US-based payments processor SpotOn moves into crypto
SpotOn Transact, a company that produces payments software in the U.S., has announced a partnership that will allow merchants of the SpotOn point-of-sale software to accept cryptocurrencies as payment. The deal was made with Vaultbank, a tech company that creates, issues and trades financial instruments over the blockchain, and will give retailers the ability to accept Bitcoin, Ethereum, Ripple and Stellar as an alternative to fiat.
According to a statement by SpotOn President RJ Horsely, “Today’s ever-evolving digital market demands that merchants need a payment service capable of accepting a wider diversity of currencies including virtual currencies. Our new technology will allow thousands of SpotOn merchants to accept cryptocurrency without having to onboard to another payment processor or manually convert cryptocurrency funds into fiat.”
SpotOn will be able to incorporate a feature offered by Vaultbank to allow consumers to pay in either fiat or crypto. Merchants have the added benefit of either being able to immediately convert the payments into fiat, or storing them in their original form. The ability to convert crypto funds into fiat is an important one, given the current market volatility seen with crypto.
In the near future, SpotOn expects to add more features to the platform. The company indicated that it is working on a loyalty rewards solution for customers, as well as a crypto exchange that would operate directly through the SpotOn platform.
Vaultbank offers a single platform that allows investors to buy, sell and spend their crypto assets. It also provides a solution for securities tokenization. According to its website, “The Vaultbank Platform plans to tokenize securities like Mutual Funds, and will be a securities compliant platform that performs KYC [Know Your Customer], AML [anti-money laundering], FATCA [Foreign Account Tax Compliance Act] and Accreditation. Users will be able to buy and sell security tokens and top utility tokens at industry competitive rates”