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Insights, Crypto

How fintech helps companies harness the power of cryptocurrency

Gavin Waddell By Gavin Waddell on 31 March 2021   •   4 mins read
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Welcome to the Crypto Insights Series - providing the latest and greatest in the world of crypto. This blog is just one of many offering invaluable insights on everything you need to know about the payment innovations needed to offer a seamless crypto investment experience and stand out in a fiercely competitive marketplace. Want access to the entire series? Sign up here.

Cryptocurrencies have shaken up the financial world. Innovation is the hallmark of cryptocurrencies, and the industry is evolving fast.

In the wake of Brexit, the UK has an opportunity to be more progressive for crypto businesses and become a hub for thriving UK FinTechs

Decentralised finance (DeFi) innovations like yield farming, liquidity mining, and crypto lending provide users with new ways to explore what this industry has to offer. As a result, crypto enthusiasts and the newly emerged ‘crypto-curious’ look for integrated platforms that enable them to dabble in crypto investments and trading.

Read on to learn more about the cryptocurrency market and how fintech providers empower companies to expand their product offerings by delivering a seamless crypto experience.


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Fintech and the future of cryptocurrency

Debit and credit cards may have been the first step towards digitalising cash and now that electronic money is such a normal part of everyday life, it’s only natural to look for the next iteration of digital money.

Enter crypto. 

Several leading payment providers have already tapped into the cryptocurrency market. Additionally, Visa recently outlined their vision for digital currency, including partnering with several blockchain companies and working with licensed crypto platforms like Coinbase and Fold. Their vision is to create a bridge between cryptocurrencies and Visa’s 61 million global merchants.

PayPal has also entered the cryptocurrency market. Soon, the payment giant’s 265 million users will be able to buy bitcoin via the Venmo mobile payment app, due to roll out in 2021.

But, this is only the dawn of the fintech and cryptocurrency relationship.

How will Brexit affect the cryptocurrency market?

The Financial Conduct Authority (FCA) will allow EU financial services companies to continue to trade in the UK under a temporary permissions regime. Although the EU hasn’t yet reciprocated this move, Brexit has the potential to mark a new beginning for the British crypto and DeFi industry.

While Brexit brings considerable uncertainty to the UK financial industry, it also presents an opportunity for the British fintech community to create new innovation-friendly policies and become leaders of the crypto space.

Across the channel, the EU issued its directive on Markets in Crypto-assets (MiCA) in September 2020, stating that member countries administering cryptocurrency or providing crypto-related services will be regulated. This directive is still in its infancy, and full implementation could take between two and four years. 

A lot can change in the fast-moving world of crypto in that timeframe, and we’re intrigued to see how the market will develop in the near future. 

Leverage payments platforms to lead the crypto market

By partnering with the right payments platform, you can make crypto more accessible to your clients. Companies like Modulr empower you to innovate, challenge and differentiate your business by rapidly deploying new products and embedding other services, such as cards, to make your crypto offering truly competitive.

Evolve and expand your service

Drive greater engagement and expand your service by embedding features like card issuing into your offering. A single integration with Modulr gives you access to eMoney accounts and payment schemes, as well as features such as card issuing. And, new functionalities are released as the market moves to save your development team time while maintaining your competitive edge. 

Embed payments into your crypto offering

To stay ahead of the game in the fast-moving crypto world, you need the right partner to embed payments into your crypto services. A robust, scalable digital infrastructure allows you to process high volumes of fiat transactions and swiftly deploy new products and services at scale. We help you differentiate your proposition with new payment capabilities, including virtual and physical cards, giving customers more ways to spend funds they hold with you.

Embed payments into the heart of your crypto proposition

A payments platform like Modulr allows your customers to top-up wallets directly from their bank through Open Banking without leaving your application. Settle funds immediately without chargebacks or the risk of fraud that regular card payments bring.