(BlockBar) Coinfloor has teamed up with electronic money institution (EMI) Enumis to deliver bank-like accounts to crypto firms. It is to be noticing that Coinfloor is U.K.’s longest-running crypto exchange
“Being insiders in the crypto space we are aware of crypto companies operating as good and compliant custodians and so now we will vet and review these and recommend them to Enumis for onboarding,” Obi Nwosu, CEO of Coinfloor is reported. “I think ‘brokering’ is technically the wrong word, but we are working in partnership with Enumis and introducing clients to the offering.”
After getting its own current account with Enumis at the start of the year, the firms realized that “together we can do more,” Nwosu said. Coinfloor is hoping that the access to fiat accounts will be a draw for startups to use the exchange. The company aims to become the premier fiat bridge for the U.K.
“Obviously we think it will bring people to the exchange and we tend to be the best price anyway,” said Nwosu.
Enumis isn’t a bank although it offers many similar services. It is an authorized EMI by the U.K. Financial Conduct Authority. Through its partnership with Coinfloor, Enumis is offering firms current accounts with online banking and API capabilities, with a debit card that gives a 0.2% rebate on usage at Coinfloor.
“I have to be careful with my words because we are obviously not a bank,” said Ali Latif, CEO and founder of Enumis. “We issue electronic money, but from the perspective of someone using the facilities, you are effectively getting the same sort of functionality.”
Coinfloor’s Nwosu stressed that its recommendations to Enumis do not guarantee an account. “It’s possible that we could review a firm to the best of our abilities and Enumis may look at it from a different angle with access to different data than we do and may come to a conclusion that they are not comfortable,” he said. “It’s definitely not by any stretch a passport.”
“We want to find the diamonds in the rough,” Nwosu said. “Enumis are part of a very short list of players providing this option, who are willing to put the time – because it does take a lot of time.”