EU based open bank platform ORCA has announced the signing of a partnership with Lithuanian e-money institution MisterTango, marking its first step into the world of payment processing.
From now on ORCA, which is aiming to bridge traditional banking and cryptocurrency services will have the ability to develop solutions for SEPA payment accounts adopting tech utilized by MisterTango. Furthermore, the partnership will allow ORCA to issue debit payment cards.
Only a handful of companies in the cryptocurrency space can offer these services at the moment. ORCA intends to join the list before the end of this year. Cooperation with an EU licensed e-money service provider will open a lot of doors for the progression of the ORCA project.
MisterTango is one of the fastest growing payment processor companies in the EU and has grown more than 20 times in revenue over the last year. The newly formed partnership will enable ORCA to set up SEPA accounts and initiate payments on behalf of users for a seamless fiat and crypto experience within its open application.
“Having industry’s rising star such as MisterTango as our partner is a big deal for us. The ability to open SEPA accounts also greenlights our plans to issue ORCA card, a service our community is eagerly looking for. Our team will start working on it ASAP”, ORCA’s CEO Natan Avidan commented.
Bridging traditional banking and crypto
ORCA is staying on the course to make cryptocurrency markets more accessible to average consumers and crypto adoption to another scale. One of the reasons preventing rapid expansion is the issue of lacking infrastructure which makes it hard for people to acquire, manage and transfer crypto assets. Currently, there’s no lasting solution which allows combining crypto finance with conventional money accounts, a strange problem to have in the digital age.
“ORCA is entering the market at an exciting time to bridge traditional payments with the world of cryptocurrency. We see it as a huge opening to attract new clients. The digital coin market is expanding, and anyone able to offer ways for easy portfolio management will be on demand in the market,” said Gabrielius Bilkstys, business manager of MisterTango.
ORCA is working to include cryptocurrency accounts and exchanges into its open banking platform to solve the issues of efficiency for both cryptographic coins and fiat currencies. Using the ORCA app, users will be able to make instant transfer between their wallets and exchanges. Besides, they will be able to convert crypto assets to traditional currencies instantly.
Mistertango is an electronic money institution supervised by Bank of Lithuania, activity license No.11.