Swapped.com

Crypto on- and offramp allowing customers to buy and sell Bitcoin and other cryptos with alternative payment methods.

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Inspiration

At swapped.com, we were first inspired by other onramp and offramps, but experienced the lack of alternative payment methods as well as competitive pricing. We saw that customers were looking for an alternative to regular onramp and offramps that offered localized payment methods at a friendlier pricepoint.

What it does

The widget and website allows customers to buy and sell crypto easily, safely and in a regulated manner. Contrary to other competitors, swapped.com offers local payment methods, lower pricing and FX rates without spreads. Swapped.com is available in 150+ countries.

Challenges we ran into

From a technical standpoint, swapped.com has not been too difficult. The main challenges have come from regulatory, banking infrastructure and payment structure obstacles. Given the criticism of cryptocurrency in society, especially during our launch in 2022 (Think of ie FTX and Celsius), we were rejected by 57 banks before getting our first bank account, had to use a random Payment Service Provider based in Southern Europe and regulation didn't allow us to passport swapped.com internationally - without prior legal approval from costly lawyers.

Accomplishments that we're proud of

Launching in June 2022 was certainly our most proud moment at swapped.com. Seeing the company that we had working on since November 2021 finally going live and customers having interest in the product was thrilling. Getting Virtual Asset Service Provider registration with local authorities of Denmark, Canada, and Australia has also been big milestones that we're proud of. Besides that, the third thing that comes to mind would be our international launch in August 2023 where we expanded from just Denmark to 150+ countries.

What we learned

Nothing in the cryptoworld comes easy if want to build something which lives up to regulatory standards and is built for longevity. We were surprised at the many obstacles throughout the development from swapped.com but also pleasantly surprised at the amount of 3rd parties, customers and people around us that were optimistic about Swapped and the crypto industry as a whole which brought plenty of motivation for the foundation of Swapped. Even banks have cheered us on, surprisingly.

What's next for Swapped.com

We recently launched internationally and are now polishing our product to fit international markets. This means that we are updating user-facing features, ie the transaction flows, e-mail setups and translations available to end-users. Furthermore, we are adding new payment methods, opening up in new markets, and anticipate new registrations with local regulators.

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