The exchange noted that the API would effectively allow banks “to offer the buying and sale of to clients without the need to construct an exchange” in a news statement that Bit2Me issued on Twitter.
Application Programming Interfaces (APIs) are essentially software-based communication platforms that enable two applications to interact with one another. For instance, the API of a cryptocurrency exchange might enable communication between the trading platform’s app and a banking app, or vice versa.
The programme has been “specially created for regulated companies” in particular traditional banks, according to the provider. The company did, however, note that its new service “may also be used by other organisations,” such as regulated neobanks, fintech firms, or government-run public institutions who “want to start engaged in the “exchange, sale, and custody of cryptocurrency.”
The API enables traders to perform earning and staking tasks in addition to trading, or to keep customer coins in cold custody wallets.
A commercial bank might start offering crypto services to its clients using the API, according to the company, which noted that it is also governed by the Central Bank of Spain. This could happen “overnight.”
If any of Spain’s larger banking institutions will use Bit2Me’s new service remains to be seen. Most people have so far shown a fair amount of caution when it comes to all things crypto.
But Bit2Me, which also runs its own eponymous currency, has gotten significant support from the major telecoms company in the country.