SnapSwap International S.A., a cryptocurrency firm, has been granted the first bitLicense in Europe, enabling the startup to offer customers a number of payment services using virtual currency technology.
New payment services for the cryptocurrency sector
The bitLicense gives SnapSwap additional credibility within the cryptocurrency sector, as well as giving the group an opportunity to provide services as a regulated payment institution.
BitLicenses have been around for a while now, with New York one of the first cities to grant them to virtual currency startups. The tool helps small bitcoin firms protect consumers and stamp out money laundering.
Granted by the Minister of Finance of the Grand Duchy of Luxembourg, the bitLicense has allowed SnapSwap to begin offering payments, remittances, and currency exchange services from January 2016.
‘Established structure of financial regulation and supervision’
Leveraging blockchain technology, SnapSwap will control payments accounts and provide financial services to customers in the EU and worldwide. The company can process payment instruments on distributed payment networks, allowing faster, less expensive, and more accessible payments.
‘‘Our mission is to build innovative financial products that allow consumers and businesses to participate in the global economy by bringing down barriers such as cost, complexity, and processing delays,’’ said Denis Kiselev, SnapSwap founder and CEO, who formed the company in 2012.
‘‘We are employing the cutting-edge technologies of the emerging Internet of Value to foster financial inclusion and efficiency.’’
‘‘We believe this is the first step of the creation of a crypto protocols ecosystem that will develop within an established structure of financial regulation and supervision,’’ Kiselev added.
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