Crypto to Fiat in 6 Seconds Becomes Reality
The ORCA Alliance, dubbing itself the bridge between crypto and traditional finance, completed a transfer from a cryptocurrency exchange straight to user's bank account in 6 seconds during a livestreamed event on Monday.
The technological case was presented by Dmitrij Radin, co-founder and Chief Technological Officer of ORCA, with the help of a vending machine which helped to verify that funds were received:
Streaming starts at 10:20, while the actual showcase begins at 18:45
Natan Avidan, CEO of ORCA Alliance said, “We are well aware that mass adoption can be reached only through practical use cases and convenience benefits. Instant crypto withdrawals are just a stepping stone towards our goal, albeit an essential one.”
The startup is building an Open Banking platform which will help its users to connect, track and manage their financial accounts from European banks, e-money institutions, cryptocurrency exchanges, and wallets, according to the Lithuania-based company.
“The whole banking sector is being disrupted [...] A couple of years ago it had been inconceivable to think that a startup can enter the closed market of retail and investment banking and take over a part of its market share,” said Laurent Bourquin, Chief Operating Officer of the company and former investment bank analyst.
The startup works closely with the EU and taking advantage of the EU’s revised Directive on Payment Services (PSD2), which empowers account holders with the authority to share data, removing the financial institution's role as gatekeeper. ORCA claims that their clients would be able to choose the most appropriate payment services based on their everyday needs at favorable rates from a variety of providers.