Open Banking provider Volt has partnered with cryptocurrency exchange platform Kriptomat to launch real-time payments between accounts (A2A) for cryptocurrencies.
Following this partnership, Kriptomat will provide near-instantaneous speed and hassle-free transactions, allowing its customers to buy, sell and exchange cryptocurrencies in real time, thereby aiming to eliminate barriers for over 500,000 users to trade over 340 cryptocurrencies.
The Estonia-based exchange platform has a growing customer base of over 500,000 users, predominantly in the emerging markets of Central and Eastern Europe. In addition to the ability to buy, sell and exchange cryptocurrencies, the platform also offers users a cost averaging investment product that allows them to buy cryptocurrencies at fixed intervals in an automated manner. Kriptomat allows you to trade Bitcoin, Ethereum, Tether, Cardano, XRP, Polkadot, Dogecoin, Shiba Inu, Litecoin, Polygon, Avalanche, Solana, Tron, Enjin, Uniswap and over 300 others.
Additional details about cooperation
By integrating the real-time payment option between accounts using the Volt solution, Cryptomat aims to provide a faster, streamlined, and less costly way for customers to fund cryptocurrency purchases, as real-time payments help ensure transactions are instantaneous, offering improved control and a stable and secure payment method.
Previously, Kryptomat clients used bank transfers, credit cards and, to a lesser extent, e-wallets for their transactions, which usually meant that funds could reach accounts within 3-5 business days, which added friction to the transaction process. However, Volt A2A Open Banking payments are almost instantaneous, which means customers can transfer and access funds faster. Thus, integrated Volt payments provide an improved and more efficient customer experience when paying with Volt, as users are easily redirected to their banking app, where they have the option to authorize payments using their typical authentication method, usually biometrics. such as fingerprint recognition or face ID.
Speaking about the partnership, Kriptomat representatives said that integration with the Volt A2A payment solution was considered important, as the company’s mission is to make cryptocurrency accessible to everyone. According to the information provided in the press release, today’s new cryptocurrency users have different expectations than when the technology first gained momentum, and users now expect everything to work in an instant, without having to learn all the intricacies of the processes going on in the background. With this knowledge as a foundation, Cryptomat is now able to offer this level of usability to its customer base thanks to Volt technology.
Volt added that replacing traditional payment methods, such as cards or bank transfers that were created for personal interaction, with Open Banking payments is faster and more convenient for users, helps to better protect against fraud and is also less costly for businesses. By collaborating with Kriptomat, the company supports them in their mission of making cryptocurrency trading accessible to all in both an innovative and compliant manner, as real-time payments are believed to complement and help speed up online business processes that are considered appropriate for digital business. economy. Volt officials added that they are seeing rapid adoption of real-time payments across multiple sectors, including e-commerce, automotive and digital services, taking advantage of A2A payments around the world.