The world of cryptocurrency has continued to grow in leaps and bounds since inception, and it is amazing how a lot of companies and businesses have begun to move for the adoption of blockchain and cryptocurrency for different purposes. Different continents and countries have been able to achieve a lot with the implementation of crypto trades, and the U.K. is not left out, as they have been making crypto moves quietly. It is interesting to know that in the U.K., crypto firms are springing up every moment, and as such, there is the need for them to be able to access banking and its financial benefits too.
In a recent development, Coinfloor, which is one of the top crypto exchanges in the U.K. has partnered with an Enumis, an electronic money institution that was setup in order to make it possible for crypto firms to own and operate financial accounts that are bank-like. This partnership entails Enumis paying Coinfloor an agreed fee when they refer or recommend crypto-based businesses that are reputable and have set up current/checking accounts.
According to Obi Nwosu, who is the CEO of Coinfloor, their being rooted in the crypto space gives them the leverage to identify crypto companies that are performing well, and have good reviews. After the companies get reviewed and their reputation gets ascertained, they get introduced to Enumis. This partnership came to being after Coinfloor decided it was time to get a current account with Enumis at the beginning of 2019, and then both firms realized that there was more that could be achieved if they worked together, hence, they began talks, reached an agreement, and thus the partnership of both firms began. Apart from the fees that Coinfloor will benefit from, they are also hopeful that the partnership will attract more startups to the exchange through the access to fiat accounts.
Coinfloor began its operations in 2013, and has more than 50,000 clients. The company intends to be the topmost fiat bridge in all of the U.K., and also offer the best prices to customers.
For clarification purposes, please note that Enumis is not a bank, however, its services are similar. The firm began its operations in 2010, and got authorization from the U.K. Financial Conduct Authority to function as an Electronic Money Institution (EMI). Furthermore, the firm has a consumer credit license that allows it get integrated with different payment frameworks like The U.K. Faster Payments Service, Mastercard, BACs, and CHAPs.
By partnering with Coinfloor, firms will be offered current accounts that will have features like API capabilities, online banking, and a debit card that offers a 0.2% rebate when it gets used on the Coinfloor platform. Enumis intends to do everything it can to have European payment firms and crypto exchanges on their side, and have begun the process of proposing a partnership with the Lithuanian bank, to facilitate an integration with the pan European payments network (SEPA).