Cabital adds SEPA to enable euro and crypto change

Institution of Digital Assets Cabal has met all mandatory regulatory and compliance requirements to add the European Union’s Single Euro Payments Area (SEPA) to its growing list of payment methods.

In one declaration published Tuesday, September 21, the FinTech startup said that the SEPA integration will not only help customers switch seamlessly between the euro and cryptocurrencies, but also buy and sell cryptocurrency assets with n’ any amount in euros at the best rates in the industry.

As with domestic payments, customers can make fast, secure and efficient cashless euro payments – via credit transfer and direct debit – in all 36 European SEPA countries, as well as a number of non-EU countries.

Read more: The European Payments Initiative: setting up the infrastructure for the European Super Payments application

In the announcement, Cabital CEO and co-founder Raymond Hsu said the integration is a major milestone for the startup and transformed it into “a comprehensive wealth management and savings platform.” in cryptocurrency where European Union users can deposit their digital assets to earn up to 12% annually with no hidden fees.

He added that the integration will provide the business with significant competitive advantages and “as we grow across Europe and execute on our strategic priorities, we will continue to seek efficient and secure on-ramps that will enable our clients to easily and securely invest in cryptocurrencies and generate high yield passive income.

See also: European Payments Initiative seeks to unseat US FinTechs

Jonas Narbutas, Senior Manager of Money Laundering Reporting at Cabital, said cryptocurrency regulation is critical and Cabital is committed to playing its part in advancing the development of the cryptocurrency industry. European Union cryptocurrency as well as helping “millions of people in the region achieve their financial goals in a safe and sensible way. »

Narbutas, who recently joined the leadership team and is based in Vilnius, Lithuania, previously held senior compliance roles at Western Union and was also head of financial crime governance at LuminorGroup.

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The announcement comes after Cabital’s recent $4 million seed round, led by SIG, Dragonfly and GSR, and boosted its valuation to $40 million. Previously, the company raised $3 million in an angel investor round.

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