TrueLayer, Europe’s leading open banking platform, today announced its collaboration with cryptocurrency exchange Coinmama in Europe. Coinmama has been at the forefront of the financial revolution ever since its inception in 2013 when it allowed customers worldwide to buy Bitcoin with cards.

However, traditional payment methods weren’t built to deliver efficient fiat to crypto on-ramps. Cards and digital wallets generate costs through interchange fees, chargeback penalties and time-consuming manual tracking processes. There is also the issue of rising card fraud in Europe, which totalled €1.55 billion in 2020, with card-not-present fraud accounting for 76% of those cases. France, Germany and Spain all ranked in the top five for card fraud losses.

Determined to continue evolving its exchange, Coinmama wanted to introduce account-to-account payments across Europe and turned to market leader TrueLayer. With TrueLayer Payments integrated into the Coinmana platform, customers now benefit from an improved experience when purchasing cryptocurrency. It removes the need to enter any card or bank account details that can lead to errors and failed payments. Instead, customers simply select the ‘Instant Bank Transfer’ option when purchasing cryptocurrencies, authenticate their identity through biometrics with their selected bank and confirm the payment. 

As a result, Coinmama customers across Europe can easily purchase cryptocurrencies with confidence. Coinmama also safeguards itself as TrueLayer Payments are authenticated directly with the bank, making them SCA compliant and dramatically reducing the opportunity for card-based fraud and chargebacks. The UK and further European markets are due to go live over the coming months.

Martin Kølbæk, VP of Payments at Coinmama, said: “Our mission is to make purchasing cryptocurrencies as safe and straightforward as possible. A critical part of that is providing the fastest, digitally native payments option. The integration of secure, instant open banking payments across the UK and Europe with TrueLayer aligns perfectly with our vision of delivering an enhanced experience to our customers.”

Nick Tucker, Head of Financial Services at TrueLayer, added: “As consumer interest in cryptocurrencies continues to grow, so does the expectation of a frictionless experience. With investing every second counts and yet according to YouGov research a quarter of European investors have missed out on an investment opportunity because funds didn’t appear in their accounts quickly enough. TrueLayer’s instant account to account payments are solving this for Coinmana, enabling the exchange to differentiate and drive customer loyalty through a more intuitive fiat on ramp. We look forward to working with them and building on our collaboration across more European markets in the coming months.”