Staying up to speed on the crypto market is a full-time job, but with Chainalysis as our partner, we are prepared to satisfy regulations, offer new currencies, and expand our reach.”
While a growing number of individuals and businesses are interested in cryptocurrency, the process for acquiring and redeeming it for everyday purchases is an intimidating, multi-step process. Bitnovo — headquartered in Valencia, Spain — was founded in 2015 to remove this fear and friction, particularly for the Spanish-speaking public. By facilitating access to the world of cryptocurrencies, Bitnovo is connecting everyday consumers with this new form of finance. Today, Bitnovo customers can easily and securely acquire cryptocurrencies with a credit card, bank transfer or by redeeming vouchers that Bitnovo issues at 40,000 participating points of sale.
Despite the lack of standardized regulations in Europe, Bitnovo chooses to operate by the same rules governing establishes financial institutions. In fact, according to Javier Castro-Acuña, Business Controller for Bitnovo, his company applies more guidelines than is required of a cryptocurrency
exchange based in Spain. However, that is in line with Bitnovo’s approach to ensuring a secure environment for its customers.
Knowing compliance can be a heavy burden for smaller companies like its own, Bitnovo began researching options for an out-of-the-box solution that would serve its internal compliance team. As Castro-Acuña explains, Chainalysis was top of mind as the market leader.
Chainalysis is powerful when it comes to clustering information and enabling us to analyze all transactions. With it, we can easily combine addresses and determine if different payments are related.”
Already an innovator in the crypto market, Bitnovo is further pursuing novel means of widening the reach of cryptocurrency. One example is its partnership with Eurocoin focused on installing over 100 ATMs in Spain in 2022. Another is Bitnovo’s plan to serve more businesses in addition to retail investors. For these and other expansion opportunities, the company sees Chainalysis as an important partner. “When others see that we partner with Chainalysis, they know we take compliance seriously and are staying current on this dynamic market,” concludes Castro-Acuña.