Sling Money, a digital currency payment app developed by Avian Labs, has received regulatory approval in the United Kingdom to offer crypto-related services. This license comes at a time when stablecoin payments are gaining more popularity globally.
Sling Money Joins Other Regulated Crypto Firms in the UK
The UK Financial Conduct Authority (FCA) granted Avian Labs approval to operate as a crypto services provider in the region. Before now, the company had secured a license under the European Union’s Markets in Crypto-Assets (MiCA) framework from the Dutch regulator, but this latest approval expands its reach in Europe.
Moreso, it places Sling Money among the growing number of crypto payment companies that are securing regulatory rights in major jurisdictions. The Sling Money app allows users to transact with Paxos’ dollar stablecoin, USDP, and Circle Internet’s euro equivalent, EURC. Now, it will be linked to users’ bank accounts to enable direct fund transfers.
This is in addition to assets being held in the mobile application. Noteworthy, the transfers are through the Solana blockchain, allowing users to send and receive digital dollars and euros worldwide in seconds.
In the meantime, Sling Money is available only as a closed beta program in the U.K. It is also regulated as a Money Services Business in the United States.
Stablecoin Becomes the Latest Sensation
Stablecoin payments have become increasingly popular as an alternative to traditional cross-border payments. At the same time, there is heightened scrutiny of crypto services that increasingly resemble mainstream financial infrastructure. On this premise, many companies are pushing intensely into the niche.
South Korea’s BC Card completed a pilot recently that will let foreign users pay local merchants using stablecoins. Tourists converted stablecoins from overseas wallets into digital prepaid cards and spent them at Korean shops without technical glitches or settlement errors.
Intuit also recently announced that it has entered a multi-year, strategic partnership with stablecoin provider Circle. The goal is to leverage Circle’s USDC token and stablecoin infrastructure throughout the Intuit platform. This platform includes products such as Credit Karma, Mailchimp, TurboTax, and QuickBooks.
This will ultimately “unlock new experiences in refunds, remittances, savings, and payments that simply weren’t possible on legacy rails.”
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
