Swapin Use Cases: How businesses can invoice, pay salaries, and more with crypto 🚨 This article is 3 years old...
Swapin Use Cases: How businesses can invoice, pay salaries, and more with crypto
The cryptocurrency industry continues to integrate into daily life with lightning speed and has already become a part of the global economy.
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Nowadays online stores are ready to receive crypto payments, and the number of transactions for the purchase of the real estate, cars, and other valuables for crypto is growing monthly. The only unsolved problem was the instant conversion of digital assets into fiat directly to a bank account, as well as the security and legality of the operations carried out…Until the revolutionary crypto-to-fiat payment solutions from the Swapin platform appeared on the market.
From now on, businesses can pay salaries to employees in crypto with automatic conversion to EUR to a bank account, accept crypto-to-fiat payments and make transactions. This article is about real cases of using B2B solutions from the Swapin platform by well-known companies.
Some facts about Swapin
Swapin – is an EU-licensed crypto-to-fiat platform. The company has been actively developing since 2017 and recently closed a funding round of €1.68M from the founders of well-known fintech and IT companies. The site presents a complete set of solutions aimed at bridging the gap between digital assets and banks. Businesses and individuals can instantly convert digital assets into fiat currencies to a personal or corporate IBAN account, so it will help to avoid unnecessary accounting and fighting for compliance with legislation.
Payroll on Pax.World
A steady salary is a key factor, which affects the decision of the employee to work in the company. Fast-growing projects, such as the open metaverse Pax World, are interested in attracting and retaining only the best specialists. Salary payment in cryptocurrency is a modern solution, but not always the most convenient. The volatility of digital assets can deprive an employee of a quarter of their income in just a few hours. Since Pax World operates in the crypto market and all proceeds come in cryptocurrency, a quick and simple solution was needed to pay employees in fiat.
The InstaPay solution from Swapin made it possible for Pax World. From now they can send employee salaries in digital assets, considering the current rate, with instant conversion into EUR to a personal IBAN account. It takes only 3 simple steps to transfer accounting :
- open InstaPay on the Swapin platform;
- enter the details of the recipient’s bank account and specify the transfer amount in EUR;
- specify the preferred cryptocurrency for conversion and make the transfer.
After the operation is completed, the employee receives a fixed amount in euros to the IBAN account.
Real estate transactions with RE/MAX
It is a very common phenomenon today to buy or sell property using cryptocurrencies. However, the desires of the seller and the customer may be different. The reasons for this are:
- the crypto market is full of scammers;
- cryptocurrencies are volatile;
- real estate transactions are regulated by law.
RE/MAX is one of the largest international real estate companies. It has decided to allow customers to make transactions using cryptocurrencies. However, this required a simple and safe solution for both parties. The unique tool – CoinCollector from Swapin, has solved the problem. Customers got the opportunity to purchase property for digital assets and sellers received the requested amount in EUR to a personal IBAN account.
CoinCollector is a bridge between digital and fiat currencies. The principle of operation of this tool is quite simple. The seller generates a payment link and sends it to a customer. The customer only has to choose the appropriate digital asset. Swapin calculates the exact amount in cryptocurrency and provides the customer with a crypto wallet address. After the transfer is completed, the seller will receive euros to the bank account, and the customer will receive all the necessary documentation confirming the payment.
In this way we get a win-win strategy: the customer paid with cryptocurrency, the seller received EUR, and the transaction is legal.
Buying gold with Aufort
For the last 2 years, the global economy is going through hard times. High inflation forces investors to save capital in defensive assets such as gold. There are many crypto investors who want to diversify their investment portfolios and transfer a part of their digital assets to precious metals.
Aufort Gold is the first company in the world that offers to buy gold with cryptocurrencies directly on the site using the E-com widget from Swapin. The E-com payment widget easily integrates into the store’s site and allows payments in crypto with an instant transfer in EUR directly to the store’s corporate IBAN account.
The working principle of the Swapin E-com widget is very simple:
- By clicking “Buy”, the customer receives an address for transferring cryptocurrency.
- The customer pays in crypto.
- There is an instant conversion into EUR, which the seller receives to a corporate bank account without interacting with digital assets.
Aufort Gold does not face accounting problems and gains access to a wider audience with the help of this payment method.
Summary
Thanks to Swapin’s B2B and B2C solutions, companies can now pay employees in crypto and solve the problem of accepting and converting cryptocurrencies to fiat in a fast, simple, and legal way. The company is planning to launch the InstaBuy option by the end of the year, which allows users to purchase cryptocurrencies using VISA/Mastercard. Moreover, in 2023 Swapin is planning to get EMI license and enter new markets.
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