Nilos unifies crypto and paper accounts for small businesses • TechCrunch

Meet NilusStartup, who wants to bridge the gap between cryptocurrency wallets and traditional commercial bank accounts. The company provides a dashboard that displays all your transactions, whether they are paper transactions or cryptocurrency payments. You can initiate payments and perform transactions on multiple accounts on this platform.

The startup raised 5.2 million in April. The round was led by Viola Ventures and Fabric Ventures with participation from Minch Capital Partners. Several business angels also contributed to the tour, such as Yuval Tal, Sebastien Bourget, Emmanuel Chalet, Benjamin Serur, Didier Vallet, Guillaume Hussey, Philippe Suchet and Valentin Baudouin.

“We started with a simple discovery. Eitan Messika, co-founder and chief marketing officer Eitan Messika told me that there are thousands of companies that manage crypto assets, but there are more companies that want to own crypto assets but find it very difficult.

And it’s true that there are many consequences when you start dabbling with cryptocurrency. There are certain tax difficulties and certain compliance requirements. Fighting fraud is also becoming more complex. Large companies can easily add crypto assets to their cash balance because they have enough resources, but this is still a problem for small companies.

Basically, Nilus wants to lower the barrier to entry. If you are starting out, you can create a cryptocurrency wallet directly with Nilos. In this way, customers do not need to directly store and manage digital assets.

In the future, customers will be able to connect wallets directly. For example, you will be able to use files Gnosis is a secure, popular non-secure option for companies that have crypto assets. You will also soon be able to link your traditional business bank accounts within the interface.

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Then you get a great dashboard to help you sort through all your transactions. You can automatically filter, categorize and flag incoming and outgoing transactions. You can also make payments directly from Nila.

Nilos also helps you manage cryptocurrency transactions, as you can arrange crypto-to-crypto payments and crypto-to-crypto payments. You can use this feature to pay employees and suppliers and balance your treasury between crypto and fiat assets.

The startup currently charges a fee for transactions between cryptocurrencies, but the company plans to move to a more traditional SaaS subscription model as it is more transparent to end users. Some early customers include AnotherBlock, Rocket3, Metafight, and Rarecubes.

Nilos is registered in Lithuania under the supervision of the Financial Crimes Investigation Service (FNTT), but the company is already planning to apply to become a virtual asset service provider in France under the PSAN scheme.

In other words, it’s still early days for Niles. However, it is clear that cryptocurrency companies are mainly focused on large institutional clients and retail investors. Small businesses are still an underserved market, and Nilus plans to capitalize on that.

Video Credits: Nile