6 seconds: that’s all we need for crypto to euro transfers
Momentous transfers from cryptocurrencies placed on exchanges to user euro accounts are now a possibility. ORCA — The bridge connecting cryptocurrencies with regular finance is being built brick after brick.
We have presented our technological case for the community during a live event streamed online. ORCA completed a transfer from a cryptocurrency exchange straight to user’s bank account in 6 seconds. Find the link to the live stream here.
Our live demonstration was broadcasted from ISM University of Management and Economics Innovation base in Vilnius, Lithuania. The event was also streamed on ORCA Youtube channel. Lithuanian financial sector representatives and other startups gathered together to witness how ORCA technical solution works in real time.
Event was introduced by our beloved COO Laurent. His former experience as investment bank analyst came in handy while presenting the changing environment of global financial system.
„The whole banking sector is being disrupted <…>. A couple of years ago it had been inconceivable to think that a start-up can enter the closed market of retail and investment banking and take over a part of its market share“, — he said.
According to Laurent, changing financial landscape enables start-ups like ORCA to challenge banks by providing cheaper, more efficient and user friendly services. What is more, Open Banking fueled by the newly adopted European Payment Directive (PSD2) is on course to disrupt Europe meanwhile other countries are closely watching how the shift develops and are eager to follow suit. Last but not least, cryptocurrencies are on the rise quickly becoming a mass phenomena grabbing everyone’s attention.
Natan Avidan, the co-founder, and CEO of ORCA Alliance gave a broader presentation about ORCA and what problems we aim to solve. ORCA is a financial management tool oriented for cryptocurrency users which connects various financial accounts through their APIs.
N. Avidan debated that mass cryptocurrency adoption would be reached only if the market becomes more user-friendly, facilitating ease of access to technologically uneducated users.
One of the solutions being built by ORCA is the ability to withdraw cryptocurrencies from exchanges directly to user euro accounts. Presentation of the aforementioned technical solution to the public and cryptocurrency community was the reason for ORCA’s event.
The technological case itself was presented by Dmitrij Radin, Chief Technological Officer of ORCA. To be fully transparent he got some assistance: a vending machine helped to verify and vividly show that funds were received. The transfer took only 6 seconds, ten times shorter than was initially expected.
ORCA’s solution is set to relieve loads of issues tormenting cryptocurrency adopters. ORCA is building an Open Banking platform that will make everyone’s banking experience convenient and simple. Users will be able to connect, track and manage their financial accounts from European banks, e-money institutions, cryptocurrency exchanges, and wallets. ORCA is providing an all-in-one banking solution.
“At the core, ORCA is a consumer application, and we are well aware that mass adoption can be reached only through practical use cases and convenience benefits. Instant crypto withdrawals are just a stepping stone towards our goal albeit an essential one.” — commented Natan Avidan, CEO of ORCA Alliance.
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