Avici, a decentralized neobank built on the Solana blockchain that merges cryptocurrency with traditional financial systems, has introduced an innovative service called “Virtual Accounts.” This new feature aims to facilitate effortless fiat-to-crypto transactions by providing users with unique personal account numbers and International Bank Account Numbers (IBANs). The announcement was made public by SolanaFloor, a leading media and analytics outlet within the Solana community, via their official X (formerly Twitter) handle.
🚨 Breaking News: @AviciMoney has unveiled named virtual accounts on @solana. These accounts grant users individual account numbers and IBANs for receiving fiat currency. Incoming funds are instantly converted into stablecoins and credited directly to the user’s self-custodial wallet. pic.twitter.com/Nb2NerbuI3
Effortless Fiat-to-Stablecoin Conversion Through Virtual IBAN Accounts on Solana
The introduction of these Virtual Accounts enables automatic conversion of fiat payments into stablecoins while empowering users with full control over their wallets through self-custody. This advancement eliminates dependency on third-party services for converting cryptocurrencies or fiat currencies into stablecoins.
Each user receives a distinct personal account number or IBAN to ensure secure handling of incoming payments from around the globe. Powered by MoonPay technology, these virtual accounts offer an intuitive onboarding experience guided step-by-step via instructional videos.
Simplifying Crypto Payments: Fast, Secure & User-Friendly with Avici
Users can seamlessly convert USD or EUR deposits directly into their Avici wallets by linking their bank accounts and setting up personalized profiles. Once funds are deposited from traditional banks into Avici wallets, they are converted to USDC tokens instantly. Additionally, withdrawals back to bank accounts are supported for smooth fund management.
This breakthrough is highly significant within the crypto ecosystem as it addresses key challenges related to security and transaction speed when converting cryptocurrencies into stablecoins. Furthermore, assigning unique account numbers or IBANs enhances protection against scams and unauthorized access.