Switchless’ Solution Helps Banks Enable Users to Buy, Sell, Save, and Spend Bitcoin

This post is part of our live coverage of FinovateEurope 2014.


Afterwards, Switchless launched its solution that helps financial institutions enable their users to buy, sell, save, and spend bitcoin:
“Our proprietary modular enterprise software allows for partial or full integration into existing financial infrastructures, giving financial institutions maximum flexibility for the unique and complex requirements they face. The following modules are currently available:
Broker: Allows end users to buy and sell Bitcoin using traditional currencies. Our broker algorithm searches for the best pricing globally and offers instant and reliable execution.
Vault: Allows end users to store their Bitcoin securely. Our state-of-the-art cold storage system makes use of multi-level security that substantially increases overall security whilst still delivering a frictionless end-user experience.
Merchant: Allows merchants to accept Bitcoin as payment for goods or services, guaranteeing conversion of Bitcoin to traditional currencies at competitive rates. Full integration also means that end users can easily spend the Bitcoin they have purchased.
Controller: Manages the account level end-user environment. It controls interactions with existing banking infrastructure such as online banking and KYC verification, the Broker, Vault and any other Switchless or external modules.
Our extensive range of exchange, payment and storage modules give financial institutions the unique ability to implement entire crypto-currency ecosystems for their clients.
At FinovateEurope we are showcasing a full implementation of our software for a banking client. This solution allows the bank’s customers to buy, sell, save and spend Bitcoin, all in one easy to use and integrated platform.”
Presenting Marcus Swanepoel (Co-Founder) and Timothy Stranex (Co-Founder)
Product Launch: January 2014
Product distribution strategy: Direct to Business (B2B)
HQ: Singapore
Founded: June 2013
Twitter: @goswitchless