OpenPayd have productized a fully-compliant banking and payments platform…and they are bringing that “embedded finance” solution to the heart of Crypto Valley.
Location does matter. And for the London basedembedded finance solution,OpenPayd —establishing strong ties in the heart of Crypto Valley Switzerland, made perfect sense.
Because if you’re going to solve some of the largest challenges in the digital asset and crypto ecosystem, you’re going to need to be close to your community.
OpenPayd recently announced their official joining of the Crypto Valley Association, which solidified their commitment to helping crypto-native companies who struggle with banking and payments.
The Crypto Valley Association mission is “to foster growth, collaboration and integrity across the global blockchain economy.” Some of the most influential companies like Cardano, Seba Bank, Kraken, pwc,andLedger all are part of more than 9000+ active members of the CVA.
“ESTABLISHING STRONGER RELATIONSHIPS IN SWITZERLAND, JOINING THE CVA TO FURTHER CONTRIBUTE TO OUR INDUSTRY, AND BECOMING AN ACTIVE MEMBER OF THE CRYPTO VALLEY COMMUNITY WAS PRIORITY ONE FOR US THIS YEAR. WE WANTED TO TAKE A LEADERSHIP ROLE IN THE DEVELOPMENT OF THE FUTURE OF FINANCE IN CRYPTO…AND THERE IS NO BETTER PLACE THAN SWITZERLAND.”—DIGBY TRY, HEAD OF GLOBAL SALES, OPENPAYD
And what exactly is OpenPayd bringing to the table that is exciting for crypto companies in Switzerland? Around the world?Embedded finance.
While crypto-native companies are racing to disrupt markets in the traditional financial world, no one is really focused on solving one of the largest problems facing crypto’s widespread adoption…how to get your fiat in-and-out of crypto markets easily.
it’s a “bridge” that’s truly needed to bring crypto to the next level of global adoption. The process to on-ramp from traditional financial systems into crypto, and then off-ramp back again when you want to pull your money into fiat.
This is the future ofembedded financeas a solution. Picture a full-service banking & payments platform that you can simply embed in any decentralized financial product, crypto exchange, mobile app, NFT marketplace, or latest trading platform in order to provide everything a compliant banking service does…all from a single API.
Anyone building disruptive products in the blockchain and crypto industry can simply plug-and-play a fully compliant banking and payments platform. This, instead of trying to cobble together multiple products…or worse, trying to build it all themselves.
Successful companies typically focus on creating an innovative product, through doingonething extremely well. The complexity of managing payments, KYC, AML, currency conversion, physical cards, and compliance is what keeps even the most talented tech teams struggling to focus on building theircoreproduct.
Especially when it’s not what you “do”. It’s not yourcorevalue proposition. Rather, it is a necessity of doing business if people are going to use your product. The payments side in and out of crypto markets needs to be 100% sorted.
This is the future of “embedded finance” —Completely off-the-shelf banking and payment solutions for companies who need to onboard users into crypto markets with less friction.
Companies working in crypto markets also need their payments solutions to be rock solid in terms of trust, regulatory compliance, and ease of use for their users. Because any hurdles or friction to getting their money in and out of their product directly affects their user acquisition and retention.
Whether it’s a crypto play-to-earn game, an NFT marketplace, a massive crypto exchange, or the latest trading platform..they all need to think about how the average user will actually get their fiat into the ecosystem easily.
Switzerland is one of the largest financial centres in the world, with companies having both their operations and customers based globally. This is why the foreign exchange aspect is crucial for crypto-native companies to be able to do business and compete internationally. It doesn’t matter if it’s a large crypto exchange, or an NFT marketplace…dealing with international currencies is going to be a big part of your payments and finance challenges.
There are currently more than 800 blockchain and crypto companies who call Switzerland home. Companies come to Switzerland for its historical commitment to privacy, security, and regulatory transparency. Which is why it makes so much sense for companies like OpenPayd to establish strong ties in Switzerland. You have access to a huge pool of top talent, localized networking, and staggering numbers of crypto-native firms that are grappling with the logistics of making and receiving payments in multiple fiat currencies.
OpenPayd’s challenge will be to massively ramp-up their onboarding of new crypto-native companies not only in Switzerland, but around the world. They need to further establish themselves as the go-to solution with a diverse portfolio of clients in the crypto and digital asset space.
We spoke with Iana Dimitrova, Chief Executive at OpenPayd on the challenges ahead to scaling globally.
“WE’VE COMPLETELY SYSTEMATIZED OUR APPROACH TO ONBOARDING NEW CLIENT’S TECHNOLOGY TO OUR PLATFORM. THIS MEANS WE CAN INTEGRATE EVERYTHING, CONDUCT EXTENSIVE TESTING, AND HAVE THEM SAFELY UP AND RUNNING IN LESS THAN TWO WEEKS. THAT’S LESS TIME THAN IT TAKES MOST COMPANIES TO GET A BASIC BUSINESS BANK ACCOUNT AT A TRADITIONAL BANK.”—IANA DIMITROVA. CHIEF EXECUTIVE, OPENPAYD
If OpenPayd pulls off their global expansion plans this year with their plug-and-play solution to banking and payments for the crypto industry…it could be a massive step in the move towards widespread crypto adoption as a whole.
Because companies working in DeFi and crypto would have a simple solution to all their payment challenges…so they can focus on building their core product.
And setting up a presence in Switzerland, joining the Crypto Valley Association, and establishing themselves firmly in the crypto and blockchain community —will allow them to solve problems at scale —withembedded financeas the solution.