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.

Our ambition is nothing less than to enable a generational shift in corporate banking and payments, and that, of course, requires funding. We're incredibly grateful to have received financial support from some of the world's leading investors. Read more: https://t.co/EODO7n6W1r pic.twitter.com/j4PeCa55IR

— BVNK (@BVNKFinance) May 13, 2022

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.