Coinmama and TrueLayer simplify crypto trading with instant payments

By Gloria Methri

Open banking platform TrueLayer has announced a collaboration with cryptocurrency exchange Coinmama to deliver instant account-to-account payments for customers across Europe. The partnership is expected to reduce friction in crypto transactions using TrueLayer’s open banking payment system.

With TrueLayer Payments integrated into the Coinmama platform, customers can benefit from an improved experience when purchasing cryptocurrency. It removes the need to enter any card or bank account details that may result in errors and failed payments. Instead, customers simply the ‘Instant Bank Transfer’ option when purchasing cryptocurrencies and authenticate their identity through biometrics with their selected bank to confirm the payment.

TrueLayer Payments are authenticated directly with the bank, making them SCA compliant and reducing 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 did not 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.”