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Why Integrating the Right Crypto Rails Matters For Your Business

By: Prime Trust
Published On: August 27th, 2021

Together, Prime Trust and Plaid are making crypto integration seamless for businesses of all sizes 

Today, more and more companies across the globe are integrating cryptocurrencies into their businesses as interest in the digital asset class has surged. The global adoption of crypto has doubled from 110 million users in February 2021 to 221 million users by late June.

Whether you’re building a crypto exchange or a neobank with crypto services, implementing the right infrastructure to securely handle cryptocurrency and fiat transactions is critical. For example, optimizing your fiat to crypto on- and off-ramp solutions mitigates risk and makes customer onboarding painless. 

Without the right partner with a reliable and scalable infrastructure solution, it can be challenging to navigate the regulatory, compliance, and technical landscape. 

Prime Trust’s financial infrastructure APIs and flexible crypto rails make digital assets simple -- and we’ve partnered with Plaid to provide a checklist for everything you need to integrate crypto into your business. Our APIs cover compliance, custody, payments rails, settlement, liquidity, debit cards, and indemnity— a one-stop shop infrastructure stack already used by Binance.US, Kraken, Okcoin, and Strike by Zap.

What can crypto do for my business?

Diversification of assets and payment options is key to increasing customer accounts. Giving your customers new ways to pay and invest can lead to a more diverse customer base and increase your business’s access to funds:

  • Offering crypto services broadens your access to the more than 46 million Americans who now own Bitcoin, which is about 17% of the adult population (and mostly millennials) -- a number that has spiked over the last two years. 

  • According to a 2020 study conducted by Forrester Consulting, businesses that accepted Bitcoin found up to 40% of customers that paid with crypto were new to the business.

  • Bloomberg reported that as of June 2021, companies offering crypto services have attracted a record-setting $17 billion worth of VC and institutional capital.

How can I start accepting crypto payments for my business?

Prime Trust allows businesses to make crypto accessible to their customers  through our asset agnostic API platform. Our infrastructure securely performs end-to-end ACH transfers, new account opening and user compliance checks, storage of assets in custodial accounts, buy and sell orders, and instant settlement. 

When it comes to integrating payment rails for cryptocurrencies, regardless of your company size and scale, the Bank Secrecy Act must be followed, including know-your-customer (KYC) and anti-money laundering (AML) regulations. Prime Trust’s robust compliance programs adhere and adapt to industry regulations by monitoring transactions, reducing fraud, and ensuring business is conducted responsibly. 

What types of businesses can Prime Trust’s infrastructure support? 

Any business seeking to quickly launch and scale access to crypto will benefit from Prime Trust’s digital asset infrastructure. This includes crypto exchanges, neobanks, small and mid-sized banks, large financial institutions, alternative trading systems (ATS), equity crowdfunding platforms, and nonprofits who want to accept crypto.

Prime Trust is a one-stop shop for financial infrastructure APIs. We provide access to custodial solutions, simple payment rails that streamline the customer onboarding process, fast and reliable settlement of digital assets, trading liquidity, and protection from fraud, chargebacks, and false declines through our indemnity solution. 

How can Prime Trust improve my customer experience?

Empower your platform with fiat/crypto on- and off-ramps to provide customers with smooth user flows and onboarding. 

Businesses who integrate Prime Trust’s financial rails automate the verification and validation process of customer bank information. Combined with Plaid’s ACH connection layer, businesses can instantly authenticate customer bank account details directly from financial institutions without customers needing to leave your platform. 

Prime Trust’s infrastructure does the heavy lifting so you can build and scale your business. No need to play macgyver and develop your own native API, Plaid expertly communicates with thousands of banking providers to provide reliable access to USD and other fiat currencies. 

With Prime Trust, offering crypto to your customers is simple and safe. Our API ecosystem provides businesses with the financial building blocks, payment rails, and security to move crypto and digital assets. 

Ready to offer crypto to your customers? Find out exactly what you need to give your customers a smooth crypto experience. 

Download the checklist.

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