It is a problem that almost all crypto investors face when they inevitably attempt to use what is referred to as the future of money. The emerging, borderless technology is promising without a shadow of a doubt, but barriers between digital assets and the traditional banking system remain in the way.
Crypto holders tend to simply hold their assets long-term, not solely because they hope their value appreciates, but because there is simply no easy way to spend cryptocurrencies like BTC, ETH, and others on products and services, pay bills or buy other assets like real estate. The lack of utility and usage has also long been a criticism of crypto, but this is also a challenge created by the traditional banking system and its unwillingness to adopt new technologies.
That is where Swapin’s innovative and regulated financial products come into play. Swapin’s crypto-to-fiat solutions break down barriers between big banks and digital finance and act as the necessary bridge toward the future of finance that crypto promises. Here is how Swapin solutions at this very moment can be used to spend Bitcoin on buying a home, a car, and more legally.
The Problem Today With Crypto And Traditional Finance
If you have spent a substantial amount of time around the crypto industry, chances are there could be some capital behind you at this point. It also means you might have at some point attempted to spend your crypto on an everyday need, like paying your rent or mortgage. The problem is that your landlord, bank, or whatever institution you are in a commitment with don’t accept crypto.
To spend crypto currently, cash needs to get involved somewhere along the way. The digital world isn’t quite ready to disrupt the traditional way of doing things just yet. For now, digital assets must instead be adapted to work in the current system. The other option is cashing out assets, but by the time you have done so, sent the money to your bank, and then made necessary payments, you will have paid a fortune in fees and been subject to crypto market volatility. This is exactly why businesses and banks don’t want to touch it.
How Swapin Aims To Address These Challenges
Swapin CEO Ewald Hannes-Kree ran into these same issues as a Bitcoin miner during the early days of crypto. Kree had to constantly cash out earnings to fund his business operations, but it wasn’t at all convenient, and it was very costly. Kree sought to change this.
Years later, Swapin was formed. The company now has successfully raised more than €1.68M and attracted interest and support from all across the investment, banking, IT, and crypto industries. The company is focused on creating innovative B2C and B2B products that bridge the gap between the two very different worlds: digital and traditional finance.
Swapin Solutions Allow Partners To Expand Into Crypto
Swapin solutions are all over the globe already, and you might not know it. For example, buying a home with crypto is possible thanks to a partnership between Swapin and real estate giant RE/MAX. Now, for the first time ever, crypto holders can pay for a new residence or vacation home using their Bitcoin, Ethereum, Litecoin, and other top digital assets.
Solutions like CoinCollector help invoice-based businesses like auto sales, luxury goods manufacturers, jewelers, investment firms, and more accept cryptocurrencies yet receive fiat to a connected bank account. The process removes the fear of crypto-related volatility by making crypto-to-fiat transactions completely seamless. Businesses can attract a new audience and create new revenue streams by reaching affluent crypto holders with an interest in affinity categories.
Legal, Regulated, And Ready For The Future Of Finance
Swapin solutions are also completely legal and fully compliant as the company is a licensed financial entity under the guidance of Estonian regulators. As a regulated brand, Swapin is working to obtain its Electronic Money Institution license and is working on a virtual IBAN implementation to further replace the need to rely on banks.
Swapin solutions include both CoinCollector and E-Com for businesses. CoinCollector creates a payment link where customers can pay in crypto, while E-Com is a widget that companies can implement within their websites or online stores to accept crypto. Both solutions turn crypto-to-fiat instantly.
Everything Else You Must Know About Swapin
Swapin also offers products geared toward the consumer crowd. Users can set up recurring payments using Instafill to pay for their rent, mortgage, and utility bills after they’ve purchased a home or other assets with their crypto. If users need to make a one-off payment, there is another product called Instapay. A crypto purchasing solution called Instabuy will be released in the future.
You can learn more about the Swapin company roadmap and the backstory behind the brand at the Swapin blog. Be sure also to check out the Swapin website to see what innovative solutions are available for businesses and consumers alike.