New Entrants Emerge in Crypto Payment Infrastructure Space

Crypto platforms have been looking for ways to improve their payment infrastructure, and several new entrants are stepping up to fill the gaps. One of the biggest challenges is providing a seamless on-ramp and off-ramp experience for users, which requires connecting with local currency rails.

Banking Circle stands out as a solution for large exchanges, offering named client accounts and settlement corridors across various currencies. Its platform allows customers to pay in using SEPA, SWIFT, or Faster Payments, and the funds are then converted to stablecoins like USDC or EURI. The reverse process is just as smooth, with stablecoins converting back to fiat and paid out over the same rails.

Lorum offers a similar service but focuses on named accounts, providing each client with their own virtual IBAN for segregation and reconciliation. This approach gives treasury teams complete visibility into every transaction and allows them to manage reserves effectively.