June 11th, ORCA Alliance, an EU-based platform that bridges cryptocurrencies and traditional banking services, is launching its technical solution allowing instant cash outs from crypto exchanges directly to a payment account in less than 60 seconds. Converting cryptocurrency to euros in quick fashion would make a lot of liquidity problems surrounding cryptocurrency disappear.
ORCA is providing an answer to a long-standing problem annoying many in the crypto community — the lack of reliable ways to move various crypto assets and swap them back and forth to government-backed currencies. It is no secret in the crypto space that crypto-to-fiat exchange is a huge challenge.
Natan Avidan, CEO of ORCA, explained:
Let’s say you have some crypto in Bittrex. Your portfolio value just went up 35% in a day. You’re planning to go somewhere nice for the weekend and would benefit from extra cash. Sadly, Bittrex doesn’t support fiat withdrawals at the moment. Cashing out would require making several transactions and take you days. ORCA has the technological case to do it in under 1 minute. Join us for our live demonstration, and we’ll prove it.
Most crypto exchanges and service providers do not have business bank accounts and do not offer crypto-to-fiat conversions. They support crypto-to-crypto exchange services only. Exchanges that do provide crypto-to-fiat withdrawals typically charge high transaction fees and consume idiotic amounts of time, sometimes taking as long as 72 hours to complete money transfers. Besides, the majority of banks avoid doing business with other banks that deal with cryptocurrency. Due to decentralized nature of digital currencies, it is hard to trace where the assets came from and guarantee the legitimacy of funds.
Last week ORCA signed a partnership with an e-money institution MisterTango making the first step into the world of payment processing. From now on ORCA will have the ability to develop solutions for SEPA payment account creation and open Euro accounts on behalf of their users. The newly formed partnership with MisterTango is giving ORCA a gateway to initiate instant crypto-to-fiat withdrawals directly to user’s Euro payment account. ORCA is finally delivering the solution crypto community is desperately thirsty for. Lack of liquidity inside the cryptocurrency market is one of the most cited reasons stagnating mass adoption.
To back up their claims, ORCA is doing a live demonstration on the 11th of June to present their tech use case. People from all over the crypto community are invited to join the live stream and witness the event. The presentation will take place at 11:00 (GMT) and will be streamed online on ORCA’s Youtube channel and Facebook.
Dmitrij Radin, Chief Technology Officer of ORCA, added:
The best part is that we don’t even touch funds at any point. Everything is done utilizing API connections which allows ORCA to act as an oracle by validating transaction requests and transfers.
ORCA is the first platform for all crypto and fiat accounts. It bridges banking and crypto services, providing the most comprehensive and easy-to-use financial management tool.
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Images courtesy of ORCA Alliance