Cryptocurrencies are no longer just a niche subject, and the industry has blown out of proportions within the past couple of years.
From retail adoption to institutional involvement, digital assets have taken center stage in the fintech world, and billions are being invested to build a robust and reliable infrastructure.
The bridging of traditional finance with cryptocurrencies is one of the fields that are under heavy focus from many big players, and Swapin – formerly known as Piixpay – is among them, with high hopes and big aims of becoming a leading name when it comes to closing the gap between cryptocurrencies and traditional finance.
Although the Swapin name is new, the brand behind it is not. Formerly Piixpay, the crypto-to-fiat payment processing company, has reintroduced itself under the new Swapin brand name, ready with an ambitious new roadmap and an aggressive plan to scale across Europe.
The company’s vision is simple but grand: bridge the gap between the current common needs of society, like paying bills online and sending money to friends and family, but making it happen by connecting the crypto industry of tomorrow and the traditional fiat world we live in today.
The result is some of the most compelling products and services designed to suit the needs of today’s individuals and businesses. Let’s take a closer look at how Swapin makes it easy to convert crypto-to-fiat and instantly transfer it to a bank account without all headaches related to crypto compliance and accounting.
What Is Swapin?
Swapin is a registered and regulated financial entity under the supervision of the Estonian government. This positions the company uniquely to connect crypto users directly to their bank accounts.
From there, Swapin offers solutions geared towards both B2C and B2B segments. business-focused services allow merchants to accept payments from customers in crypto using a sharable link generated by Swapin’s CoinCollector. A separate tool, E-com, does the same sort of thing but does so through an embeddable website widget.
The two business-centric tools let merchants get paid in crypto, yet an equal amount of fiat is deposited instantly into an associated IBAN account. Swapin is also working on a virtual IBAN implementation and is seeking its Electronic Money License as part of its company roadmap.
Getting Started With Swapin
Because Swapin is a regulated platform, personal details are required, along with a brief identity verification check.
Swapin also asks for some supplementary information such as income level and employer. The website offers tips on how to make the verification process a breeze. The entire process only takes a few minutes at most.
After all personal information is filled out and the verification steps completed, it is easy to then make a deposit in EUR. The moment fiat is deposited, it is quickly exchanged into the cryptocurrency of choice.
A list of recent transactions is also included for accounting purposes and to verify transactions have been confirmed. The type of transaction, the coin chosen, and the current status is viewable within the account history section.
Paying Bills Or For Goods And Services Online With Crypto
Paying bills online using Swapin’s Instapay is as simple as it gets. Users are able to set up recurring payment details, set reminders, and more – to take advantage of everything the platform has to offer.
The tool makes it easy to pay recurring bills like rent, loans, TV, and internet, etc. Users can also set up custom payments to whichever account details they specify.
Instafill is yet another consumer service that connects a secure Swapin crypto wallet directly to an IBAN bank account. Each time that crypto wallet receives crypto, Swapin automatically converts it and sends EUR directly to the specified bank account.
Cashing Out Crypto Back To a Bank Account
Cashing out funds works just as simple as making a payment does with Instapay. The entire process takes no more than a few clicks, and users can easily withdraw their funds to a connected bank account.
Swapin makes it easy to connect a bank account to its custom crypto-to-fiat solutions. The fluidity of moving funds back and forth so easily between a crypto wallet and an IBAN account is the missing ingredient that has all along prevented mainstream adoption of crypto payments.
With a renewed brand vision, ambitious roadmap, and existing services that are second-to-note, Swapin is one of the quickest ways to conveniently convert crypto-to-fiat and move fiat money to bank accounts.