Sunday, October 2, 2022
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HomeEconomyMoneybite secures licence with MFSA

Moneybite secures licence with MFSA

Moneybite, a specialist crypto payments company, today announced it has been granted a licence by the Malta Financial Services Authority (MFSA), becoming one of the first MFSA-approved companies to provide merchant services globally, particularly to Malta Gaming Authority (MGA)-licensed operators.

The licence granted is for a Virtual Financial Assets (VFA) Service Provider, authorised to provide reception and transmission of orders, custodian or nominee services, execution of orders on behalf of other persons and dealing on own account.

Acting as a bridge between crypto and traditional fiat currencies, Moneybite, a three-year-old business, is the first true compliant on and off ramp for companies looking to leverage crypto as both a payment and settlement tool.

The company’s highly experienced management team includes managing director Elton Dimech, who spent 10 years at Sparkasse Bank Malta plc in Malta and co-founder David Kicks, with 20 years’ experience in gambling and payments.

Dimech commented: “Our one stop solution has been designed for companies looking to leverage the power of crypto to upgrade their transactional capabilities. It is a huge moment for us to be awarded our MFSA licence and become one of the first operational MFSA-approved companies to service merchants globally, including MGA licensed gambling operators. We see this as a regulatory sunrise for the industry. Transacting with crypto should not generate concern but be as easy for businesses as dealing with traditional fiat currency. We are here to act as that trusted bridge between the two.

In addition to crypto payment processing, Moneybite’s technology is used to invoice clients and pay international suppliers. Buying and selling larger amounts of crypto is also available for corporate customers and high net worth clients via its boutique OTC (over the counter) service.

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