Saifu, a financial institution regulated by the Czech National Bank (CNB) under the directives from the European Union, launched one of the first bridges between crypto and fiat currencies to enable individuals, businesses and banks to seamlessly add cryptocurrencies to their operations and transition to the digital economy.Bridging that gap has been quite the challenge for many cryptocurrency operators throughout the years as it would expose them to a world of regulatory requirements that many, including users, wanted to avoid. This, however, has been limiting the transition to the digital economy. Using cryptocurrencies in the real-world economy has been challenging: storage and transactions are complicated, and hacking and other security issues abound.
Saifu’s app allows customers to exchange and use both crypto and fiat currencies in their everyday lives while holding their virtual currency savings in the company’s secure crypto vault.
The platform brings the best of both worlds as it features services provided by a traditional bank checking accounts, money transfers, currency exchanges, and a soon-to-be-released mobile app while also allowing users to exchange money between fiat and cryptocurrencies. Additionally, Saifu will soon provide its users with MasterCard prepaid cards and card acquiring services.
The company provides deposit accounts to customers in both fiat and cryptocurrencies that will soon have their own IBAN accounts. Fiat accounts can make transfers in the form of SWIFT and SEPA network transactions, and cryptocurrency transfers are made through a public wallet address or QR codes to send to an outside wallet.
Security-wise, Saifu developed a bank-grade security in partnership with French banking cybersecurity expert Thales, where customers keys are born in a dual, malware-protected access card system, and are never able to leave it. Even if Saifu is hacked, nothing can be stolen, according to the company.
