U.K. Exchange Coinfloor Is Getting Paid to Help Crypto Firms Access Banking

Coinfloor, the U.K.'s longest-running crypto exchange, has teamed up with electronic money institution Enumis to deliver bank-like accounts to crypto firms, a perennial pain-point across the industry.

Under the partnership, Enumis will pay Coinfloor a fee for referring reputable crypto-facing businesses that successfully set up current accounts.

"Being insiders in the crypto space we are aware of crypto companies operating as good and compliant custodians and so now we will vet and review these and recommend them to Enumis for onboarding," Obi Nwosu, CEO, Coinfloor told CoinDesk.

After getting its own current account with Enumis at the start of the year, the firms realized that "Together we can do more," Nwosu said.

Aside from the fees, Coinfloor is hoping that the access to fiat accounts will be another draw for startups to use the exchange.

To be clear: Enumis isn't a bank, though it offers many similar services.

Through its partnership with Coinfloor, Enumis is offering firms current accounts with online banking and API capabilities, with a debit card that gives a 0.2% rebate on usage at Coinfloor.

With Brexit looming, Enumis is looking for ways to win over European crypto exchanges and payments firms, tapping the clearing systems they use across the EU's various member states.

Coinfloor's Nwosu stressed that its recommendations to Enumis do not guarantee an account.

"Enumis are part of a very short list of players providing this option, who are willing to put the time - because it does take a lot of time."