Strigaa banking-as-a-service platform focused on the European market, has launched its latest product, the on-ramp and off-ramp crypto 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 incorporated into any crypto or fintech product. Overall, the company’s main goal is to make it easier for more users to buy and sell cryptocurrencies.
The new product offering should also support its partners, as well as consumers. Striga partners can enhance their offerings by connecting the new widget to their platforms. The company tries to ensure that users don’t leave the platforms to look for the right crypto token. The new addition to Striga’s services allows these consumers to buy cryptocurrencies and send them directly to their personal crypto wallets.
Strigas’ BaaS platform also offers a highly competitive 0.5% exchange fee. Striga also offers its partners the ability to increase this exchange fee and create another revenue stream.
The Fiat-to-crypto and crypto-to-fiat APIs also offer more flexibility to crypto and fintech apps. The platform offers Striga Sandbox to allow enterprises to manage their application from one central location.
No licenses? No problem.
Striga explained that it has ensured that it is already ready to fully meet the requirements of the MiCA legislation which will apply across Europe in 2023. The move ensures that the implementation of the legislation cannot slow down the launch of new platform products globally.
Vendors of new fintech or crypto apps can use Striga’s license and use its crypto infrastructure as a service. By offering this, you don’t need to try to ensure compliance and can even use the service without your own license.
Currently, companies looking to ensure compliance on their own could expect to invest over €1 million to do so. The process involves implementing compliance-related infrastructure into the companies codebase. Shipping and finalizing of products can also be slowed down when ensuring compliance in this way. Striga hopes to reduce the time it takes to do so with its offering, while also eliminating uncertainty and doubt before the products can be launched.
In September 2022 Striga became the first company authorized to operate under the new “Money Laundering and Terrorist Financing Prevention Law”. The license was obtained from Estonian Financial Intelligence Unit.