Financial news

Striga, a banking-as-a-service platform focused on the European market, has launched its latest product, crypto on-ramp and off-ramp APIs for neobanks, DeFi, and Web3 apps.

Striga aims to make it easier to hold or cash out cryptocurrency. The platform has launched new fiat-to-crypto or crypto-to-fiat APIs that can be embedded into any crypto or fintech product. Overall, the company’s main goal is to enable more users to buy and sell crypto more easily.

The new product offering is also expected to support its partners, as well as consumers. Striga’s partners can enhance their own offerings by plugging in the new widget onto their own platforms. The company looks to ensure that users do not leave the platforms to search for the right crypto token. The new addition to Striga’s services enables these consumers to buy crypto and also have it sent directly to their personal crypto wallets.

Strigas’s BaaS platform also boats a highly competitive 0.5 per cent exchange fee. Striga also offers its partners the ability to markup this exchange fee and create another revenue stream.

Fiat-to-crypto and crypto-to-fiat APIs also provide more flexibility to both crypto and fintech apps. The platform offers its Striga Sandbox to enable firms to manage their application from one central place.

No licences? No problem.

Striga explained that it has ensured it is already ready to fully comply with the requirements of the MiCA legislation set to apply to pan-Europe in 2023. The move ensures that the implementation of the legislation cannot slow the platform’s rollout of new products globally.

Providers of new fintech or crypto apps are able to make use of Striga’s licence and use its crypto infrastructure as a service. By offering this, there is no need to attempt to ensure compliance and can even use the service without a licence of their own.

Currently, companies looking to ensure compliance themselves could be expecting to need to put over €1million towards it. The process entails implementing compliance-related infrastructure into the companies’ core codebase. Shipping and finalising products may also be slowed down when ensuring compliance this way. Striga hopes to reduce the time taken to do this with its offering, while also eliminating uncertainty and doubt before products can be launched.

September 2022 saw Striga become the first licenced company to operate under new ‘Money Laundering and Terrorist Financing Prevention Act’. The licence was obtained from the Estonian Financial Intelligence Unit.