BVNK Is Now a Registered Spanish VASP Provider

The Bank of Spain has authorized BVNK as a supplier of virtual asset services (VASP). A crypto-to-fiat platform called BVNK was created and launched in London in October of the previous year. The registration took precisely five months to complete. 

This came after the crypto payments service for businesses raised $40 million in a Series A financing round. Tiger Global served as the fundraising coordinator.

A Springboard for Its Growth

In a statement sent to Finance Magnates on Thursday, BVNK offered some insight. According to the announcement, the corporation would use Spain as a launching pad. This platform will begin the company’s growth into new EU and non-EU nations.

According to BVNK, registration also enables clients to have even more faith in the excellence of international payments provided by cryptography.

The CEO of BVNK, Jesse Hemson-Struthers, said that obtaining the Spanish registration and expanding their presence in the EU are significant steps in their mission to become the “go to” crypto-enabled payments platform for international trade.

In addition, Maximilian von Both, BVNK’s Chief Legal, Risk, and Compliance Officer, said that registration in Spain begins a long line of important events. He also emphasized that it shows their dedication to being a well-known company that adheres to the most significant international regulation standards.

The registration, in the eyes of BVNK, proves its efforts have been fruitful. Incorporating compliance into its infrastructure, products, and services was the goal of these initiatives.

Faster And More Efficient 

The expenses of using their platform, according to BVNK, are 80% less costly. This contrasts with the drawbacks of utilizing conventional systems like SWIFT. SWIFT is a communications platform for global transactions. 

According to BVNK, their system settles assets in seconds instead of days. The technology also simplifies the process of managing money across several countries.

Hemson-Struthers claims that cross-border payments made using the BVNK platform may be completed up to five times faster than with Swift and at a cost savings of up to 80%. 

He continued by saying that the business was actively developing its infrastructure and licensing, in his opinion. They did this to make life simpler and more efficient for all their clients.

With this modification, their customers may use the previously described features.

Steady Growth

The number of employees at BVNK grew, according to the press statement. From 40 in 2021 to 160 in 2021, there was an increase. The following year, the corporation plans to raise this total to 250.

The business also disclosed that it had employed a handful of new employees. The new staff will work with regional authorities to increase the company’s market reach.

Finance Magnates claims that BVNK hired Jonathan Cumberlidge. Previously, Jonathan Cumberlidge worked at Finalto. He was hired in July to work as the startup’s director of FX sales. 

In the midst of all, BVNK revealed some information in a news release. According to BVNK, it successfully processed this year’s annual payment volume of billions of dollars.

The firm further claims an addition to its thirty various fiat currencies. BVNK business account allows for international payments in over one hundred different cryptocurrencies.

Leave a Reply

Your email address will not be published.


Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]

G20 Countries Commit to Uniting Their Efforts Towards a Robust Global Economic Recovery

Several countries in the G20 organization, the U.S, India, and the EU, have promised to create a robust global economic recovery by providing more employment and encouraging development. The proclamation made by the G20 Bali governors comes after the summit, which discussed solutions to the dilapidating economy, attended by some of the top global rulers. […]