Verrency and Coinify announces new virtual currency partnership
Australian global payments service Verrency and Danish virtual currency provider Coinify announced their new partnership to help banks offer customers secure virtual currency for payments at any merchant around the world.
Verrency’s middleware platform means banking customers will no longer have to use prepaid or debit cards – instead, banks can now offer customers the ability to pay with virtual currency using their physical cards and digital wallets.
Coinify supports the selection and connection of the wallet infrastructure, enabling banks to route payments to different authorised funding sources more easily.
“The rapid growth in consumer interest and ownership of virtual currency assets and the rise of virtual trust technologies has been a key trend for the payments sector as a whole over the last decade,” says Verrency CEO David Link.
He adds: “As virtual currencies transition in the next few years from being speculative investments into a smaller number of mainstream assets – which will see more government or fiat-backed stable tokens, or even tokens simply as a payment element – it is critical that banks have the technology in place to actually allow the usage of such virtual assets across their existing consumer-centered legacy payments rails.”
Mark Højgaard, Coinify co-founder and CEO, is similarly excited about the industry change, commenting that established technology titans such as Facebook’s Libra project are beginning to explore the possibilities of virtual currency.
Facebook’s proposed virtual currency, Libra, has brought the conversation of virtual currencies and fiat-backed tokens back to mainstream conversation.
The Verrency-Coinify partnership sees Coinify join Verrency’s V+ partner ecosystem, which facilitates collaboration with fintechs.