Could you introduce Xace to our readers?
We founded Xace to solve a very targeted industry problem through our own experiences within the gaming and cryptocurrency industries.
Our niche clients were in a constant state of battle when it came to bank accounts and transactions, even though they were licensed and compliant entities from across Europe.
This was costing significant time and money for so many companies, with even institutions who were publicly considered as crypto and gaming friendly regularly closing accounts or rejecting compliant applications.
With Xace, we set out to win the battle for these industries through experience, understanding and delivering a compliant solution the regulators would be happy with.
When you take on a challenge like this, you face barriers every step of the way but it only makes you deliver a better product and service as a result.
What can Xace offer online gambling operators which more traditional payment and banking partners may not be able to?
Xace is a proprietary suite of account and payment products for GBP and EUR, backed by the leading account providers in the UK.
Our understanding of the gaming industry enabled us to develop these relationships and secure our payments licence, which makes opening accounts possible for those being overlooked by traditional banks.
Our compliance checks are thorough, but with a deep understanding of how gaming business and platforms operate, making initial conversations and the final onboarding process smoother than they may have experienced elsewhere.
As we continue to scale, our strong customer support with in-house gaming knowledge will eventually make Xace a part of the day to day business operations for these companies.
How much interest are you seeing from the gaming industry for your services?
We opened our first accounts in June, with around 300 whitelisted applications from primarily online gaming businesses, without any marketing spend.
To date we’ve had over 2000 applications, spanning gaming and crypto and we’re yet to spend a cent on marketing.
We have always known that if we created a solution that enables licensed and compliant gaming platforms to manage their money without barriers, then we would be a successful business in a relatively short space of time.
How important is it to continue to build strong and sensible gaming regulation that accounts for cryptocurrencies?
Cryptocurrencies are not going anywhere and really their use in gaming is only increasing.
There was a lot of noise during the ICO days of gaming moving totally to tokenised platforms, but we don’t see that being the direction things head, why have a token just for the casino?
Right now, it’s really still about Bitcoin (and Ethereum) for the gaming industry and this will hopefully make things simpler for regulators as Bitcoin continues its own journey of understanding and adoption.
This is where Xace really comes into its own. We understand gaming but we also understand Bitcoin and digital currencies.
There are few options in Europe right now with this level of industry knowledge, or years of preparation under their belts, to really help navigate the challenges these businesses face.
What’s next for Xace?
We have a long way to go, we’re really only just getting started. Our plans are big as with most start-ups but right now we just want to provide the right accounts to the right businesses and get them operating with less payment barriers.
As we get into the final weeks of the year we have some big platform updates to come, which will benefit existing customers but also enable far more flexibility for us when onboarding new customers.
The growth opportunities for gaming as a whole only goes to demonstrate that this challenge has been one worth taking and we’re now in a position to be there to support companies with whatever direction gaming takes them in.