Vivid obtains Crypto license in Spain and launches Crypto 2.0

March 22, 2023
  • The platform has obtained Bank of Spain registration as a provider of virtual asset services, which confirms that its virtual asset services fully comply with Spanish law against money laundering and terrorist financing.
  • With Crypto 2.0, Spanish Vivid users now have access to one of the largest catalogues in Europe, with more than 300 cryptocurrencies, which they can now own and securely store, exchange, or even donate.
  • Existing Crypto (Fractional Coins) users can also migrate their assets to Vivid Crypto 2.0 without any losses after Vivid announced the discontinuation of the Fractional Coins product.

Madrid, March 22, 2023 – Vivid, the mobile financial services platform, launches Crypto 2.0, with which Spanish users can now have full power over their cryptocurrencies and store them securely in one of Europe's leading virtual assets providers. The platform lists more than three hundred cryptocurrencies, making it one of the largest catalogues in Europe. Crypto 2.0 will be rolled-out gradually to Spanish customers, starting with existing Crypto (Fractional Coins) customers who can migrate their digital assets to the Vivid Crypto 2.0 product.

Until now, Vivid users could invest in cryptocurrencies fractionally, starting from just a few cents, but without owning the crypto assets directly. Following the launch of Crypto 2.0, the more than 100,000 Vivid customers in Spain can now own cryptocurrencies, so they can sell or buy them, as well as donate them to NGOs or store them with complete reliability in a trusted custodian with protection against cybercrime. The new function not only makes it possible to exchange coins, but also to choose from a much wider range of cryptocurrencies, save custody services or set target price orders that help users to stop loss or take profit. Other functions, such as deposits and withdrawals of cryptocurrencies to external wallets will also be added to the platform soon.

"With the launch of fractional cryptocurrencies, we opened up the world of cryptocurrencies to thousands of people. Now, with Crypto 2.0, we go one step further providing direct access to the cryptocurrency market with a unique catalogue size in Europe and the most favourable pricing structure ever”, says Alexander Emeshev, Co-Founder of Vivid. "Cryptocurrencies have always been volatile, but supporting them only when the market is rising undermines the hard work of thousands of developers around the world who are creating decentralized projects that are not dependent on market fluctuations. That's why we want to enable all our customers to participate and support Blockchain-based projects that interest them and I am personally happy to be able to achieve this now in the Spanish market", adds Emeshev.

Vivid Prime users can make unlimited trades with no commission. For Standard plan (free) customers a minimum 1.49% commission is charged on each trade. Proceeds from sales are available directly in the application's "Main Pocket", removing the need to transfer proceeds to users' bank accounts.

Registration from the Bank of Spain as a Virtual Asset Service Provider

The step of launching Crypto in Spain is only possible thanks to obtaining registration from the Bank of Spain as a Virtual Asset Service Provider, confirming that its virtual asset services comply with Spanish anti-money laundering and anti-terrorist financing law.

"Building secure products for our clients requires close collaboration with local regulators and authorities, and this has been our top priority in all our markets", says Evgeniya Ignatenko, Head of Product – Crypto at Vivid. "We believe that cryptocurrencies have the potential to have a huge impact on the financial sector and the registration with the Bank of Spain was fundamental to achieve and it marks a milestone in our young history. We will collaborate with the Spanish authorities in a transparent and clear manner, as this is the only way we can continue to advance our mission to become the first integrated cryptocurrency platform in Spain".

New tokens powered by Vivid Community

Vivid customers can invest, starting from one euro, in an ever-growing list of cryptocurrencies in an extremely simple and secure way. Users can not only bet on the most well-known coins such as Bitcoin, Ethereum or Cardano, but also on new tokens with a growing popularity such as Axie Infinity, PancakeSwap, Tezos or Shiba Inu. Nevertheless, the Vivid Community actively participates in the process of incorporating new cryptocurrencies, in order to be able to offer them a product tailored to their particular needs.

The Crypto 2.0 services are provided to customers by Vivid Digital S.r.l., a company incorporated under the laws of Italy that is part of the Vivid-Group. Vivid Digital S.r.l. has been registered as a Virtual Assets Service Provider by the Bank of Spain on 6th March, 2023. Vivid Digital is also registered as a Virtual Assets Service Provider with the OAM in Italy.

About Vivid
Vivid is the first financial service platform that combines all your daily money needs in one app. Whether it’s spending, saving, or investing – Vivid offers an easy, flexible, and transparent solution to grow your money. The company's mission is to provide its over 500,000 onboarded customers throughout Europe with a superior banking and investment experience and to offer a wide range of financial services (including savings accounts, multi-currency accounts and investments in stocks and crypto) without unnecessary fees. Vivid was founded in 2019 by Artem Iamanov and Alexander Emeshev in Berlin and consists of an international, highly qualified team of more than 200 employees. Vivid has already raised over 200 million euros from renowned investors, including Ribbit Capital, Greenoaks Capital, and Softbank, and is valued at 775 million euros.

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