Crypto Banking Startup BVNK Gains VASP Registration in Spain

BVNK, a London-based crypto-to-fiat platform launched in October last year, has been registered by the Bank of Spain as a virtual asset service provider (VASP).

The registration comes five months after the business-to-business crypto payments provider raised $40 million from a Series A funding round led by Tiger Global.

Our ambition is nothing less than to enable a generational shift in corporate banking and payments, and that, of course, requires funding. We're incredibly grateful to have received financial support from some of the world's leading investors. Read more: https://t.co/EODO7n6W1r pic.twitter.com/j4PeCa55IR

— BVNK (@BVNKFinance) May 13, 2022

In a statement shared with Finance Magnates on Thursday, BVNK noted that its presence in Spain will act as a springboard for its expansion across countries of the European Union and beyond.

The registration also means that BNVK can give “customers even greater confidence in the superiority of crypto-enabled international payments,” the startup said.

Jesse Hemson-Struthers, BVNK’s CEO, noted that: “gaining the Spanish registration, and growing our footprint in the EU, are important milestones in our drive to become the ‘go to’ crypto-enabled payments platform for global business."

“The registration in Spain will be the first of many similar landmarks and demonstrates our commitment to becoming a globally recognised business that holds itself against the highest international regulatory standards,” added Maximilian von Both, BVNK’s Chief Legal, Risk and Compliance Officer.

BVNK believes the registration is a validation of its efforts in designing compliance into its technology, features and services.

'Five Times Faster'

BVNK noted that compared to conventional systems such as SWIFT, an international payments messaging system, its platform offers fees that are 80% lower.

Moreover, the startup's platform reduces the settlement period from days to minutes and simplifies the process of managing funds across multiple jurisdictions, BVNK said.

“Cross-border payments made via the BVNK platform are up to five times faster than Swift with fees reduced by up to 80%,” Hemson-Struthers said.

He added that the startup was "aggressively building out" its licensing and infrastructure to make it easier and faster for more customers to enjoy the aforementioned features.

Growth

According to the press release, BVNK expanded its headcount from 40 to 160 in 2021, and the company plans to further expand this number to 250 in the next year.

On top of that, the startup disclosed that it has made a number of new hires in order to work with local regulators to expand its market reach.

Finance Magnates reports that BVNK in July hired Jonathan Cumberlidge, a senior executive and Sales Director at Finalto, to work as the startup's FX Sales Director.

Meanwhile, BVNK in the press statement noted that it has processed billions in annualized payment volume this year.

Furthermore, the startup said its business account supports cross-border payments in more than 100 cryptocurrencies and 30 fiat currencies.