Metavault deploys Mercuryo’s on-ramp service

“We anticipate great interest in our on-ramp service among users on the platform, enabling them to pursue myriad DeFi strategies.”

Metavault, a cross-chain decentralized finance hub, has deployed Mercuryo’s on-ramp solution to enable its growing user base to convert fiat currency into digital tokens.

Mercuryo is one of the leading payments infrastructure providers within the DeFi ecosystem, combining various payment solutions into a single interface.

MetaVault has over 80,000 users

Metavault, which has surpassed 80,000 users since its launch in 2022, is a decentralised application (dApp) that provides a toolbox of DeFi services, including spot trading, perpetuals, bridging, liquidity provision, prediction markets and a decentralized sportsbook along with a Decentralised Autonomous Organisation (DAO).

Aviessa Khoo, Executive Director, Singapore, at Mercuryo, said: “Metavault has achieved notable success in attracting new entrants into DeFi, offering a whole plethora of services to its users. We anticipate great interest in our on-ramp service among users on the platform, enabling them to pursue myriad DeFi strategies.”

Anna Wozniak, Business Development at Metavault, commented: “At Metavault, we’re thrilled to partner with Mercuryo to integrate their on and off-ramp services. This collaboration not only enhances accessibility for our users but also underscores our commitment to providing seamless transactions within the crypto space.”

Mercuryo and Sumsub guiding VASPs with Travel Rule

Last month, Mercury published a paper titled “Mastering Travel Rule Compliance” together with Sumsub, aimed at providing guidance to Virtual Asset Service Providers (VASPs).

Designed to aid cryptocurrency businesses in understanding and implementing the Travel Rule to ensure compliance and support business growth, the guide is particularly timely as the FATF’s recent survey revealed that 35 of 135 jurisdictions have already enacted Travel Rule legislation, with the European Union set to follow by December 30, 2024.

VASPs need to respond to the growing global commitment to integrating cryptocurrency within regulated financial systems and ensuring a safe, transparent, and compliant environment. The guide addresses the complexity of the regulation and provides practical solutions to stay compliant while minimizing costs and risks.

The Travel Rule, established by the Financial Action Task Force (FATF), mandates that financial entities involved in virtual asset transactions collect and share personal information of both senders and recipients. This regulation is a critical component of anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. It is essential for VASPs and financial institutions to adhere to these guidelines to remain compliant, avoid penalties, and retain their licenses.