Eligma catapults the business of its clients into the future – which is digital. Working with technologies of tomorrow is one of the most exciting business areas, but also brings a great deal of responsibility. For this reason, we have strived for regulatory compliance from the outset.
We reject the notion of cryptocurrencies as a mere speculative means, and wish to offer our partners and clients this technology for its speed and efficiency. This also requires us to offer them the same kind of regulatory security as they can expect in any other industry. And how are we doing that?
1. Eligma holding an e-money license
In 2020, Eligma filed in the documentation for obtaining an e-money license from the Bank of Slovenia; we are planning to be approved in 2021. It is a lengthy and complex process, with only two (both non-crypto) companies obtaining the license in Slovenia so far. What does it mean for us to hold an e-money license, the permit to hold and handle electronic money?
· Eligma will be able to act as a custodian of both fiat and cryptocurrencies for its merchants
Gone are the days when you would need multiple bank/crypto accounts that require tons of paperwork, time and frustration. The e-money license will take the accounts of GoCrypto merchants to a whole new level. Their accounts will become payment accounts or a kind of e-banking accounts. The merchants will be able to hold both fiat and crypto in their accounts, transfer the funds to other accounts, put funds into them and exchange them into crypto or fiat as they want. With Eligma regulated by the Bank of Slovenia, the fiat funds of our users will be in regulated custody of the central bank, which provides an additional layer of protection.
· Eligma will be on the same level playing as other financial institutions. The doors to the mainstream world of finance are open!
Passporting the e-money license will enable us to expand to EU countries where Eligma has not been able to operate so far. An e-money license will provide us with invaluable credibility in the business world from the perspective of merchants, our competition as well as the bank sector. Being regulated by our country’s highest bank authority will open the doors to the financial mainstream.
· E-money license will make Eligma one of the first crypto projects of this kind
We will be one of the first crypto projects with such a big stamp of approval. Becoming one of Europe’s first crypto projects with a license of this kind will be able to increase the company valuation as well as the number of our customers and partners.
2. Partnership with TEN31 Bank (WEG Bank AG), world of banking and global expansion
This fully regulated German bank has committed itself for Eligma to obtain a 9.9% share, which we are now in the process of obtaining. The partnership with WEG Bank AG will enable us to enter the world of banking, this will increase our potential for global operations and expansion. WEG Bank AG is unique in its friendliness towards cryptocurrencies and our joint determination to combine crypto and conventional banking will help make crypto mainstream.
One of our main ideas here is not to upgrade the Elly wallet all the time but simply introduce a new, much more powerful wallet that we will build for our users in 2021. Meet TEN31!
Some new features:
- TEN31 EUR IBAN account
- TEN31, Debit Mastercard
- Subaccounts for crypto or EUR savings
- EUR loans
- Custodial crypto wallet for GoC, BCH, LTC, XTZ, BTC, ETH
- Crypto payments at all GoCrypto locations
- Crypto exchange
- Redefined referral model for all onboarded users
- Contacts and templates for faster crypto or SEPA transfers and payments
- New security standards
It should be noted that this segment of development on the regulatory compliance side is something a whole army of people is working on day by day because it will become a crucial advantage of Eligma in the future. Many crypto projects underestimate this part of business because it’s extremely difficult and costly. Maybe we can help them out in this field and also make this an important source of revenue.