As part of its drive to participate in the digital asset market, global open banking platform TrueLayer has entered a partnership with Coinbase to allow account top-ups for users in the UK.Â
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Although the service will initially begin in the UK, it will gradually be extended to other parts of Europe in the coming months.
Interestingly the partnership is a significant one for TrueLayer as Coinbase leads the US exchange market by trade volume, it is also the second-largest exchange globally.
TrueLayer Provides an Alternative to card Payments
Open banking, which is primarily used for easy payments from fiat to digital currency, appears to be a better alternative to established card-based payment systems. With this method users only have to pay a fraction of the fee charged using card payments depending on the amount.
According to Francesco Simoneschi, CEO of TrueLayer, payment methods like cards and manual card transfer creates a poor user experience and unnecessary overhead cost for exchanges. TrueLayer solves this problem with its solutions. It also improves functionality by increasing speed and reducing errors as users don’t need to manually add bank account details.
To use this service, users in the UK will have to link their bank accounts to Coinbase and then confirm the payment after authenticating via a banking app. As time goes on, Europe will also benefit from the initiative.
TrueLayer attained its unicorn status in September 2021 after securing $130 million at a $1 billion valuation in a round led by Tiger Global Management. The open bank provider already provides its services for crypto firms like Revolut, Freetrade, and Cazoo according to its website.
In response to the harsh crypto conditions, TrueLayer slashed its workforce by 10% in September. To cushion the effect of the layoffs, the impacted employees were connected to other job opportunities through the TrueLayer network. However, it gave an exit package that covered an additional number of months.
Meanwhile, Uala, a MasterCard-backed Fintech company recently launched a new service that allows Argentines to trade Bitcoin (BTC) and Ethereum (ETH).
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