Meet Nilos, a startup that wants to bridge the gap between cryptocurrency wallets and traditional business bank accounts. The company offers a dashboard that displays all transactions – whether they are fiat transactions or cryptocurrency payments. From this platform, you can initiate payments and coordinate operations across multiple accounts.
The startup raised a $5.2 million funding round in April. Viola Ventures and Fabric Ventures led the round, with participation from Mensch Capital Partners. Several business angels also contributed to the round, including Yuval Thal, Sébastien Borger, Emmanuelle Sharit, Benjamin Seror, Didier Vallée, Guillaume Houzet, Philippe Suchet and Valentine Baudouin.
“We started with a simple discovery. There are thousands of companies that manage crypto assets, and there are many more that want to keep their crypto assets, but we feel it is too complicated,” co-founder said. said CMO Eytan Messika.
It’s true that once you start messing around with cryptocurrencies, there are a lot of ramifications. There are some tax difficulties and some compliance requirements. Dealing with fraud is also more complex. Large businesses have enough resources to easily add crypto assets to their cash balances, but it is still a hassle for smaller businesses.
Basically, Nilos wants to lower the barriers to entry. If you’re just getting started, you can create a custodial crypto wallet directly on Nilos. In this way, clients do not need to directly store and manage their digital assets.
In the future, customers will also be able to connect their wallets directly. For example, you will be able to use her Gnosis Safe, a popular no-custody option for businesses holding crypto assets. Similarly, the interface will allow you to quickly connect your traditional business bank accounts.
You will then be presented with a nice dashboard that will help you organize all your deals. Both incoming and outgoing transactions can be automatically filtered, classified and labeled. You can also coordinate payments directly from Nilos.
Image credit: Niros
Nilos also helps manage crypto transactions as it can coordinate crypto-to-crypto and crypto-to-fiat payments. You can use this feature to pay your employees and suppliers and balance your finances between crypto and fiat assets.
The startup currently charges a fee for crypto-to-fiat transactions, but plans to move to a more traditional software-as-a-service subscription model as it is more transparent to end-users. Initial clients include AnotherBlock, Rocket3, Metafight and Rarecubes.
Nilos is registered under the supervision of Lithuania’s Financial Crime Investigation Service (FCIS), but the company already plans to apply to become a French virtual asset service provider under the PSAN scheme.
In other words, Niros is still in its infancy. However, it is clear that crypto companies are primarily focused on large corporate customers and retail investors. Small businesses remain an underserved market, and Nilos plans to tap into it.
Image credit: Niros