Cabital Announces SEPA Integration
VILNIUS, Lithuania, 21 September 2021 – Cabital, a leading digital assets institution, today announces that it has added the European Union’s Single Euro Payments Area (SEPA) to its growing list of payment methods, enabling customers to seamlessly change between euros and cryptocurrencies to generate high-yield passive income.
SEPA allows customers to make cashless euro payments – via debit transfer and direct debit – to anywhere in the European Union, as well as a number of non-EU countries, in a quick, safe and efficient way, just like national payments.
The SEPA region consists of 36 European countries, including several countries which are not part of the Eurozone or the European Union.
Raymond Hsu, Cabital’s Chief Executive Officer and Co-Founder, said:
“The SEPA integration is a major milestone that enables our customers to easily move to and from cryptocurrency in a fast, safe and secure manner. Today’s announcement transformed Cabital into a full-service cryptocurrency wealth management and savings platform - where users across the European Union can deposit their digital assets to earn up to 12% a year without any hidden fees.
“Integrating SEPA into our business provides Cabital with significant competitive advantages, providing us access to everyone in the European Union and beyond. As we further expand across Europe and execute our strategic priorities, we will continue seeking efficient and secure on-ramps that will allow our customers to easily and safely invest in cryptocurrencies and generate high-yield passive income from digital assets.
“I am confident that the continued execution of our strategic ambitions will create long-term sustainable value for our customers and shareholders.”
Jonas Narbutas, Cabital’s Senior Money Laundering Reporting Officer, said:
“We are delighted to reach an agreement with our financial partners and integrate our business with SEPA. This reflects the trust and confidence placed in Cabital and allows us to make a lasting contribution to the long-term development of the European Union’s cryptocurrency industry.
“Cabital believes that regulating the cryptocurrency industry is essential to its sustainable growth. We will continue to further strengthen the industry’s legitimacy by leading in compliance risk management and promoting a culture embedded in transparency and good business ethics. We are committed to playing our part in further developing the European Union’s cryptocurrency industry as we plan to help millions of people across the region achieve their financial goals in a safe and sensible way.”
The SEPA integration provides Cabital with significant advantages in the European Union. It allows our customers to easily purchase and sell cryptocurrency assets with euros with any amount at one of the most attractive exchange rates in the industry. They can also now passively earn up to 12% APY on their digital assets. Unlike many of our competitors, we do not have any requirements for minimum deposits nor maximum deposits. We do not charge fees for depositing digital assets on our platform.
Cabital’s competitors provide high yields on cryptocurrency assets for users who stake or lock their native tokens, putting their customers at risk during volatile market conditions. Cabital successfully achieves up to 12% APY on cryptocurrency without a native token through highly strategic investments that are safe, secure and always compliant.
Today’s announcement comes after Cabital’s recent successful $4 million seed round that was led by SIG, Dragonfly, and GSR, increasing our valuation to $40 million. That followed Cabital’s recent successful angel round where we raised $3 million.
Jonas Narbutas has recently joined the leadership team as Senior Money Laundering Reporting Officer based in Vilnius, Lithuania. Prior to joining, Jonas worked in senior compliance roles at Western Union for nearly a decade. He was also the Head of Anti-Financial Crime Governance at the Luminor Group.
Cabital is a leading global digital assets institution. The company’s purpose is to empower people to earn passive income safely and securely with their cryptocurrencies. Our main product is Cabital Earn, a cryptocurrency wealth management platform that enables customers to buy cryptocurrencies with euros and acquire higher returns on their investments of up to 12% APY.
Cabital’s compliance programme is modelled after leading global financial service providers. We use Sumsub’s biometric identity verification solution to manage the risk of identity fraud. To provide our customers with peace of mind, all customers’ crypto assets are held with Fireblocks, one of the world’s most trusted digital asset custody, transfer and settlement platforms.
Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency depository wallet operator. It has related entities incorporated in Singapore, Malaysia and China. Cabital carries out its activities in accordance with Lithuanian regulations on AML/CTF, and is subject to the European Union’s General Data Protection Regulation.
Cabital was founded by Raymond Hsu in 2020. Prior to establishing Cabital, Raymond worked for over a decade, holding leadership positions in fintech companies such as Airwallex and global banks including Citibank. Cabital’s leadership team has extensive experience working in leading traditional financial institutions, including JPMorgan Chase & Co, Nomura Securities, UBS and AIA Group.
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