Swiss Startup Shows If Bank Card is Crypto-friendly
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June 29, 2020
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Swiss crypto-focused startup Aximetria has introduced AxiCheck, a service that allows anyone to check if a bank card is crypto-friendly. The service is based on statistics on making purchases for cryptocurrency and withdrawing funds to MasterCard, Visa and Russian national MIR cards in 427 banks from 80 countries

AxiCheck does not require registration or entering personal data.

To check if the card is crypto-friendly, the service requires only first 6 digits of a card (called bin code) for checking. A bin code or Bank Identification Number is not individual meaning that no one can use it to get access to money.

For example, large neobanks in different countries often work under the licenses of local banks, so their cards in Germany and the UK will have different BINs.

Aximetria CEO Alex Axelrod says one of the service's most active users are Revolut’s customers.

"Despite all the advantages of its main product, subscribers of this British neobank cannot use the crypto purchased through it for subsequent purchase or payments outside the Revolut platform. Revolut users, in fact, do not buy cryptocurrencies, but CFD (Contract for Differences) on the cryptocurrency without the ability to own it," Axelrod added.

As a result of verification through AxiCheck, a bank card will be assigned to one of four types:

  • "Your card is 100% crypto" — operations using similar cards are successful;
  • "The card is ready to become crypto" — suitable for cryptocurrency operations with a high probability;
  • "The card is only 50% ready for crypto" — there may be problems with the withdrawal of funds;
  • "Your card is outdated" — it is not recommended performing cryptocurrency operations.

AxiCheck is available in the Web version, as well as for iOS and Android.

Earlier a one-stop business-to-business Swiss transaction bank InCore Bank announced it had received a permission from the Swiss Financial Market Supervisory Authority (FINMA) to trade, hold, transfer and generate (tokenize) digital assets.

Swiss Crypto Bank Adds Support for XRP

As a result, InCore Bank became the first Switzerland-based bank to offer financial service providers and institutions worldwide.

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