Aplo is now officially an Agent Payment Service Provider boosting the EU crypto ecosystem
- Aplo is an EU-based DASP under regulatory oversight and is the only registered crypto broker for traditional financial institutions in the European Union
- Aplo has been approved as an Agent Payment Service Provider
- By partnering with European Neobank, Olkypay, Aplo will now offer a suite of banking solutions to customers
- The combination of Olkypay’s banking solutions and Aplo’s cryptocurrency infrastructure lowers the barriers-to-entry for crypto startups and hedge funds
Aplo, the EU-registered broker and cryptocurrency technology provider, has today announced its approval from the regulator as an Agent Payment Service Provider* (PSP), enabling the company to offer banking solutions combined with the full power of Aplo’s advanced cryptocurrency infrastructure across the European Union (EU).**
Facilitating entry into the Digital Assets market
Traditional financial institutions in France and across the EU do not typically offer banking services and payment infrastructure to businesses that work with digital currencies and digital assets. This creates high barriers-to-entry for European crypto startups seeking to operate in the space and disincentivizes hedge funds operating within the EU who would like to trade and own digital assets.
The partnership with European Neobank, Olkypay, will allow Aplo to offer a suite of banking solutions to customers including fiat deposits, payments and operations, as well as continuing to provide EU-licensed zero-hassle crypto trading, custody and subledger services.
Additionally, the approval will allow Aplo to issue a dedicated business IBAN to load fiat currency and cryptocurrencies for payments, operations and trading purposes. This means traditional funds that are reluctant to send fiat funds to a third party like Aplo will now be able to deposit fiat directly into a bank account in their name. Further underscoring why Aplo is the perfect commercial partner for organizations looking to operate cryptocurrency businesses or funds.
Expanding the French and European crypto ecosystem through a regulated partner
Oliver Yates, Aplo CEO and co-founder, commented:
“The crypto ecosystem is flourishing in France and across Europe as developers, entrepreneurs and financiers embrace the opportunities the technology presents, but it remains difficult to find banking services for businesses that work with digital currencies and digital assets, this is potentially stifling innovation and growth.
Our approval as an Agent PSP means that we can help overcome some of the major challenges facing organizations with crypto operations whether that’s a fintech startup or hedge fund - powering the European crypto ecosystem.”
Franck Rouayroux, Olkypay CEO and co-founder, commented:
“For the end customer, the purchase of cryptocurrencies is done by bank transfer or credit card. Exchange platforms that offer cryptocurrency acquisition services are therefore faced with the need to collect money from their customers to execute purchase orders.
We are proud to work with Aplo today and that they have become an Agent PSP enabling them to provide payment accounts to their customers that can be used for incoming and outgoing funds for euro to cryptocurrency conversions.
We are the first Neobank to offer this kind of service related to digital assets and therefore to cryptocurrencies. It seemed appropriate to bring our expertise in this area to guide players wishing to play a role in this still new world of digital assets.”
Notes to Editors
*Register of payment institutions authorized by The Commission de Surveillance du Secteur Financier.
The CSSF is a public institution which supervises the professionals and products of the Luxembourg financial sector.
** List of countries this applies to: Belgium, Cyprus, France, Germany, Ireland, Italy, Malta, Netherlands, Poland, Portugal, Romania, Spain