A new bitcoin deposit solution recently launched this month, offering its users the ability to receive C2B deposits through bitcoin.
LegionPay, the new crypto payment gateway recently announced its launch this month. Andrew Anastasiou, the co-founder of the project disclosed that the project will be offering its merchants currently using other methods of payment, the opportunity to start receiving deposits from their traders and/or players via bitcoin. The new service is yet another payment solution being brought to market by the Fintech entrepreneur, and further solidifies Andrew Anastasiou’s foothold in the industry.
Currently, it seems that LegionPay is the only bitcoin deposit solution provider allowing direct cryptocurrency deposits on a customer-to-business basis, meaning that the large majority of offshore forex brokers will be looking to integrate with the company in order to receive funds from their traders that reside in jurisdictions where traditional FIAT currency deposits, including card transaction and wire transfers, are almost impossible.
The main issue faced by offshore forex entities and online casinos is the simple fact that receiving deposits from their traders or players is becoming impossible, with giants like MasterCard enforcing blockages on transactions to such entities, and with Banks changing MCC codes to ensure compliance from acquirers it became a serious issue for these entities to operate efficiently.
With LegionPay, such issues will not be commonplace as no Banks or external card acquires will be needed to make bitcoin deposits to LegionPay. Theo Antoniou, a Fintech sales manager based in Cyprus told us that the constant issues caused by sending wire transfers from bank accounts have further increased the need for alternative solutions for high-risk merchants. Andrew Anastasiou also reiterated this, stating that as traditional payment solutions become harder to obtain for difficult to place entities, solutions harnessing non-Bank methods of deposit will become much more adoptable.
LegionPay is not fully live and accepting applications for accounts, and with the set-up of the solution currently free and a low deposit fee of 0.8%, it is expected that a large influx of merchants will start to apply for a LegionPay account.
