Revuto and Banxa — achievement unlocked
Alongside the option to purchase ADA with your cards directly from the Revuto app and get ADA to your non-custodial Cardano wallet, you can now exchange FIAT-to-REVU. To make this huge step forward for the Revuto project available to our users, we partnered with Banxa, an industry leader in FIAT-to-crypto exchange (on-ramp) and vice versa (off-ramp).
To make the partnership possible, Revuto had to go through a compliance and screening process in order to assure Banxa that our project and the REVU token were eligible to be listed on their regulated platform. The integration will not only help Revuto users to easily purchase REVU with their cards without leaving the Revuto app but also the opportunity to easily off-ramp REVU tokens back to FIAT via Revuto Virtual Debit Cards once the card program is live. With both on-ramp and off-ramp set in place, the Revuto ecosystem will offer its users a one-stop solution for seamlessly moving their funds (liquidity) between traditional finance and web3.
What is Banxa, and why did we choose to work with them?
Banxa is a financial technology company that provides infrastructure and services for the digital currency industry. It offers a platform that enables businesses to accept and process selected digital currency payments as well as traditional fiat currencies.
Banxa acts as a bridge between the traditional financial system and the world of cryptocurrencies. It aims to make it easier for businesses and individuals to transact with digital currencies by providing secure and compliant payment solutions.
The company offers various services, including a cryptocurrency exchange, fiat-to-crypto and crypto-to-fiat payment processing, and compliance solutions. Banxa works with various partners, including cryptocurrency exchanges, wallets, and other businesses in the digital currency ecosystem.
By partnering with Banxa, Revuto can integrate different payment solutions into its platform, allowing customers to buy or sell cryptocurrencies and make payments using digital currencies. Banxa’s services typically involve identity verification (KYC) and compliance checks to ensure regulatory compliance.
Overall, by partnering with Banxa, Revuto will play a significant role in facilitating the adoption and use of digital currencies by providing infrastructure and services that make it easier for businesses and individuals to transact in the digital currency ecosystem.
Why it’s not so easy to on-ramp FIAT to crypto
To be able to work with Banxa and get your token listed, that token needs to be listed on tier-1 centralized and regulated exchanges, providing liquidity for the exchange. The process includes checkup whether the listed cryptocurrency is a utility or security token. In that regard, Revuto provided two independent legal opinions from legal offices — one from Nikita Tepikin, a Lawyer, LLM, Esq. NY License Attorney, Legal Kornet Law Firm LLC, registration number 5251814 from New York, and the second from Dentons Rodyk & Davidson LLP from Singapore. Revuto and Banxa also signed a tripartite agreement about KYC data sharing collected by SumSub, a regulated KYC provider offered via the Revuto platform (mobile app).
What you need to know about the process of purchasing REVU with FIAT
In some cases, KYC verification could be needed when the user opts to buy REVU within the Revuto app for significant amounts with a debit or credit card. Also, depending on which country the user comes from, Banxa may ask for KYC verification. Banxa is licensed to provide its services to most countries around the world. However, some users may be restricted from using the Banxa feature within the Revuto app if they come from a country where Banxa is not allowed to operate. In some cases, depending on one’s country of origin, the user may need to do KYC verification with SumSub to purchase a specific amount of REVU or ADA. That amount may vary because some countries allow lite-KYC when purchasing crypto for smaller amounts of FIAT.
We emphasize that Revuto is a technological platform integrating different service providers in a specific business logic that may require KYC verification. Still, Revuto will never hold or check the data provided by the user to comply with KYC requirements. In the same way, Revuto will never store or know the card information provided by the user to purchase REVU or ADA within the Revuto app. In that process, only Banxa is responsible for acquiring funds from users’ debit or credit cards.
Purchasing crypto with FIAT may be challenging
Please note that although Banxa accepts purchases with VISA and Mastercard debit/credit cards, in some situations, the transaction may be declined by the bank that has issued your card because Banxa as a merchant is connected to crypto, which means it could be blacklisted by the card issuer (the bank) as a risky transaction. If that happens, we advise you to contact your bank (card issuer) to whitelist Banxa as a merchant, which should solve the issue. With time and more services offering similar functions, the process should provide less friction because there are no legal obstacles prohibiting a card (bank account) owner from purchasing crypto with FIAT.
In some cases, Banxa may not process your payment if you pay with FIAT currency other than USD, EUR, or other widely adopted currency. If you can’t process the payment using your domestic FIAT currency, try switching to USD or EUR. Banxa uses a fair exchange rate, so you should not pay additional fees.
Damn, those fees!
When making a purchase, several fees may apply. Banxa’s business model is based on taking small fees for transactions. Those fees are always around 2–3%, which may vary depending on which currency you buy and what currency your card supports. Also, there could be interchange fees when purchasing REVU or ADA with cards supporting foreign FIAT currency.
To get liquidity in REVU, Banxa connects to centralized exchanges where REVU is listed, meaning any significant volume of purchases may affect the price of REVU. All exchanges execute based on the market price, and exchange fees from centralized exchanges are calculated into the fees Banxa will charge you when purchasing REVU or ADA. Lastly, Revuto may add a markup to Banxa’s fees. Still, Revuto decided not to take additional fees to lower the barrier (make it cheaper) for the user to purchase ADA or REVU with FIAT. In some cases, the fees may seem steep, but with time and higher volumes, we’re confident those fees will get lower.
