BVNK, a crypto banking and payments platform, has received approval as a virtual asset services provider (VASP) in Spain.
Well over 100 cryptocurrencies, including bitcoin (BTC), ether (ETH), Cardano’s ADA, and Solana’s SOL, are supported through its corporate accounts.
BVNK considers VASP in pain as a major development
VASP registration in Spain was described by BVNK as a “springboard for development” throughout the European Union in a statement released on Thursday (EU).
Markets in Crypto Assets (MiCA) regulation, which is close to becoming law in the EU, will allow crypto firms with licenses from individual member states to advertise their services throughout the 27-nation bloc as long as they adhere to minimum standards intended to safeguard investors and maintain stability.
BVNK, which was founded a year ago, aims to provide accessibility to the usage of cryptocurrency financial services by assisting its users in managing treasury, payment, and investing activities for digital assets from a single account.
It is providing a business account with a “Know Your Business” procedure for access to wallets for digital assets and the currencies GBP, EUR, and USD. From a single account interface, companies may control settlement, exchange, and payment.
Additionally, this interface houses BVNK Markets for high-volume digital asset exchanges as well as BVNK Yield, where customers may invest their money and receive income. The business has also created BVNK Insights, which offers market knowledge to assist clients in making defensible choices.
“The registration in Spain will be the first of many similar landmarks and demonstrates our commitment to becoming a globally recognized business that holds itself against the highest international regulatory standards.”
Maximilian von Both, chief legal, risk and compliance officer, BVNK
The company completed a $40 million Series A financing round in May, valued at $340 million. Its workforce increased from 40 to 160 in the last year, and it plans to reach 250 in the coming 12 months as it collaborates with other local authorities to enter other markets.
Global crypto firms are looking to expand worldwide with a keen interest in the European region.