European Infrastructure Provider OpenPayd Obtains MiCA Authorization Amid Rising Stablecoin Use
The financial infrastructure firm, serving clients like Kraken and other major crypto platforms, has received regulatory approval to deliver crypto services throughout Europe in compliance with MiCA regulations.
On Wednesday, OpenPayd, a provider of financial infrastructure solutions, announced it has received regulatory approval under the Markets in Crypto-Assets Regulation (MiCA) of the European Union, enabling the company to deliver crypto-related services throughout the European Economic Area (EEA) through passporting mechanisms.
According to a statement provided to Cointelegraph, the authorization enables OpenPayd to function as a crypto asset service provider (CASP), delivering solutions including on-ramping and off-ramping services between fiat currencies and stablecoins.
Iana Dimitrova, CEO of OpenPayd, stated that "Stablecoins are rapidly becoming part of mainstream financial infrastructure," further noting that MiCA provides businesses with enhanced confidence to leverage digital asset technology for payment processing, treasury management and business expansion.
The authorization arrives mere days ahead of the July 1 transitional deadline set by MiCA, during a period when cryptocurrency firms are rushing to obtain authorization in accordance with the bloc's cryptocurrency regulations. Just on Tuesday, two major developments occurred: Bitcoin Suisse obtained a MiCA license in Liechtenstein while Ripple revealed it had received preliminary CASP approval in Luxembourg.
The specific regulator that granted OpenPayd's MiCA authorization and the jurisdiction where it was issued were not revealed by the company. Cointelegraph reached out to OpenPayd seeking additional details but did not receive a reply before this article went to press.
OpenPayd counts Kraken, OKX among its clients
The MiCA authorization for OpenPayd arrives approximately one year following the company's introduction of its stablecoin infrastructure platform, which enables businesses to oversee both fiat currencies and digital assets using a unified system.
According to the company, it handles more than $240 billion in transaction volume on an annualized basis for a client base exceeding 1,100 businesses globally, with notable clients including Kraken, eToro, OKX and B2C2.
The establishment of OpenPayd took place in London in 2018 under the leadership of Ozan Ozerk, an entrepreneur in the fintech sector who previously founded European Merchant Bank, a digital banking institution based in Lithuania.
OpenPayd eyes Nasdaq debut
The announcement of OpenPayd's MiCA license arrives at a time when the company is working toward achieving a public listing on US exchanges.
In early June, OpenPayd revealed a planned merger agreement with Titan Acquisition Corp, a special purpose acquisition company, in a transaction that would result in the company's shares being listed on Nasdaq with the ticker symbol "OP" contingent upon approval.
OpenPayd is valued at approximately $1.1 billion through this transaction, with the deal anticipated to reach completion during the fourth quarter of 2026, pending approval from shareholders and regulatory authorities.