Blog by Emils Kragis, Business Development Officer at PayPugs
PayPugs is an international fintech company with a multi-lingual team. We understand and adapt to the newest financial trends to help ease the process of doing business outside your own country.
As the term “cryptocurrency” becomes more popular among individuals as well as businesses, demand for advanced blockchain technology services is growing quickly. With many institutions adopting this technology and trying to meet the growing demand, the question is asked- What services can a business acquire with the help of blockchain technology and cryptocurrency? PayPugs has taken the necessary steps to provide clients with what they are looking for.
Licensing and Regulation
A topic that is often dismissed or glossed over when talking about using cryptocurrency but which truly is of great importance is licensing and compliance with regulations. Any business needs to be transparent in their operations as not doing so can lead to significant legal and financial issues.
For that reason, PayPugs has taken the necessary steps to acquire a Crypto Exemption license from Colorado, USA, which allows for safe and regulated cryptocurrency operations. Safety of funds becomes more vital for business crypto operations as many frauds are being committed by unregulated entities offering cryptocurrency services.
What Crypto Services Does PayPugs Offer?
With the goal to bank the underbanked, PayPugs’ crypto offering can please both individuals and businesses. One of the services that both groups appreciate is cryptocurrency payments. Cryptocurrency payments are becoming more popular as they provide a faster and cheaper solution for jurisdictions that have an unstable FIAT currency.
PayPugs can make FIAT-Crypto and Crypto-FIAT payments internationally with few jurisdictional restrictions. The payments are made using some of the most popular cryptocurrencies such as BTC, ETH, LTC, and USDT. If you need an additional cryptocurrency then PayPugs can provide them on request.
Moreover, PayPugs corresponding partners are a part of the Ripple Net network, which allows for digitalized payments using the XRP token. The RippleNet network allows for instant payments costing small transaction fees because of the unique unified system of verifying transactions.
Having the possibility to send funds instantly around the world solves the problem of delayed and lengthy payments often experienced with traditional banks. The fast payments ease the process of doing business and allow for greater partnerships to develop.
Lastly, as many crypto exchanges are gaining popularity, there are still limited possibilities of withdrawing your money out of exchanges. Opening an account with PayPugs is a solution for such an issue. With an IBAN account with a base currency of EUR or GBP, you can withdraw your cryptocurrency holdings and convert them into a FIAT currency.
With a focus on high-risk companies, PayPugs also has developed a ready-made solution that allows for providing e-wallet services through an API connection. It is a solution that is widely used by crypto exchanges to service their clients by providing payments, IBAN accounts, and cards.
By integrating PayPugs ready-made solution, the client’s backend operations like AML and KYC are secured and provided by PayPugs meaning that the client can focus on frontend processes like branding and customer service.