Theo Antoniou, who heads up the Sales Department at WireWallet, explained that the company is now offering its named IBAN accounts to EU regulated Crypto Exchanges. With this service, companies operating in the Crypto industry with the relevant licenses will now be able to obtain a EUR SEPA IBAN in their business name to send and receive FIAT payments. Mr. Antoniou explained that the use case for this solution would be the Merchant on-boarding with WireWallet and receiving FIAT payments to their IBAN, and then simply forwarding these funds to their own platform to make the exchange from FIAT to crypto. When the Merchant wishes to make pay-outs in FIAT, they can then easily wire FIAT currency back to their WireWallet account.
It was stressed however, that the accounts with WireWallet cannot be used to receive or send crypto currency, and that only FIAT currency may be directed to and from the account. The service is available under B2B and C2B procedures, providing the Crypto Exchange has the relevant licenses and regulations within the EU.
Theo Antoniou quoted, “this new service is expected to be very beneficial to the Crypto Industry, where there has historically been a lack in ability when mixing FIAT with crypto. WireWallet aims to reduce this apparent gap and is certainly paving the way for a more fluid process.”
This service is now live, and interested Merchants are able to on-board online via WireWallet’s registration portal.