Stelios Eleftheriou leaves NAGA Group to join BVNK

abdelaziz Fathi

BVNK, the crypto-powered payments and banking platform for businesses, has appointed FX industry veteran Stelios Eleftheriou, who has a colorful career across the gaming industry, as Business Development Director (CFD & iGaming).

Stelios Eleftheriou

Stelios ends a year and a half tenure at NAGA Group where he headed its cryptocurrency platform NAGAX and neo-banking app NAGA Pay since July 2022. As managing director of NAGA Pay & NAGA X, he focused on enhancing the payments experience for users, scaling the service offering and work towards contributing to the German brokerage house’s vision of digital and financial inclusion.

Eleftheriou landedat NAGA after leaving a long stint of nearly six years at Parimatch Cyprus, where he was CEO of the gaming /betting broker. He brings with him nearly two decades of experience in digital financial services including different stops at binary options platforms.

Based out of London, BVNK provides financial services to businesses using cryptocurrency as it claims traditional payments running on legacy infrastructure suffer from excessive fees and slow processing times. Trying to leverage the attributes of cryptocurrencies, the startup bridges the gap through offering banking and money management services to companies struggling to balance operations across traditional and digital assets.

BVNK, which raised $40 in May 2022 to be a kind of bank for crypto companies, has built infrastructure that processes over $2 billion in annualised payments volume. It has also more than doubled monthly payment volumes in less than six months. Customers can make and collect payments through their BVNK account in both fiat and cryptocurrency, as well as being able to purchase new digital assets.

The Bank of Spain also registered the local unit of BVNK as a virtual currency platform. The new license comes as Madrid is seeking to police crypto activities through introducing a raft of new regulations, including tougher KYC rules for digital currency transactions. Spanish authorities want to prevent anonymity in cryptocurrency transactions thereby placing a ban on anonymous crypto accounts.

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