In less than 7s: Tech case to withdraw crypto from exchange to euro

Instant crypto withdrawals are now a reality. The bridge connecting cryptocurrencies with regular finance is being built brick after brick. Fintech start-up ORCA has presented their technological case for the community during a live event streamed online. ORCA completed a transfer from a cryptocurrency exchange straight to user’s bank account in 6 seconds.

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ORCA fintech broadcast live demonstration from ISM University of Management and Economics Innovation base in Vilnius. The event was also streamed on ORCA Youtube channel. Lithuanian financial sector representatives, other startups gathered together to witness how ORCA technical solution works in real time.

The demonstration was opened by Laurent Bourquin, Chief Operating Officer of ORCA and former investment bank analyst who presented the changing landscape of global finance.

„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“, — claimed L. Bourquin.

Laurent Bourquin, COO of ORCA Alliance

According to him, new fintech startups are challenging legacy banks by providing cheaper and more efficient services. Open Banking is already making it’s way to Europe while other countries are closely watching how it develops. In addition, the rise cryptocurrencies is becoming a mass phenomena encompassing attention of individual as well as institutional investors.

Natan Avidan, the co-founder, and CEO of ORCA Alliance gave a broader presentation about ORCA start-up and what problems does it aim to solve. ORCA is a financial management tool oriented for cryptocurrency users which connects various financial accounts through APIs.

N. Avidan stated that mass cryptocurrency adoption would be reached only if the market becomes more user-friendly, facilitating ease of access to technologically uneducated users.

One of the solutions being built by ORCA is the ability to instantly withdraw cryptocurrencies from exchanges directly to user euro accounts. Public demonstration of the technical solution was the reason for ORCA’s live event.

The technological case itself was presented by Dmitrij Radin, Chief Technological Officer of ORCA with the help of a vending machine that enabled to verify successful receipt of the funds. The transfer took only 6 seconds, 10 times shorter than was initially expected.

ORCA’s solution is set to relieve loads of issues tormenting cryptocurrency adopters. ORCA is building an Open Banking platform that will make everyone’s banking experience convenient and simple. Users will be able to connect, track and manage their financial accounts from European banks, cryptocurrency exchanges, and wallets. ORCA is providing an all-in-one banking solution.

“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.” — commented Natan Avidan, CEO of ORCA Alliance.

Natan Avidan, CEO of ORCA Alliance

ORCA is in whitelisting mode currently. More information: https://orcaalliance.eu

In less than 7s: Tech case to withdraw crypto from exchange to euro was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.