BVNK gets virtual asset services provider registration from Bank of Spain

Monday 17 October 2022 14:37 CET | News

UK-based crypto payments and banking platform BVNK has received registration in Spain as a Virtual Asset Service Provider (VASP) from Bank of Spain.


Approval from the Bank of Spain provides BVNK with a springboard for expansion across the rest of the European Union and beyond and gives customers even greater confidence in the superiority of crypto-enabled international payments.

Why use crypto payments?

In comparison to the outmoded technology used by conventional payment services, running international payments on digitally-native crypto rails delivers a host of commercial advantages, for instance, lowering fees, reducing settlement times from days to minutes, and simplifying the management of funds across multiple jurisdictions. 

Company officials stated that cross-border payments made via the BVNK platform are up to five times faster than Swift with fees reduced by up to 80%. They are aggressively building out licensing and infrastructure to make it easier and faster for more customers to enjoy these wins. Gaining the Spanish registration and growing their footprint in the EU are important milestones in the drive to become the ‘go to’ crypto-enabled payments platform for global business.

BVNK has received registration on Spain as a Virtual Asset Service Provider (VASP) from Bank of Spain.

Previous developments for BVNK

In May, 2022 BVNK completed its Series-A fundraising round which secured USD 40 million of investment, putting a valuation on the company of USD 340 million. In the last year, BVNK has grown its headcount from 40 to 160 and intends to boost that to 250 in the next 12 months. A number of the new hires will work with other local regulators as it expands into further markets.

During 2022, BVNK has processed billions in annualised payment volume. The BVNK business account supports more than 100 cryptocurrencies and digital assets, including bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and USD Coin (USDC). It can support cross-border payments in over 30 fiat currencies.

From the outset, BVNK built out its technology, features, and services with a compliance-first mindset, embedding Know Your Customer, Anti-Money Laundering, and other measures into core operations. The Bank of Spain registration provides welcome validation of these efforts, and delivers greater clarity to corporate compliance departments. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cryptocurrency, cross-border payments, funding, certification, AML
Categories: DeFi & Crypto & Web3
Companies: BVNK
Countries: Europe
This article is part of category

DeFi & Crypto & Web3


Discover all the Company news on BVNK and other articles related to BVNK in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events