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June 1, 2022

OlkyPay, the cryptocurrency expert and privileged interlocutor

Still quite unknown to the public, cryptocurrencies are among the next axes to watch in terms of the future of payment. Now numerous, they have been multiplying since the creation in 2008 of the first crypto-currency: the Bitcoin. With a P2P operation, they can do without banking institutions to exist. This volatility interests as much as it worries the various players in the world of payment, intrigued by the possibilities of this new form of currency. After 13 years of existence, these cryptocurrencies are beginning to be implemented in a concrete way in some businesses and merchant sites. Olkypay is the first neo-bank to accompany the major cryptocurrency platforms, confident that they can join the family of payment methods.

Cryptocurrencies accepted by major groups

Despite legitimate concerns about the use of cryptocurrencies, the fact that very large companies are starting to integrate them into their systems proves that they can have a role to play.

This is the case with the e-commerce giant Rakuten, which recently set up a system for accepting these cryptocurrencies, which can be exchanged for "tokens" linked to the site: Rakuten Cash. The use of these tokens is for the moment limited to the reloading of the Rakuten Wallet and does not apply to all the products of the site. We are not talking here about a payment made directly in cryptocurrency, but more like a way to feed an electronic wallet. This system set up by Rakuten nevertheless lets us glimpse one of the concrete uses of cryptomoney.

The transportation and home delivery service behemoth Uber is also opening up to accepting cryptocurrencies for payment of the various services it offers. Paypal, for its part, has bought the Israeli startup Curv for $200 million, thus confident in the future of crypto assets. In any case, it is undeniable that these crypto-currencies are arousing the interest of merchants, companies and even consumers. The multiplication of accepted means of payment to date allows crypto-currencies to be considered as a real alternative. Nevertheless, there are still important elements holding back the implementation of crypto-currencies, which stem from the tokenization of highly volatile virtual assets.

Olkypay supports players in the crypto-currency sector

With the increasing use of crypto assets, it is important to establish standards and regulatory institutions as soon as possible in order to best frame these digital assets. The Pact Law of May 22, 2019 has therefore established a status of Service Provider on Digital Assets, a status that allows companies to buy or sell these DAs or to hold them on behalf of third parties.

As this approval from the "Autorité des Marchés Financiers" (AMF) is recent, few companies have achieved it to date. It allows in particular :

  • Preservation/storage of digital assets
  • The exchange of digital assets for other different assets
  • The purchase or sale of these digital assets for legal tender

The AMF-approved PSAN status is therefore one of the fundamental principles of the use of cryptocurrencies in the professional world. It is one of the steps leading to the acceptance of digital assets as a real alternative to current payment methods.

Olkypay has therefore decided to support companies wishing to obtain this approval, by proposing an agent offer dedicated to this sector of activity. We are the first neo-bank to offer this kind of services related to digital assets and therefore to cryptocurrencies. It seemed relevant to us to bring our expertise in this field in order to guide players wishing to play a role in this still new world of digital assets.

Find out more about our proposals here

Olkypay, partner of exchange platforms

For the end customer, the purchase of cryptocurrencies is done by wire transfer or credit card. Exchange platforms that offer cryptocurrency acquisition services are therefore faced with the need to collect money from their customers to execute purchase orders. Olkypay provides these platforms with a white label offer that allows them to provide payment accounts to their customers that can be used for incoming and outgoing funds for euro to cryptocurrency conversions.

This offer is available in Europe and is implemented within the framework of an agent relationship established between the platform and Olkypay.

Several large platforms are already using this solution to develop their activities in compliance with their obligations.

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