Onyze, a Spanish FinTech startup which was founded in 2018, solves a common problem for cryptocurrencies. Although cryptoassets are secure and are not hackable, your private and public keys are. These are the ‘passwords’ which allow you access to the wallet which holds your crypto. Nearly 7,000 people lost more than $80 million between October 2020 and March 2021 — a 1,000% increase from a year ago, according to the Federal Trade Commission.
This Spanish FinTech startup solves this problem by creating another barrier in order to access your cryptoassets – this barrier is known as a ‘vault’. Vaults for cryptocurrencies are not accesible from the network, meaning that even if your ‘passwords’ are hacked then your crypto will still be safe. They offer this secure cryptocurrency storage solution to both the B2C and B2B market. However, Onyze has also launched a Cryptoassets-as-a-Service (CaaS) product for any startup or business. This is so that they can allow both businesses and their own customers to enter the cryptocurrency space with ease.
“We clearly saw the needs that the entrepreneurs, as well as the institutional sectors have, they want to be able to do things within the world of the digital assets.” – Ángel Luis Quesada, CEO at Onyze.
Onyze’s CaaS solution allows startups to integrate cryptocurrency services into their own app or website. The CaaS permits businesses to have: dynamic wallets for cryptoasset storage, in-app crypto purchases and P2P cryptocurrency transfers. All services offer the assurance of Onyze’s security and custody infrastructure. This includes their regulatory approach, which is another problem when storing large amounts of cryptocurrencies. Onyze partnered with KPMG in order to develop their anti-money laundering and KYC systems. These systems are compliant with governmental requirements, for examples those by the Financial Action Task Force (FATF), an independent inter-governmental body.
Whether you’re a Spanish FinTech startup that wants to give your customers the ability to save and send cryptocurrencies, or a gaming app that wants to accept tokenised payments, Onyze has the solution. Onyze’s CaaS in essence does all the legwork if you’re a startup wanting to integrate cryptocurrency services into your offering. They are experts in the regulatory space meaning that you won’t need to worry about this aspect. Furthermore, they also take pride in the security of their vaults. As it’s their main product, they offer an insurance program on their segregated cold wallets, so businesses can transmit this trust into their own clients.