CEX.IO crypto exchange reported 79% of its customers are using domestic bank transfers for fiat payments, as a result of introducing convenient payment options for each popular currency (USD, EUR, GBP) and negotiating lower limits and commissions.
One of them, Faster Payments, a domestic transfer serving the needs of UK traders, offers free and instant deposits and withdrawals in GBP and outpaces CEX.IO’s competitors in this direction.
When crypto became front-page news and those who outside of the “crypto-enthusiast” space decided to get into it, it wasn’t easy. Their methods for entering the market were essentially limited to bank or card transfers. Unfortunately, many banks are still careful with cryptocurrency businesses.
While some banks and financial institutions have warmed up to the idea of payments via cryptocurrency, the progress has been quite slow and there is still a lot of work to be done. The negotiations are still long and cumbersome, and there are many regulations required, and many crypto exchanges and platforms simply don’t want to deal with this. There are often large fees accompanying the payments, and it isn’t the fastest process either.
CEX.IO, which is based in the UK, has been offering EUR transfers domestically for many years. However, they have only been providing them on a frequent basis since 2017. However, since 2017, the rate of their usage has skyrocketed. It has gone from a meager 27% up to 84% currently, with the continuing growth.
As a result, CEX.IO sought out to building close relationships and bonds with both payment processors and banks themselves across the UK and the USA. This effort resulted in both the support of ACH for USD payments and Faster Payments for GBP. In particular, Faster Payments has really taken off as nearly all GBP bank payments on CEX are made via this method, which is a sign that users love it.
“Based on our research, UK traders are tired of getting hit with high fees and high minimum withdrawals,” saysDmytro Kalynovskiy, Head of Finance of CEX.IO. “That is why we launched Faster Payments — a payment tool targeting specifically UK customers with money flows in GBP, and offering free payments of up to 250,000 GBP at the touch of a button, with protection from losses caused by unauthorized payments.”
Those who use CEX.IO come from a wide range of different backgrounds. Some are experts who utilize CEX as one of their many tools to buy, sell and invest in cryptocurrency. On the other hand, some begin their crypto journey with CEX.IO and make their first cryptocurrency purchase on the platform. Because of this diverse user base, it is important to cover all bases and needs to ensure everyone can get the funding they need, quickly and affordably.
“As we successfully process significant amounts of funds for our users, our existing bank partners trust us more and other banks want to work with us. And, since we have proven ourselves to be a reliable counterparty, we are in a position to ask for better conditions. These terms represent the level of trust we’ve developed with our partners as well as demonstrate our passion with which we fight for the interests of our customers,”says Dmytro Kalynovskiy, Head of Finance of CEX.IO.
Photo by Blake Wisz on Unsplash
