Blockchain
FreeBnk Brings IBAN to the Blockchain with E Money Network
Regulatory risks have long posed significant challenges for the crypto industry, with companies facing steep fines and sanctions for non-compliance. Fortunately, the European Union’s comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), has provided much-needed clarity. To ensure its services comply with MiCA, FreeBnk has partnered with E Money Network, enabling FreeBnk users to access unique International Bank Account Numbers (IBANs), integrating this important banking standard into the blockchain industry.
Blockchain Meets Banking With FreeBnk’s IBAN
The partnership between FreeBnk, a hybrid banking and DeFi platform, and E Money Network, the first MiCA-compliant blockchain, represents a significant step towards integrating blockchain with traditional finance. This collaboration will allow FreeBnk to comply with MiCA regulations, which took effect on June 30.
Through this partnership, FreeBnk users will receive unique IBANs, facilitating seamless transactions globally, both within and outside decentralized finance. This integration enables the transfer of funds between crypto holdings and traditional bank accounts, ensuring that FreeBnk can interface with traditional banks while adopting the IBAN model widely used in conventional banking.
“This collaboration highlights our desire and commitment to bridging traditional banking with blockchain, allowing our users to easily navigate between fiat and digital assets,” explained Yunus Emre Ozkaya, CEO of FreeBnk.
What MiCA Means for FreeBnk
Since its implementation, the EU’s MiCA regulation has set a high standard for compliance, focusing on consumer and retail investor protection similar to that in traditional financial markets. MiCA mandates that crypto-asset service providers offer clear and comprehensive information on all assets, including associated risks.
MiCA also establishes transparency rules and measures to protect client assets and prevent conflicts of interest. These measures require firms to segregate client assets from their own and undergo regular audits, reporting the results to regulators. Such practices were notably absent during the collapse of the crypto exchange FTX, which drew significant regulatory attention and spurred the push for comprehensive regulation.
By complying with MiCA, FreeBnk demonstrates a high standard of consumer protection, which is crucial in both the banking and crypto sectors.
On the Flipside
The crypto community’s reaction to MiCA has been mixed. While some are concerned that stringent rules could stifle innovation, others welcome the regulatory clarity. MiCA rules are especially important for tokenized real-world assets (RWAs), a focus area for FreeBnk. Industry estimates suggest that RWAs could become a $10 trillion industry by 2030.
Why This Matters
By partnering with E Money Network, FreeBnk ensures regulatory compliance and a high degree of consumer protection, which is vital for users in both the crypto and traditional banking sectors. This partnership exemplifies how integrating traditional banking standards with blockchain technology can enhance trust and transparency in the crypto industry.
Source: dailycoin.com
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Finfare Connect, a market-leading rewards platform empowering businesses to engage and retain customers through personalized offers, has announced an innovative collaboration with ZBD, a leading payments company at the forefront of digital economies.
Finfare Connect is a part of Finfare Inc., a thriving fintech company with offices in Irvine, California and London.
Through this strategic alliance, Finfare will provide ZBD users with access to affiliate, card-linked, and instant cashback offers, enabling them to earn Bitcoin through everyday purchases, above and beyond those already earned via the ZBD app.
Beginning today, ZBD users will have the option to link their payment card or multiple payment accounts to start automatically earning rewards while shopping online or at in-person stores. Card linking involves connecting a single payment card, while account linking occurs when a user connects multiple bank accounts to earn highly customized rewards.
In terms of rewards, ZBD users who sign up for the program will have access to offers from thousands of well-known brands such as Nike, Adidas, Asics, Crocs, Tommy Hilfiger, Urban Outfitters, Cole Haan, Steve Madden; and popular retailers such as Nordstrom, Brookstone and Best Buy, among many others.
ZBD’s innovative app immerses users in a world of games and apps, allowing them to earn Bitcoin while enjoying diverse entertainment experiences.
Now, US-based ZBD users will be able to seamlessly earn Bitcoin through their everyday purchases simply by linking their payment accounts via the ZBD app. Then, they will automatically earn Bitcoin whenever they purchase an item that’s promoted by FinFare.
“We are thrilled to launch this exciting offering with ZBD,” said Alan Zrado, Executive Vice President, Finfare Connect. “Through this alliance, we are enhancing the way ZBD users engage with digital payments, offering them unparalleled opportunities to earn Bitcoin through their everyday transactions. This partnership also underscores our commitment to empowering businesses by providing their customers with compelling, customized, and valued rewards.”
“We are excited to join forces with Finfare Connect to give ZBD users greater value by giving them more ways to easily earn Bitcoin rewards,” said Ben Cousens, Chief Strategy Officer of ZBD. “By combining Finfare Connect’s expertise in personalized offers with ZBD’s cutting-edge payments technology, we are providing our users with a great way to earn Bitcoin by shopping as they normally would anyway.”
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