Onramping FIAT-to-REVU is important for several reasons.
Accessibility and Adoption: Fiat-to-REVU onramp makes it easier for individuals new to cryptocurrency to enter into this world and participate in it. Allowing users to convert their traditional fiat currencies (such as USD, EUR, etc.) into ADA or REVU bridges the traditional financial system and the crypto ecosystem. This accessibility promotes wider adoption of cryptocurrencies by removing barriers to entry.
Financial Inclusion: Fiat-to-REVU on-ramp contributes to financial inclusion by enabling individuals who may not have access to traditional banking services to participate in the cryptocurrency market. It allows unbanked or underbanked populations to transact and store value digitally, opening up new opportunities (access to our Staking Center, Micro-lending and Borrowing, NFTs…) and empowering individuals with financial autonomy.
Diversification and Investment Opportunities: Onramping FIAT to REVU or ADA allows individuals to diversify their investment portfolios. By converting FIAT into REVU or ADA, investors can access a wide range of digital assets and take advantage of potential growth opportunities in the crypto market. This diversification helps individuals spread their risk and potentially increase their investment returns.
Hedging Against Inflation: Cryptocurrencies are often seen as a hedge against inflation and economic instability. Onramping FIAT to REVU allows individuals to protect their wealth by converting their fiat currencies into cryptocurrency that may retain value or appreciate over time. This feature is particularly relevant in regions experiencing high inflation rates or economic uncertainties.
Borderless Transactions: Fiat-to-crypto onramps enable borderless transactions with reduced fees and faster settlement times compared to traditional cross-border transactions. Cryptocurrencies facilitate peer-to-peer transactions that are not limited by geographical boundaries, allowing for efficient and cost-effective global payments. Onramps play a crucial role in facilitating these transactions by enabling the conversion of fiat into cryptocurrencies.
Technological Innovation: Onramping fiat to crypto supports the growth and development of the broader cryptocurrency ecosystem. It encourages technological innovation by providing a means for individuals and businesses to engage with cryptocurrencies, driving the creation of new services, applications, and infrastructure. This innovation could disrupt traditional financial systems and foster the development of more efficient and inclusive financial technologies.
In summary, by bridging the gap between traditional finance and cryptocurrencies, the FIAT to REVU/ADA on-ramp offered within the Revuto ecosystem will play a crucial role in driving the adoption and growth of the Cardano ecosystem.
Integrating the REVU token with Banxa’s crypto onramp will provide several advantages for Revuto and its users:
1. Easy Access for Users: By integrating with Banxa, Revuto can offer users a convenient and straightforward way to purchase REVU tokens using fiat currencies. Banxa supports multiple payment methods, making it easier for users to enter the crypto space and acquire REVU tokens without complex processes or additional platforms.
2. Broad User Reach: Banxa’s extensive user base and global reach can significantly help Revuto expand its customer reach. Banxa supports various fiat currencies and payment methods, enabling users from different countries and regions to access and purchase REVU tokens. This integration can contribute to increasing Revuto’s user adoption and market presence.
3. Enhanced User Experience: Integrating Banxa’s user-friendly onramp solution can improve the overall user experience for Revuto’s customers. Banxa’s seamless integration can provide a smooth and intuitive buying process, allowing users to convert their fiat currencies into REVU tokens easily.
4. Regulatory Compliance: Banxa is committed to regulatory compliance, including anti-money laundering (AML) and know-your-customer (KYC) requirements. By leveraging Banxa’s infrastructure, Revuto can ensure that the onboarding process for acquiring REVU tokens aligns with these regulatory standards. This compliance helps protect against fraudulent activities and strengthens the platform’s security.
5. Technical Expertise and Support: Integrating with Banxa provides access to their technical expertise and dedicated support. Banxa’s team can assist Revuto in the integration process, ensuring a smooth implementation and addressing any technical challenges that may arise. This support can save time and resources for Revuto’s development team.
6. Increased Liquidity: Integrating with Banxa can contribute to increased liquidity for the REVU token. Banxa’s user base includes individuals interested in buying various cryptocurrencies, including REVU. This integration can help facilitate a larger volume of REVU token purchases, enhancing liquidity and potentially benefiting the token’s value.
Overall, integrating with Banxa’s crypto onramp can provide Revuto with easier user access, broader market reach, an improved user experience, regulatory compliance, technical support, and increased liquidity. These advantages make it a compelling choice for Revuto to integrate with Banxa to facilitate the onramp process for acquiring REVU tokens.
Your Revuto Team
In case you missed:
📣Revuto Monthly Recap: May 2023 — Read now
💼 Office Day — Watch some highlights
🚀 REVU listing: Trading is live on KuCoin and Gate.io 🚀
📲 Download the Revuto app now! — Available for iOS, Android, Huawei
🎥 Revuto Deep Dive — Watch the video
📻 UK Radio campaign — Listen to our slot
💫 Unique Revuto NFTs — See all NFTs
🎥 Our co-founder Jos on Cardano360 — Tune in at 38:20
🎂 Our Token Generation Event (TGE) aka REVU Token birthday — See the event
🎙 Cardano live podcast with our co-founder Jos — Listen to the podcast
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