Switzerland's Aximetria launches zero-fee mobile crypto exchange, P2P transfers
Aximetria, a Swiss fintech that offers a crypto-centric mobile app for remittances, exchanges and passive investments, has launched zero-fee cryptocurrency exchanges and P2P transfers.
The company has been seeking large scale adoption of cryptocurrency in competing against challenger banks like Revolut and N26, and part of the hurdle has been the perceived expense of trading cryptocurrency compared with neobanks that have taken digital banking share from traditional institutions.
"As a Swiss company we do not conduct regulated banking activity," CEO Alexey Ermakov, told Mobile Payments Today via email. "Our business model aims at providing IT services and managing an IT platform which facilitates the transmission of client orders in relation to the sale of crypto funds."
The company previously charged commissions of 2.85%, he said.
The company is planning a P2P service that allows customers to send and receive funds without and an account or a card.
He said the company has a Swiss VQF license, which allows it to operate in all FATF [Financial Action Task Force] countries through online Know Your Customer registration, which is a regulated method of authenticating identity through digital onboarding.
VQF is a regulatory body in the Swiss city of Zug, a major financial hub.
Cover image: Aximetria