Avici Launches Virtual IBAN Accounts on Solana

Source: CryptoNewsNet Original Title: Avici Launches Virtual IBAN Accounts on Solana Original Link: Avici, a Solana-based decentralized neobank that combines crypto with traditional finance (TradFi), has launched a new account type called “Virtual Accounts” on Solana. The main purpose of this launch is to let users seamlessly convert their fiat payments by offering a personal account number and International Bank Account Number (IBAN).

Virtual IBAN Accounts Bring Seamless Fiat-to-Stablecoin Conversion on Solana

These new Virtual accounts help users to automatically convert their funds and fiat payments into stablecoins and allow users to control their wallet as a self-custodial wallet. This launch removes the risk of interacting with third parties for the conversion of cryptocurrencies or fiat payments into stablecoins for usage.

These accounts will be protected by giving every user a different personal account number or IBAN. Basically, the purpose of issuing IBAN is for receiving fiat payments only, which may come from all over the world. These Virtual accounts are powered by a payment processor and guide users with a simple and seamless process step by step.

Avici Makes Getting Paid in Crypto Simple, Secure, and Fast

In this account, users can also convert their USD or EUR directly to the Avici wallet. Users only need to set up their names and deposit from their bank into the Avici wallet and get USDC from it. Because Avici is connected to the user’s bank account, users can withdraw from Avici into their bank account. In this way, users can receive their payments, salaries, and remittances in an easy way.

This initiative is of great importance in the crypto community as it represents a significant step forward from Avici toward securing and reducing the time for users to convert their cryptocurrencies into stablecoins. Moreover, the account number or IBAN plays a vital role in protecting the users’ accounts from any scam or fraudulent access.