BVNK is set to use this month’s SBC Summit Barcelona to showcase the new and innovative methods the crypto payments firm has to offer, Rosen Metev, its VP of Gaming, has revealed.
Despite enduring several months of market downturn, cryptocurrencies have rapidly opened themselves to adoption in a plethora of markets and industries, with one being the igaming and betting sector.
“We see an opportunity to build the next generation of what Visa and Mastercard built globally: a network for moving money around the world, and this holds a great deal of promise for the international gaming sector,” stated Metev.
BVNK was founded with the core belief to make banking and payments become symbiotic with crypto. The company has made its mission to “provide a welcome bridge between fiat and digital economies”, with an eye on making this possible in over 200 currencies.
Cross-border payments have been of particular interest to BVNK, something they will look to highlight to gaming operators at the Barcelona event.
Metev said: “We’re focused on serving global businesses that operate cross border in crypto and fiat currencies with ultra-fast, compliant and secure payments and banking.
“The industry is fragmented and subject to a swathe of regulations, which leads to a lack of transparency, lengthy settlement times, and high transaction costs. In comparison, cross-border payments powered by cryptocurrencies are almost instant and with much lower fees than traditional banking.
“Cryptocurrencies eliminate much of the hassle of navigating cross-border complexity, such as managing a variety of bank accounts denominated in frequently-used currencies.”
However, cross-border payments do pose a myriad of challenges, especially when pertaining to cryptocurrencies.
Metev and BVNK state that they have identified these pain points to allow crypto to fiat currency to become a seamless transition, powered by the implementation of the company’s APIs and services.
“When it comes to cross-border payments, BVNK tackles a host of common pain points – such as high fees, long delays and the complexity of navigating multiple jurisdictions,” Metev continues.
“We also enable businesses to integrate and accept payments from customers in cryptocurrencies but to receive settlements in traditional fiat currencies. This is done through our APIs and the recipient businesses can accept crypto payments without ever touching crypto themselves.
“All these services sit on the BVNK business account that has a dedicated IBAN which allows you to send money in and out. We operate globally, can help customers navigate the challenges of emerging markets and support more than 200 currencies.”
For cross-border crypto payments to grow and flourish, it must also be accessible to network with a range of markets in varying countries and continents. Currencies will have to become adaptable to popular and new cryptocurrencies and viable for a host of emerging markets.
BVNK recognises that certain markets possess differing payment infrastructures due to traditional methods which can result in excessive fees, something Metev highlights.
He outlined: “The emerging markets are a particularly good fit for us as there is a need there for reliable, efficient solutions for foreign exchange and international settlement.
“The markets in Asia, Africa and LatAm rely on traditional infrastructure to move money internationally and these rails have failed to keep pace with modern digital solutions, leaving them prone to excessive fees and slow processing times.
“In comparison, our cross-border FX solution performs very well across these territories and allows partners to get settled in around 24 hours, as opposed to 3-4 days!”
Furthermore, stablecoins have also become a staple of the expanding crypto ecosystem.
Regulators in major countries such as the UK and the US have pondered over legislation that would regulate stablecoins as a legal tender, as it acts as a cryptocurrency but attaches itself to a form of fiat currency such as the US dollar or UK pound.
Metev realises the value stablecoins can offer and recognises they can become a key vehicle for the development of BVNK’s cross-border payment offering as it can be attached to a majority of currencies around the globe.
“In the months ahead, stablecoins will emerge as the de facto currency for cross-border payments. Stablecoins are cryptocurrencies that peg their value to another currency, fiat, commodity, or financial vehicle,” expressed Metev.
“While in some cases this link is established through algorithms, the best approach for cross-border payments is to use regulated, centralised stablecoins where there is the necessary transparency, liquidity, and stability.
“As stablecoin liquidity increases and the use case evolves, this technology will soon become the primary settlement rails for the digital age. In the process, the whole nature of how money moves around the world will be transformed, with the legacy SWIFT infrastructure giving way to blockchain infrastructure.”
Metev is bullish on BVNK’s pursuit to foster cross-border crypto payments as a payment method of the future.
The Gaming VP believes growing international companies “need solutions for incorporating crypto into their operations”, a place in the market BVNK can develop and that will be one of many key talking points when meeting clients at the SBC Summit Barcelona event.
“We will spend most of our time with new and existing clients. This will give us deeper insights on what’s coming next for them, which will help us to prioritise the challenges we should solve in the near future. We will also catch up with competitors to discuss the payment and gaming environment and new trends. This is how innovation works best – with collaboration.
“SBC Summit Barcelona is an influential gaming conference offering great exposure for our brand, excellent networking opportunities and a chance to see where the industry is heading next. The show has been very successful over the past years and we see it as a great place to start new partnerships and grow existing relationships.”
Payment innovation will be one key aspect of this year’s SBC Summit Barcelona 2022, which takes place at Fira Barcelona Montjuïc on 20-22 September.
This will see 6,000 delegates enjoy a 12-track conference covering all aspects of the international sports betting, payments and online casino industries, an exhibition with 200 companies showcasing their latest innovations, and a programme of spectacular evening networking events. Visit the SBC Summit Barcelona website to book your All Access Pass.
