Spanish Fintech bnc10 closes 1.1 million euro financing round

bnc10 closed a ?1.1 million financing round, led by Atina Ventures

The Spanish financial startup bnc10 closed a financing round of 1.1 million euros, which was led by Atina Ventures and in which more than 750 investors have invested through the investment platform Crowdcube. This was reported from Bolsamania.

Spanish Association of Fintech and Insurtech grew by 15% in the last year
They explained that Fintech will use the funds for its expansion plan, development and launch of new products. However, it will also seek to obtain the EMI (Electronic Money Institution) licence.

It should be noted that early next year it plans to close a next „A“ series round.

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The CEO of bnc10, Albert Llorens, said

„This round of financing allows us not only to continue our expansion but also our commitment to offer a simple digital solution focused on customer needs“.

Banco Santander buys Wirecard’s merchant payment business
In Bolsamania’s article they detailed the services of fintech: „bnc10 offers free of charge a current account with Spanish IBAN; a prepaid MasterCard that allows you to withdraw money for free in ATMs around the world, payment with Google Pay and Apple Pay, shared accounts, digital operations via App and WebApp, customer service via WhatsApp and Telegram and free cost and payment analysis functions between friends“.

Paxful launches Bitcoin ATM card in cooperation with VISA

Paxful, one of the largest marketplaces for Bitcoin (BTC), in partnership with VISA, is launching a payment card for US users. They hope to roll it out to other countries in the future.

Paypal and Bitcoin

With the debit card, the user can pay in crypt currency, while the merchant receives dollars.

This requires an intermediary who converts the crypto into fiat money: the fintech startup Ternio. As a user, you can open a current account and then withdraw money from any ATM in the world.

Paxful is mainly known as a peer-to-peer trading platform. You can buy and sell Bitcoin Legacy Scam in exchange for all kinds of assets. From simple fiat payments to barter with gift certificates and even goods such as cars.

Chainalysis charted last month that gift cards are by far the most popular on the platform. It is said to be $16.8 million per week, or 48% of the volume.

Back to the payment card. The idea is that people without a bank account can still access traditional financial services in this way.

The reach of VISA is enormous, with as many as 45 million shops and ATMs. The minimum balance of the card is set at $10.

The idea is that, as a user, you can simply keep Bitcoin as an asset. As soon as you pay with this debit card, the amount is converted into fiat currency. In this way, an exchange takes place under the bonnet that you, as a user, do not see.

Payment cards

This means that you are dealing with an intermediary party that processes the payment. It is not a core Bitcoin payment, where you make censorship-free, ‚unfiltered‘ and fiat-free payments.

However, in a world where Bitcoin is not yet a unit of account, this is a good way forward for anyone who wants to keep Bitcoin.

Ray Youssef, the CEO of Paxful, writes in the press release that it must be feasible for everyone to be able to pay normally. Daniel Gouldman, the CEO of Ternio, adds that his company is „committed to interoperability between cryptocurrency and the traditional banking system“.

A similar payment card from Binance is already available in the Netherlands. Coinbase is also working on a payment card (for American customers), just like BlockFi.

OCC to boost attractiveness of 100% fiat-backed stablecoins

Discover in video Nathalie Janson’s prediction about stablecoins. Banks based in the USA will receive deposits linked to the issuance of stable Crypto Engine which will enhance the attractiveness of these? The reflections presented in this prediction series also touch on other ideas of the macroeconomic order. We invite you to discuss each prediction made by sharing your opinion with us.

What is the OCC?

The OCC (Office of the Comptroller of the Currency) also called the Office of the Comptroller of the Currency in the United States is an entity of the United States Treasury. Its objective is to regulate, supervise and supervise national or foreign banks (but also savings banks) and to prosecute illegal behavior with the aim of promoting competition in this sector. The idea is also that this body can improve efficiency in this area. This organization was created in 1863 by the National Currency Act: the law on the national currency. Official site .

What are stablecoins?

Stablecoins are stable currencies. The goal is that the value of a stablecoin gets as close as possible to the asset it wants to replicate. For example, the value of a USDT (Tether) will always approach a dollar (USD). This allows players operating in the cryptocurrency universe to benefit from a certain stability. Indeed, crypto-currencies regularly perform strong variations upwards as well as downwards. Thus, if 1,000 USDT is circulating, the issuing entity must have 1,000 USD in a bank which will allow actors to recover their dollars when they wish.

Nathalie Janson indicates that the OCC recently declared that banks and savings banks will be able to receive deposits from issuers of stablecoins. That is to say the reserves that cover the stable cryptocurrencies issued. Thus, these establishments will become the guarantors of the stablecoin coverage. Very good point for the owners of these stable cryptos, they could benefit from the insurance of deposit coverage. On the other hand, issuers of stable cryptos will have to be in compliance with current regulations such as banking secrecy, anti-money laundering and on the verification of the identity of end users of these stable digital currencies. Only stablecoins backed by 100% fiat currencies (euro, dollar, etc.) are concerned.

Do you think, like Nathalie Janson, that this statement will strengthen the appeal of stablecoins, these cryptocurrencies backed 100% by fiat currencies?

Find out more about the Institut de l’Iconomie

Association created in 2011, the Institute of the Economy is an independent think tank which analyzes the stakes, the balance of power as well as the risks and the opportunities to draw a possible future. Its members often have opposing sensibilities, which in fact requires them to refer to the rigor of foresight, hence the formation of predictions.

The Institute of the Economy is composed in particular of entrepreneurs, economists, managers, statisticians, researchers and sociologists.

The speakers of this webinar are therefore not from the “crypto-sphere” and do not necessarily share the ideals of cypherpunks or the majority of people who own crypto-assets. However, it is still interesting to see how the future of the cryptocurrency industry is viewed.

You are invited to vote in order to give your opinion on each prediction, but also to debate, comment and make known your opinion on this subject. Click here to view other predictions from members of the Institute of the Economy.