Crypto Banking Startup BVNK Gains VASP Registration in Spain PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Crypto Banking Startup BVNK Gains VASP Registration in Spain

Time Stamp: October 13, 2022 9:32 AM

BVNK, a London-based crypto-to-fiat
platform launched in October last year, has been registered by the Bank of
Spain as a virtual asset service provider (VASP).

The registration comes five months after
the business-to-business crypto payments provider raised $40 million from a
Series A funding round led by Tiger Global.

In a statement shared with Finance
Magnates on Thursday, BVNK noted that its presence in Spain will act as a
springboard for its expansion across countries of the European Union and beyond.

The registration also means that BNVK can
give “customers even greater confidence in the superiority of crypto-enabled
international payments,” the startup said.

Jesse
Hemson-Struthers, BVNK’s CEO, noted that: “gaining the Spanish registration, and
growing our footprint in the EU, are important milestones in our drive to
become the ‘go to’ crypto-enabled payments platform for global business.”

“The registration in Spain will be the
first of many similar landmarks and demonstrates our commitment to becoming a
globally recognised business that holds itself against the highest
international regulatory standards,” added Maximilian von Both, BVNK’s Chief
Legal, Risk and Compliance Officer.

BVNK believes the registration is a
validation of its efforts in designing compliance into its technology, features and services.

‘Five Times Faster’

BVNK noted that compared to conventional
systems such as SWIFT, an international payments messaging system, its platform
offers fees that are 80% lower.

Moreover, the startup’s platform reduces the settlement
period from days to minutes and simplifies the process of managing funds across
multiple jurisdictions, BVNK said.

“Cross-border payments made via the BVNK
platform are up to five times faster than Swift with fees reduced by up to
80%,” Hemson-Struthers said.

He added that the startup was “aggressively building
out” its licensing and infrastructure to make it easier and faster for more
customers to enjoy the aforementioned features.

Growth

According to the press release, BVNK
expanded its headcount from 40 to 160 in 2021, and the company plans to further expand this number to 250 in the next year.

On top of that, the startup disclosed that it has made a
number of new hires in order to work with local regulators to expand its market reach.

Finance Magnates reports that BVNK in
July hired Jonathan Cumberlidge, a
senior executive and Sales Director at Finalto, to work as the startup’s FX Sales
Director.

Meanwhile, BVNK in the press statement noted that it has processed
billions in annualized payment volume this year.

Furthermore, the startup said its business
account supports cross-border payments in more than 100 cryptocurrencies and 30
fiat currencies.

BVNK, a London-based crypto-to-fiat
platform launched in October last year, has been registered by the Bank of
Spain as a virtual asset service provider (VASP).

The registration comes five months after
the business-to-business crypto payments provider raised $40 million from a
Series A funding round led by Tiger Global.

In a statement shared with Finance
Magnates on Thursday, BVNK noted that its presence in Spain will act as a
springboard for its expansion across countries of the European Union and beyond.

The registration also means that BNVK can
give “customers even greater confidence in the superiority of crypto-enabled
international payments,” the startup said.

Jesse
Hemson-Struthers, BVNK’s CEO, noted that: “gaining the Spanish registration, and
growing our footprint in the EU, are important milestones in our drive to
become the ‘go to’ crypto-enabled payments platform for global business.”

“The registration in Spain will be the
first of many similar landmarks and demonstrates our commitment to becoming a
globally recognised business that holds itself against the highest
international regulatory standards,” added Maximilian von Both, BVNK’s Chief
Legal, Risk and Compliance Officer.

BVNK believes the registration is a
validation of its efforts in designing compliance into its technology, features and services.

‘Five Times Faster’

BVNK noted that compared to conventional
systems such as SWIFT, an international payments messaging system, its platform
offers fees that are 80% lower.

Moreover, the startup’s platform reduces the settlement
period from days to minutes and simplifies the process of managing funds across
multiple jurisdictions, BVNK said.

“Cross-border payments made via the BVNK
platform are up to five times faster than Swift with fees reduced by up to
80%,” Hemson-Struthers said.

He added that the startup was “aggressively building
out” its licensing and infrastructure to make it easier and faster for more
customers to enjoy the aforementioned features.

Growth

According to the press release, BVNK
expanded its headcount from 40 to 160 in 2021, and the company plans to further expand this number to 250 in the next year.

On top of that, the startup disclosed that it has made a
number of new hires in order to work with local regulators to expand its market reach.

Finance Magnates reports that BVNK in
July hired Jonathan Cumberlidge, a
senior executive and Sales Director at Finalto, to work as the startup’s FX Sales
Director.

Meanwhile, BVNK in the press statement noted that it has processed
billions in annualized payment volume this year.

Furthermore, the startup said its business
account supports cross-border payments in more than 100 cryptocurrencies and 30
fiat currencies.

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