Berlin, July 26, 2023 – Vivid, the mobile financial services platform, announces today that it has obtained its VASP registration from the French AMF. With this registration, Vivid intends to launch Crypto 2.0, with which French users will 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 French customers.
Until now, next to Vivid’s banking features, customers could invest in hundreds of different stocks and ETFs. Following the launch of Crypto 2.0, the more than 100,000 Vivid customers in France can trade over 300 Cryptocurrencies while fully owning them. Vivid customers 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 makes it possible to exchange coins and choose from a much wider range of Cryptocurrencies, save custody services or set target price orders that help users stop loss or take profit. Other functions, such as deposits and withdrawals of Cryptocurrencies to external wallets will also be added to the platform very soon.
"In France, we kicked off our European expansion in November 2020 and it has grown into an important market for Vivid. With the green light from the French regulator, I am personally proud that we are now able to launch our popular Crypto offering also for our French customers now”, says Alexander Emeshev, Co-Founder of Vivid. “We are proud to get this license from such a renowned authority. Launching our very first product nearly exactly three years ago, we are offering several licensed financial services in the largest European markets during the most challenging macroeconomics in decades. Without this experienced team, it wouldn’t have been possible.”
Registration as a Virtual Asset Service Provider (VASP)
The step of launching Crypto in France is only possible thanks to obtaining registration from the French Autorité des Marchés Financiers (AMF) as a VASP, confirming Vivid’s commitment to providing its virtual asset services in compliance with French anti-money laundering and anti-terrorist financing laws. The AMF allows Vivid to offer crypto exchange services like Crypto-to-Fiat and Crypto-to-Crypto transactions as well as offer full Crypto Custody Services allowing Vivid to store customers’ assets.
"Even though Cryptocurrencies are already around for some years, the technology is still in its’ very first days. Enthusiasts and professionals are exploring the possibilities of the blockchain and the impact it can have on the financial industry. Vivid is a partner for those pioneers and we want to make easy access for everyone possible – right from the beginning”, says Evgeniya Ignatenko, Head of Product – Crypto at Vivid. “With over 300+ Cryptocurrencies on the platform at one of the best rates on the French market we created a comprehensive Crypto product without leaving security out of our sight. That’s why we collaborated right from the beginning with the French authorities to build a safe and regulated offering.”
Vivid Prime users can make unlimited trades with no commission. Standard plan (free) pay 1.49% fee (minimum 0.79 EUR) 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.
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 new tokens with growing popularity such as Pepe, Optimism, ARPA, or Shiba Inu. Nevertheless, the Vivid Community actively participates in the process of incorporating new Cryptocurrencies, to be able to offer them a product tailored to their particular needs.
About Crypto 2.0
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. Is registered as a Virtual Assets Service Provider (VASP) with the OAM in Italy, the Bank of Spain in Spain and the Autorité des Marchés Financiers (AMF) in France.
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 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.
For further information, please visit https://vivid.money/