STASIS stablecoin platform releases SEPA-integrated cryptocurrency wallet
The gap between banking and crypto is deep, wide and full of useful features.
One thing that sets the STASIS wallet apart from most standard cryptocurrency wallets is that it was purpose-built for the STASIS euro-pegged stablecoin (EURS) and tokenisation ecosystem.
Another thing that sets it apart is everything else.
"STASIS Wallet is more than just another mobile app. With it, we aim to bring licensed fintech service companies to the cryptocurrency market and enable them to experiment with using crypto for [their] operations without any regulatory or safety concern," said STASIS CEO Gregory Klumov.
Unbanking the banked
"STASIS wallet's API allows for financial institutions to interact seamlessly between capital and digital asset markets without regulatory hardships or legal problems. The non-custodial solution developed by the Malta-based company allows adding many services with a high degree of usability for licensed players to the wallet," STASIS says.
"With this user-friendly wallet interface in place, STASIS aims to provide institutional investors with access to the new digital asset class ushered in by cryptocurrencies. Currently, the wallet offers 4 key features: the buying of EURS via SEPA; the selling of EURS by SEPA; the purchase of EURS by a credit card and finally, the deposit of Bitcoin and Ethereum to the lending platform."
The wallet supports EURS, BTC, ETH and DAI as well as delegated transfers, which let Ethereum users pay gas fees with EURS.
Stepping back, one could think of this development as an interesting move towards crypto-fying banking and bank-ifying crypto, opening the door to a lot more flexibility in how someone uses their money. At the end of the day, it's hard to argue with maximum flexibility as the ideal goal for all fledgling payment networks.
For example, this wallet can let someone hold funds as a combination of the euro-pegged EURS and USD-pegged DAI, just to shelve some currency risk, interact with Ethereum dapps and pay for gas fees with EURS, and easily convert between euros and EURS to make payments "off chain".
That's something it can do right now.
More generally, it's also a way for businesses to bring new blends of crypto and bank-style financial services to market.
For example, someone might want to balance their euros with Bitcoin without going to all the trouble of being their own bank and needing to stash their private keys under a false floorboard. Someone else might want to hold only euros and wants to be able to send funds through the SEPA network for all the convenience of modern banking, but they'd rather not keep the funds in a local bank and they'd prefer a fully backed account without any fractional reserves.
Those last ones may be an especially relevant concern, Klumov says, for the customers of Greek and Cypriot banks who remember getting a massive haircut (losing up to 80% of their account balances) during the Greek and Cypriot financial crises.
We can see what this looks like in practice with STASIS partners like the Globitex cryptocurrency exchange. It essentially sits between STASIS on the cryptocurrency side and the Bank of Lithuania on the traditional finance side. This enables features like the ability to make direct fiat currency transfers between Globitex and other cryptocurrency exchanges and to make fiat withdrawals to any IBAN.
One of the interesting things about this is that it makes it much more feasible to, if you really wanted, actually dispose of a bank account entirely and live a purely crypto lifestyle. Of course, how much you trust the Malta-based STASIS and its fully-collateralised stablecoin, compared to your local partly-collateralised commercial bank, is still a question of taste.
Disclosure: The author holds BNB and BTC at the time of writing.
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