crypto for fiat, essentially they have to cash it out to their traditional bank.
Normally, this is where the purpose of an exchange platform ends and the user is out of the crypto ecosystem.
With Striga, crypto exchanges can allow their users to onramp and off ramp crypto using their physical or virtual crypto card. The off-ramp solution can be built by issuing a crypto-fiat debit card that’s directly connected to the user’s personal account.
This allows for flexibility on the users part as they are free to use their cryptocurrencies as when they need to make a purchase. Essentially what this means is, the users can continue using the exchange platform for their daily purchases without the need to withdraw their funds.
A crypto banking platform for crypto-native financial products
Crypto banking allows companies to offer traditional financial transactions to their end users so they can spend, save, and buy crypto all within the same platform. Additionally, companies can also enable investment opportunities to their end users and go from an exchange to neobank.
But perhaps the most critical function is to help crypto companies meet the risk management and compliance requirements. Building their product through Striga’s crypto banking infrastructure helps delegate the regulatory burden that’ll otherwise be too complicated and resource intensive.
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.
