Everything you need to know about ‘CAAS’
Cryptocurrency and its derivatives, such as NFTs, blockchain games, Metaverse, and others, have inevitably become the norm. People are realizing that digital currencies are not just a fad, but a full-fledged technology.
Global corporations and banks are incorporating cryptocurrency into their balance sheets, and private investment in the industry - not just the assets themselves - is increasing at an exponential rate. It's past time to capitalize on what this technology has to offer.
Bitcoin and other cryptocurrencies are currently accepted by big enterprises and companies. Reduced costs, improved security, and quicker transfers are all benefits of using cryptocurrency payment methods, which can let businesses reach a larger Web3 market. Many businesses have found that using cryptocurrencies as payment is a powerful marketing strategy. Nevertheless, until recently some businesses could not reach the market due to the necessary costs and development competence.
What is Crypto as a Service Solution?
The term "crypto-as-a-service" or "crypto-as-a-service" (CaaS) is still being defined. It can refer to any type of software or platform as a service associated with the cryptocurrency industry. In a broader sense, the capacity to establish a product or service linked to cryptocurrencies with the service provider supplying the platform rails and the regulatory and compliance rails is known as "crypto-as-a-service."
A CaaS (Cryptocurrency-as-a-Service) would, for instance, imply that the solution provider is at least capable of meeting the platform rails (i.e. API), custody of funds handling, licensing, compliance, anti-money laundering, KYC/KYB, and reporting requirements if someone is attempting to launch an OTC (Over-the-Counter) Bitcoin Trading Desk.
Crypto as a Service (CaaS) is a simple plug-and-play solution for businesses interested in providing cryptocurrency services to their customers. It is completely white-label, which means that customers will not interact with the intermediary but will instead interact directly with the service they initially signed up for. The solution will enable any bank, fintech, or financial service provider to offer crypto products via blockchain infrastructure.?
CaaS, according to neobanks, enables business customers to generate new revenue streams by connecting to a gateway platform and making it simple for their end-users to manage crypto funds. End users will be able to:?
The businesses that offer these services also have access to monitoring and risk management systems for transaction data that are very safe and compliant. As CaaS is a back-end-only tool, they will also be in charge of creating the global payments user interface.
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This guarantees that the cryptocurrency services are fully consistent with the brand and do not appear to be a third-party intervention. Users can make cryptocurrency payments and manage their cryptocurrency funds with this interface.
The primary provider of Crypto as a Service will be in charge of each jurisdiction-specific element like KYC/AML, order processing, transaction monitoring, and custody of digital assets.
Who Requires ‘Crypto as a Service?
CaaS allows regulated banks and fintech companies to allow their customers to invest, hold, trade, and pay in cryptocurrency. Pension funds and asset managers will be able to invest in cryptocurrency on behalf of their clients' thanks to the solution.
Companies that handle remittances will begin sending cross-border payments at a fraction of the cost. Gaming studios, e-merchants, brands, and other businesses can start opening digital wallets for their customers to transact in cryptocurrency. Any company that wants to innovate its payment system or enter the global market but lacks the necessary tools will benefit from incorporating Crypto as a Service.
Conclusion
Crypto as a Service is one of the few solutions to become a secure and convenient means of advancing any business, whether a well-known bank or an aspiring e-merchant. Based on popular demand and the lack of comparable working solutions, the potential for this product is enormous.
If you are also interested in launching a Blockchain related solution or need any expert guidance for your Blockchain-based Business, Corum8 is here to help!?
Corum8 is a blockchain development & cryptocurrency marketing agency in the USA that provides blockchain marketing and cryptocurrency services. We are a team of Blockchain developers, marketing experts, and growth hackers working towards making businesses succeed with the power of enterprise Blockchain, AI, and Growth Hacking.
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