Embily, a well-known crypto fintech company in the European Union with headquarters in Tallinn, Estonia, announced its plans to enter the U.S. market.
Despite regulatory challenges faced by foreign financial and crypto companies seeking to expand their services to the U.S. market, Embily is optimistic about its new project. The first step of the company’s expansion is to launch a crypto-friendly debit card designed to “bridge the gap between digital and traditional currencies by creating an open financial ecosystem accessible to everyone,” says Embily CEO Alex Bychkov.
Embily’s American branch has recently joined the Visa Fintech Fast Track program, expediting its integration with Visa and gaining access to secure financial communication protocols and extensive security capabilities employed by VisaNet, Visa’s global payment network. The move will allow Embily to reduce registration time, thus accelerating the Know-Your-Customer process, payments, and cryptocurrency conversion while facilitating the company’s successful expansion stateside.
Embily is registered in the E.U. and operates under a European Central Bank license. The company services IBAN accounts while also issuing credit and debit cards. It enables forex and cryptocurrency transactions and crypto-to-fiat conversion through BTC2WIRE OÜ, offering clients secure and fast fintech solutions. Today, over 30,000 Europeans use Embily’s crypto cards for everyday transactions.
According to American professional IT publishing service HackerNoon, the Embily Visa card ranks #4 among the top 10 best debit cryptocurrency cards as “The Best For European Users.” And by entering the world’s most important American market, this fast-growing Estonian fintech company will reach a new milestone.
Embily will be available as a physical and digital debit card that U.S. consumers can top up with the most popular cryptocurrencies – Bitcoin, Tether, and more. The cryptocurrencies are then converted into USD and are ready to be used for payments anywhere in the world where Visa is accepted. With the Embily cryptocurrency card, you can shop online and offline across the globe and withdraw cash from any ATM. Customers can also make contactless payments by adding Embily U.S. Visa to Apple or Google Pay.
“We are very excited about the opportunity to improve our project with Visa. This is another important step toward our launch. Be on the lookout for what the future holds,” says Embily’s US CEO Joe Sasenick.
“By joining the Visa Fast Track program, exciting fintech companies like Embily USA gain unprecedented access to Visa’s experts, technology, and resources. Fast Track allows us to provide the new resources that fast-growing companies need to scale efficiently,” says Terry Angelos, SVP and Global Head of Fintech, Visa.
There are currently only a few companies on the American market that allow users to deposit cryptocurrency into their cards; this includes the crypto exchange Coinbase, the fintech operator PayPal, and a few others. Embily’s introduction to the U.S. financial market will undoubtedly provide competition and encourage other major players to offer similar functionality to their clients. In 2021, Yahoo Finance reported that more than 350 million people around the world owned cryptocurrencies, and this number has been constantly increasing. In this light, there is an undeniable need for new innovative players on the market to meet the growing demand from American consumers.
