Bit2Pay to be integrated into MELD

MELD - a fiat and crypto services neobank - has acquired the Canadian fintech payments provider Bit2Pay.

Licensed as a money services business (MSB) in Canada, Bit2Pay provides fiat services including payments, foreign exchange and money transfers and virtual currencies. MELD has acquired Bit2Pay and its license to strengthen its licensed fiat services globally.

MELD is building a new type of banking services platform that merges crypto service and fiat services into a single platform for both users and businesses alike. It provides the ability to have a traditional deposit account and a crypto wallet.

Account holders are able to exchange between crypto and fiat transfer funds between MELD accounts for free and earn interest on stablecoins.

"With the unprecedented success of the Bitcoin ETF and the loosening of SECs grip on crypto, more traditional financial institutions like BlackRock are promoting crypto. But everyday users still have to navigate a complex and jargon-filled maze in order to even buy it," explained MELD CEO and co-founder Ken Olling.

"MELD is offering a new type of neobank that embraces cryptocurrency and still fulfils the regulatory requirements when offering fiat services.

"Today, the world of crypto and traditional banking are miles apart. It’s difficult and expensive to buy crypto with fiat currency like US dollars and Euros."

Olling added that it was currently even harder and to convert crypto back to fiat currency.

"MELD is solving this problem and Bit2Pay's MSB license strengthens MELD offering by giving it a fiat money license alongside MELDs Virtual Asset Service Provider license (VASP) in Lithuania," he said.

"With the addition of Bit2Pay we have everything we need to be the first global onchain neobank.”

Incorporated in 2023, Bit2Pay holds an MSB license in Canada allowing it to handle fiat services and crypto services for customers in more than 80 countries. With the ability to onboard new users and businesses, Bit2Pay gives MELD the ability to connect to its existing systems and more flexibility to work with other licensed financial institutions around the world.

Bit2Pays services will be integrated into the MELD ecosystem over the coming months and will re-emerge under the MELD brand and tightly integrated into MELDs global service offering.