KYPAY on-chain launching by OlkyPay
OlkyPay is launching KYPAY on-chain, the first payment instrument to provide Delivery Versus Payment (DVP) in the blockchain, enabling frictionless access to European payment systems STEP2, TIPS and CB, Mastercard and Visa schemes.
Olky has been active in the payment and fintech sector since 2011. In the framework of the Paris Blockchain Week 2024, of which it is a sponsor, Olky is announcing the launch of its DLT payment layer, which provides a bridge between crypto ecosystems and payment networks. As part of this initiative, Olky has teamed up with the DEFI protocol from stable coins euros Angle and has announced several of KYPAY on-chain users.
KYPAY on-chain, the DLT extension of KYPAY
KYPAY is a payment instrument that has had more than 1.4 million users since its launch in 2015. Its strength lies in giving confidence to both parties to a transaction by means of a settlement "trigger" that is triggered either by the buyer or by the seller (acting on the buyer's behalf) when the pre-established conditions of the transaction are met.
KYPAY offers a choice of traditional and innovative payment methods (Instant payment, SEPA transfer, Sepa Direct Debit, bank cards). Combined with a dedicated payment account, KYPAY offers fiat/crypto reconciliation functions that are particularly well-suited to Web 3.0 players, especially VASPs/CASPs needing to identify the euro flows corresponding to orders on crypto-assets.
In response to market demand, OlkyPay is launching the DLT version of KYPAY: KYPAY on-chain is deployed on Polygon's Layer 2 and available on other blockchains on request. KYPAY on-chain makes it possible to track and settle payments in euros against crypto-assets or other types of tokens (NFTs, security tokens, etc.).
KYPAY on-chain users benefit from an identity management service enabling them to prove that they have a valid KYC via the OlkyPass KYC Passport. In this way, KYPAY on-chain enables the creation of a large-scale network of participants for the exchange of tokenised products requiring regulatory compliance.
KYPAY on-chain offers a seamless customer journey for crypto marketplaces and real-world asset tokenisation players tailored to early adopters and new users.
A Q&A on KYPAY on-chain is available here:
https://www.olky.eu/en/universe/olkypay/kypay/
By offering KYPAY on-chain, Olky is once again demonstrating that it is one of the most innovative fintech groups in Europe.
A partnership with the DEFI Angle protocol for euro stable coin liquidity
Thanks to the partnership between the Olky Group and the DEFI stable coin protocol, sellers of crypto-assets and other tokens can opt for a settlement in EURA, the decentralised and over-collateralised euro stable coin issued by Angle protocol, or any other crypto-currency.
Next steps
KYPAY on-chain is due to be rolled out in the coming weeks in the asset management (international distribution of AIF and UCITS funds, primary market in private equity) and real estate sectors.
Olky will be at Paris Blockchain Week from 9-11 April 2024 and will be presenting KYPAY on-chain at its keynote at the Carroussel du Louvre on 10 April at 11am, as well as at various side events.
To meet Olky experts during PBW and find out more about Olky's Web 3.0 offer:
https://www.olky.eu/en/universe/olkypay/crypto/
In addition, Olky is continuing to roll out its Web 3.0 offering and, by the end of 2024, will be offering crypto-asset services and an open stable euro coin via its French subsidiary Olky Wallet.
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