Scroll to top - Malta Leading Through Innovation

FinXP Case Study: Strengthening Crypto Exchanges as a Trusted Payment Partner

FINXP - June 23, 2021 - 0 comments

Find out how FinXP supports crypto trading platform BitBlinx by using innovative payment technology to streamline digital asset trading securely, transparently, and scalably.

Cryptocurrencies are often portrayed as the new challenger to the traditional financial system. BitBlinx strives to provide secure, fast, and easy cryptocurrency trading technology in this increasingly competitive landscape.

The early stage of the crypto adoption curve is well underway. While most crypto exchanges focus on serving early adopters, BitBlinx also aims to open up the world of digital asset trading to newcomers.

With access to over 17 cryptocurrencies and 25 cryptocurrency pairs to trade, BitBlinx provides a straightforward trading application for any experience level. Their platform is simple enough for beginners to use, yet it is powerful enough to deliver functionalities that experienced traders appreciate.

BitBlinx’s objective was to expand their list of cryptocurrencies and strengthen the technology behind the digital asset exchanges. We were drafted in as the trusted payment partner to help enhance their platform and payment processes to meet their evolving user needs.

Industry and Organisational Challenges

Crypto exchanges and trading platforms are among the newest targets of compliance regulators. While exchange platforms may not see themselves as traditional financial institutions, global governments are trying to treat them as such.

Weak security and a lack of fraud prevention are also significant challenges currently facing the crypto market. Today’s traders demand more protection over their assets, data, and trades to avoid suffering damages from hacks and vulnerabilities. Ultimately, credibility roadblocks affect the willingness of traders to participate.

On top of that, trading latency or delays can occur if the transaction providers (whether a third-party provider or a bank) suspect fraudulent or unauthorised behaviour. For that reason, financial institutions are wary — at times, even blocking transactions and user accounts altogether.

Looking for a banking partner that understood the world of crypto in-depth, BitBlinx partnered with us at FinXP to meet these industry, and organisational challenges head on.

Our Solution and Tailored Approach

At the time of writing, BlitBlinx users can deposit via bank transfer and via SOFORT. Our solution helped streamline the process that allows BitBlinx users to deposit funds to send fiat currency (mainly Euros) and convert them into digital assets.

We continuously work closely together to gradually introduce new payment methods according to user demand. New API integrations add value by powering crypto exchanges with secure, reliable, and scalable technology.

Before working with us, BitBlinx had to manage the hedging component and other time-consuming processes across the whole crypto exchange and transaction value chain manually. No more.

With the transaction process taken care of, BitBlinx now has greater freedom to take the time to develop the back-end technology to further enhance their integrated customer relationship management (CRM) and accounting tools.

We took the time to develop an in-depth understanding of BitBlinx’s business model as well as the legal and regulatory challenges they face. Backed by in-depth financial expertise and comprehensive knowledge of evolving compliance directives, we delivered a completely transparent service by delivering regular, personalised consultancy to meet our client’s needs.

Our priority was to build a relationship with our client, while continually looking for new ways to expand our collaboration.

As a result, BitBlinx has access to tools to proactively audit reports (both internal and external), meaning all the essential data and information is securely in place for banks and clients to see when required. We have empowered BitBlinx with flexibility and financial oversight, which is a vital step that enables our client to offer expanded services to their users.

The Benefits

Payment Expertise On-tap. Our team are pros at providing small to medium-sized businesses like BitBlinx with highly regarded expert advice. Our team supplies the knowledge about setting up effective payment processes whilst keeping in mind the compliance and security requirements.

Personalised Solutions. There is no one-size-fits-all approach in the world of payment solutions. We gave BitBlinx access to a wide range of out-of-the-box solutions and the added option to work with our development team to create bespoke solutions that were custom-designed to their requirements.

B2B Specialists, Passionate About Crypto. Specialising in the B2B payments space, we’re equipped to offer a premium, tailored service to BitBlinx that involves working closely and intimately understanding the business model and key drivers. Forming a solid relationship is a fundamental part of becoming a trusted payment partner.

“It makes all the difference that on both sides everyone appreciates the learning curve involved. BitBlinx and FinXP share a very similar culture and mindset. We have a well-aligned approach to sales, work ethic, and language, which is a hugely important asset in the success of our working partnership.”
— Philipp Zahrer, BitBlinx

Empowering Business with Seamless Payment Experiences

In a world where countless businesses are dissatisfied with the service they’re getting from traditional banks, FinXP is here as the practical alternative.

We enable businesses to make and receive payments in whatever form best suits them, wherever they are in the world.  Contact the team at FinXP on to discover how we can help.

Disclaimer releases all liability on the quality or reliability of offerings / delivery of any products/services advertised or pitched from a sales point of view in any of the articles submitted.

Related posts