Cryptocurrencies can be sent and received by anyone, anywhere, at any time throughout the world without the need for a bank or intermediary. Because of this, more companies are starting to use cryptocurrencies to make payments for their invoices. Sometimes, companies have more crypto than fiat currency or vice versa.
In the world of crypto and finance, there are obstacles that can prevent you from benefiting from the seamless transfer of crypto between accounts. One of these obstacles is the process of converting crypto to FIAT and FIAT to crypto. The main obstacle in this process is transferring funds that were crypto to your personal/corporate bank account. Especially when owning a company that deals in digital assets, making the process of opening a bank account for your company even harder.
Most high-street banks will not accept any businesses whose main activities are crypto-related. The crypto industry is considered high risk due to the possibility of transferring large amounts of money through crypto. The origin of the money is hard to trace. Because of this, rigorous application processes and anti-laundering checks are performed by banks, which eventually often lead to rejection.
Now that we have assessed the main problems when initiating in crypto to fiat or fiat-to-crypto conversions, let us look at the solutions that are available that might help with these problems:
As stated above, most banks do not accept any business whose main activities are even slightly related to cryptocurrencies or other digital assets. However, this problem has also created a vacuum of services, which has eventually been filled by EMIs (Electronic Money Institutions) and banks that do accept companies delving into digital assets. Through the use of these institutions, one can transfer crypto/FIAT and payout FIAT/crypto.
Doing Business International
Doing Business International can assist in this process. When making payments in fiat currency or cryptocurrency, Doing Business International can assist with financing the invoice or payment. This way, our clients do not need to convert their currencies just for paying an invoice or when making a different payment. Another example is if a company wants to purchase equity in another company – but only has crypto. Doing Business International will be able to pay for the equity in fiat and receive crypto from the buyer.
Doing Business International can front capital in order to make sure you are never late with your payments. The fronted capital can be either crypto or fiat, depending on your situation. If you’d like to buy crypto through an OTC arrangement with us, please feel free to reach out.