Lucky number 6: ORCA Makes Crypto to Fiat Withdrawal Under Six Seconds
Instant crypto withdrawals are now a reality. The bridge connecting cryptocurrencies with regular finance is being built brick after brick. Fintech start-up ORCA has presented their 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.
ORCA broadcasted a live demonstration from ISM University of Management and Economics Innovation base in Vilnius. The event has also been streamed on ORCA Youtube channel. Lithuanian financial sector representatives, other startups gathered together to witness how ORCA technical solution works in real time.
The demonstration was opened by Laurent Bourquin, Chief Operating Officer of ORCA and former investment bank analyst who presented the changing landscape of global finance.
“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,” – claimes L. Bourquin.
According to Bourquin, new fintech startups are challenging banks by providing cheaper and more efficient services, and Open Banking is already making it’s way to Europe while other countries are closely watching how it develops. Moreover, cryptocurrencies are becoming a mass phenomena encompassing attention of individual as well as institutional investors.
Natan Avidan, co-founder and CEO of ORCA Alliance, gave a broader presentation about ORCA and what problems it aims to solve. ORCA is a financial management tool oriented for cryptocurrency users which connects various financial accounts through their APIs.
N. Avidan said 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 instantly. 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, with the help of a vending machine which helped to verify 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,” – added ORCA Alliance CEO Natan Avidan.