LONDON, 25 APRIL 2023: Yield App has partnered with Fiat Republic to introduce virtual fiat IBANs to customers, enabling seamless fiat deposits and withdrawals for EUR and GBP via SEPA Instant and UK FPS local payment rails.
With increasing scrutiny and regulations in the crypto sector, traditional banks have become more cautious when dealing with crypto-related transactions. As a result, many have either limited or halted their customers’ payments to and from cryptocurrency platforms.
As such, Yield App and Fiat Republic’s partnership comes at an opportune time, capitalizing on the growing demand for uninterrupted access to digital assets, offering a convenient and accessible solution for crypto customers.
Fiat Republic’s fiat-as-a-service platform is unique and designed specifically for crypto companies. By aggregating crypto-friendly banks under a single API, the platform’s compliance-first data architecture minimizes payment delays and reduces the risk of sudden de-banking.
The integration of Fiat Republic’s fiat infrastructure into Yield App’s platform is a natural step in providing Yield App’s users with a frictionless on/off-ramp experience.
Gero Piskov, Card and Payments Manager at Yield App, said: “Our partnership with Fiat Republic is a game changer, particularly in a world where retail banks are halting customer payments to crypto platforms.
“By leveraging Fiat Republic’s API, we now have additional access to a trusted bridge for multiple banks, allowing us to provide our customers with IBANs in their name for a seamless deposit and withdrawal experience. Partnering with Fiat Republic was the obvious choice for us, and marks a new era in crypto-fiat payments as we remain committed to staying ahead of the curve in the digital wealth management space.”
Adam Bialy, Founder, and CEO at Fiat Republic, added: “Yield App’s focus on excellence in the digital wealth management space aligns with our mission at Fiat Republic to make digital assets accessible by everybody. We’re delighted to provide the essential fiat infrastructure that enables Yield App to easily embed fiat payment flows into their platform.
“Using our fiat-as-a-service platform, Yield App is providing their users with a superior on/off ramping experience whilst at the same time de-risking their own banking setup through the many built-in redundancies that come with our offering and our laser-focus on regulatory compliance. We couldn’t be more thrilled with this partnership.”