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London-based bitcoin exchange Coinfloor has teamed up with Enumis, an electronic money institution, to offer bank-like accounts to firms handling cryptocurrencies.
“Crypto-focused businesses are growing at a steady pace, but until now, no reliable banking facilities have existed to help them manage fiat and crypto finance operations in an effective manner,” Obi Nwosu, Coinfloor Founder and CEO, said in a blog post.
According to CoinDesk, Coinfloor will receive a fee from Enumis for every successful referral of reputable crypto-focused businesses that open current accounts.
“Being insiders in the crypto space we are aware of crypto companies operating as good and compliant custodians and so we will vet and review these and recommend them to Enumis for onboarding,” Nwosu told the media outlet.
As per its press release, the new fiat current accounts, which is designed for crypto businesses, will allow users to deposit and withdraw funds via CHAPS, BACS, and UK Faster Payments. The current accounts, which is the UK equivalent of checking accounts, are available online and will have basic bank features and advanced functions such as pragmatic API access.
Enumis is also offering prepaid/debit cards to all current account holders which will provide a 0.2% rebate on all transactions.
“We hope that this offering designed by members of the crypto community for the community will help the community of crypto businesses overcome their financial limitations and drive the crypto economy forward,” Nwosu added.
As previously reported, British investment bank Barclays co-led Crowdz’ latest $5.5 million Series A investment round. The blockchain-based trade finance startup aims to revolutionize the $9 trillion receivables market through its platform Invoice Exchange, which is a built-in business-to-business (B2B) payment gateway.
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