Januar launches real-time payments network to fill gap made by Silvergate and Signature

Rick Steves

“To all the entrepreneurs and innovators out there is a clear message: if you are a legitimate European business working with crypto then Januar is here to provide you with the account and payment infrastructure you need to operate successfully and build the financial system of tomorrow.”

Januar has launched a real-time payments network that allows participants to transfer funds instantly and for free.

Going by the name of Januar Instant Network (JIN), the payments network offers free and instant payments 24 hours a day, seven days a week, meaning transfers have no cost, settle in seconds and the network is never closed on weekends as with traditional banks.

200 free transactions per month per customer

The number of free transactions will be limited to 200 free transactions per month per customer, according to the announcement, as Januar is currently in the process of onboarding and integrating JIN with leading industry players.

The launch of Januar Instant Network follows the discontinuation of US-based Silvergate Exchange Network (SEN) and Signet from Signature, which left the crypto industry needing similar solutions to support their transfer requirements, said the firm.

Januar was founded in 2021 and has recently secured a landmark Payment Institution License with the Danish FSA, taking the company from 1 to 30 markets across the European Economic Area. The firm offers a compliant and secure local EU IBAN business account for European crypto companies.

Participants no longer have to store capital on exchanges or wait several days for settlement to clear

In live markets that are tradeable 24/7/365 companies simply cannot wait to move funds while the market continues to go up or down. They need to be able to act and execute instantly, and this is the core problem JIN solves. Participants no longer have to store capital on exchanges or wait several days for settlement to clear with counterparties.

All Januar customers will automatically become members of JIN and have the power of instant when they transfer funds to other JIN members. All JIN participants will have undergone Januar’s rigorous compliance-first onboarding process in line with the Danish Financial Supervisory Authorities (DFSA) regulatory guidelines.

“We’re offering crypto businesses the ability to make free, real-time, and secure payments”

Simon Ousager, co-CEO of Januar, said:”Our goal at Januar is to create an always-on settlement infrastructure that supports the 24/7 nature of the crypto industry. With JIN, we’re offering crypto businesses the ability to make free, real-time, and secure payments. Crypto businesses need a trusted network that eliminates settlement risk. Counterparty risk is top of mind for the crypto industry. Instant fiat settlement allows a company to minimise the exposure towards their counterparties, effectively reducing their counterparty risk as well as settlement risk of transactions.

“The launch of Januar Instant Network marks the next chapter in reliant and instant settlement infrastructure for the crypto industry. We believe we are seeing the future of payment networks being built in front of eyes and JIN is a leader in the new wave of fast connected cross-border networks.

“Access to banking and reliable payment infrastructure has always been lacking behind the general pace of innovation in the crypto space, and the recent events with “crypto-friendly” banks shutting down is a testament to this unfortunate industry trend. With the launch of Januar Instant, we are taking a huge step in the opposite direction. To all the entrepreneurs and innovators out there is a clear message: if you are a legitimate European business working with crypto then Januar is here to provide you with the account and payment infrastructure you need to operate successfully and build the financial system of tomorrow.”

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