Strigaplatform as a banking service focused on the European market, launched its latest product, cryptographic on-ramp and off-ramp APIs for neobanks, DeFi and Web3 applications.
Striga aims to make it easier to hold or redeem cryptocurrency. The platform launched new fiat-to-crypto or crypto-to-fiat APIs that can be embedded into any crypto or fintech product. Overall, the main goal of the company is to make it easier for as many users as possible to buy and sell crypto.
The new product range is expected to support its partners as well as consumers. Striga partners can expand their offering by connecting the new widget to their own platform. The company strives to ensure that users do not leave the platforms in search of the right crypto token. The new addition to Striga’s services allows these consumers to buy crypto and send it directly to their personal crypto wallet.
Strigas’ BaaS platform also includes an extremely competitive 0.5 percent interchange fee. Striga offers its partners the opportunity to increase the value of this interchange fee and create another revenue stream.
Both fiat-to-crypto and crypto-to-fiat APIs provide greater flexibility for both crypto and fintech applications. The platform offers Striga Sandbox so that companies can manage their applications from one central location.
No permission? No problem.
Striga explained that it is now ready to fully comply with the requirements of the MiCA legislation that will apply pan-Europe in 2023. The move ensures that the implementation of the legislation does not slow down the platform’s global rollout of new products.
Providers of new fintech or crypto applications can license Striga and use its crypto infrastructure as a service. By offering this, there is no need to attempt compliance, and they can even use the service without their own license.
Currently, companies wishing to ensure compliance must spend more than 1 million euros to do so. The process involves implementing compliance-related infrastructure into the companies’ central code base. Delivery and finalization of products may also be slowed down to ensure compliance. With its offering, Striga hopes to reduce the time it takes to do this, while removing uncertainty and doubt before products are brought to market.
In September 2022, Striga became the first licensed company to operate under the new “Money Laundering and Terrorist Financing Prevention Act”. The permit is issued by Estonian Financial Intelligence Unit.
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