Virtual currency

The partnership between Verrency and Coinify will enable banks to securely offer their customers the ability to use virtual currency for payments to merchants around the world.

Banks will be empowered to utilise Verrency’s middleware platform to integrate virtual currency funding sources and digital wallets without the need for a specially issued card.

Instead customers will have the ability to make payments using virtual currency via existing payment products like digital wallets and physical cards.

Verrency chief executive David Link said that the partnership is a game changer for the increased utilisation of token-based assets by major financial institutions.

“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-centred legacy payments rails,” said Mr Link.

“Mainstream usage of tokens or virtual assets will not occur by connecting the merchant side of the equation – it simply will take too long to achieve ubiquity, without which there will be no significant usage.”

Co-founder and CEO of Coinify Mark Højgaard said this partnership held a huge potential for crypto adoption.

“Verrency’s platform that can easily integrate third parties with the existing banking payments infrastructure is a potential breakthrough for the future space of digital currency and mainstream token usage, where established technology titans such as Facebook’s Libra project are beginning to explore the possibilities,” he said.

The partnership sees Coinify join Verrency’s V+ partner exosystem which facilitates collaboration with fintechs and enables a series of hyper-personalizable services.