Everyone knows that it can take some time to move your cryptocurrency around, depending on the coin. It can take even longer to exchange your crypto for cash – as in US dollars. Sure, there are plenty of companies that provide crypto to fiat withdrawals. But this one Fintech startup based in Latvia, is claiming withdrawal speeds of less than 6 seconds making near instant withdrawals a reality.
ORCA displayed their technological during a live event streamed event this week from ISM University of Management and Economics Innovation base in Vilnius. ORCA completed a transfer from a cryptocurrency exchange straight to user’s bank account in 6 seconds – apparently 10 times faster than they expected.
According to ORCA, Lithuanian financial sector representatives, other startups gathered together to witness how ORCA technical solution works in real time. The demonstration provided by Laurent Bourquin, COO of ORCA who said the whole banking sector is being disrupted .
“A couple of years ago it had been inconceivable to think that a start-up can enter the closed market of retail and investment banking and take over a part of its market share,” said Bourquin.
ORCA is described as a financial management tool for cryptocurrency users which connects various financial accounts through their APIs. N. The goal is to drive mass adoption would by providing more user-friendly services. One of the solutions ORCA is creating is this speedy withdrawal feature.
ORCA says it is building an Open Banking platform that will enable digital banking. The company expects to allow users to be able to track and manage their financial accounts from European banks, e-money institutions, cryptocurrency exchanges, and wallets.
“At the core, ORCA is a consumer application, and we are well aware that mass adoption can be reached only through practical use cases and convenience benefits. Instant crypto withdrawals are just a stepping stone towards our goal albeit an essential one,” stated Natan Avidan, CEO of ORCA Alliance.