Fiat Republic Netherlands B.V.

Fiat Republic Netherlands B.V. represents a pioneering Banking-as-a-Service (BaaS) platform specifically designed to bridge the gap between traditional banking infrastructure and the rapidly evolving cryptocurrency ecosystem. Operating as the regulated Dutch subsidiary of the London-headquartered Fiat Republic group, the company has achieved significant regulatory recognition as one of the first European entities to secure dual MiCAR authorization from both the Dutch Central Bank (DNB) and the Autoriteit Financiële Markten (AFM), enabling comprehensive crypto-asset services across all 29 European Economic Area member states.

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Note on pricing: Fiat Republic operates a B2B model with custom pricing structures based on client requirements, transaction volumes, and integration complexity. EagleNet network participants benefit from instant, fee-free transfers between network members, while external banking transactions follow competitive wholesale pricing typical of EMI services.

Founded in 2021 by experienced fintech executives Adam Bialy, Martyna Lewinska, and Sophie Guibaud, the company addresses one of the cryptocurrency industry's most persistent challenges: reliable, compliant access to traditional banking infrastructure. Through its proprietary EagleNet instant settlement network and comprehensive API platform, Fiat Republic enables cryptocurrency exchanges, wallets, and other digital asset service providers to offer seamless fiat payment experiences without the operational complexity and regulatory burden of establishing multiple banking relationships independently.

Company History & Development

Fiat Republic's founding story reflects deep expertise in the intersection of traditional banking and emerging financial technologies. The company emerged from the shared vision of three accomplished fintech veterans who recognized a fundamental disconnect between the rapid pace of cryptocurrency adoption and the antiquated banking infrastructure available to serve this growing market.

Adam Bialy, the company's CEO and co-founder, brought extensive leadership experience from senior roles at Sainsbury's (Head of Payments), OpenPayd (Chief Product Officer), Raiffeisen Bank, and HyperJar, accumulating over 15 years of experience in payments infrastructure and product development. Co-founder Martyna Lewinska serves as Chief Technology Officer, bringing technical expertise from the fintech sector, while Sophie Guibaud, as Chief Commercial & Growth Officer, contributes deep commercial acumen from her background in scaling financial services businesses.

The company's initial development phase focused on understanding the systemic challenges facing cryptocurrency businesses in their relationships with traditional financial institutions. Through extensive market research and direct engagement with crypto platform operators, the founding team identified consistent patterns of banking relationship instability, limited access to payment rails, and compliance complexity that were constraining industry growth across European markets.

February 2022 marked Fiat Republic's first significant funding milestone with a $3.5 million seed round led by Speedinvest, Credo Ventures, and Seedcamp. This initial capital enabled the development of the core banking API infrastructure and the establishment of foundational banking partnerships necessary to serve cryptocurrency businesses effectively. The funding also supported the company's initial regulatory compliance efforts, including the pursuit of Electronic Money Institution (EMI) licensing in key European jurisdictions.

December 2023 brought a pivotal moment with the completion of a $7 million seed extension round, attracting high-profile investors including Kraken Ventures, Fabric Ventures, Arca, and Inovo.vc, alongside existing backers. This funding round coincided with Fiat Republic's successful acquisition of EMI licensing from the Dutch Central Bank (DNB), providing the regulatory foundation for expanded European operations and enhanced service offerings.

The regulatory achievement that truly distinguished Fiat Republic came in 2024-2025 with its comprehensive MiCAR compliance journey. The company secured dual authorization under the Markets in Crypto-Assets Regulation, with DNB approving EMT issuance and redemption capabilities, while the AFM authorized custody, administration, and transfer services for E-Money Tokens. This dual approval positioned Fiat Republic among the first European entities to offer regulated custody and administration of E-Money Tokens under the new regulatory framework.

August 2025 marked another significant milestone with the launch of ENEUR and ENGBP, the company's E-Money Tokens for EUR and GBP, respectively. These tokens, available exclusively to EagleNet network members, provide 1:1 currency-pegged digital representations that enable instant cross-border settlements while maintaining full regulatory compliance. The development of ENUSD for US Dollar operations demonstrates the company's commitment to expanding its regulated digital currency offerings across major global markets.

Business Model & Core Services

Fiat Republic Netherlands B.V. operates a sophisticated B2B infrastructure-as-a-service model that generates revenue through multiple complementary streams while creating substantial value for cryptocurrency platforms seeking reliable banking integration. The company's core value proposition centers on aggregating access to crypto-friendly banking partners through a single API integration, eliminating the complexity and risk associated with establishing multiple individual banking relationships.

The primary revenue model revolves around transaction-based fees for external banking operations, setup fees for API integration and compliance onboarding, and subscription-based access to premium features and enhanced support services. However, the company's most innovative offering—EagleNet—operates on a network effect model where participants benefit from instant, fee-free transfers between network members, creating powerful incentives for ecosystem growth and client retention.

EagleNet represents Fiat Republic's proprietary instant settlement network that enables real-time fiat transfers between member accounts 24/7/365, regardless of traditional banking hours or geographic boundaries. This internal ledger system eliminates the delays, fees, and amount restrictions typical of conventional payment systems like SEPA Instant or Faster Payments, providing network participants with unprecedented liquidity management capabilities. The network effect economics create increasing value as more participants join, establishing a defensive moat around the company's core business.

The platform's service portfolio encompasses pooled and individual virtual IBANs, real-time foreign exchange capabilities, local and international payment processing, comprehensive treasury management tools, and the recently launched E-Money Token services. These offerings are delivered through a developer-friendly API architecture that enables rapid integration—often within days rather than the months typically required for traditional banking relationships.

Fiat Republic's approach to compliance represents another significant value driver, offering clients access to the company's sophisticated anti-money laundering infrastructure through its Oxygen transaction monitoring platform. This compliance-as-a-service component helps cryptocurrency businesses meet increasingly stringent regulatory requirements without the substantial internal investment typically required for comprehensive AML/KYC capabilities.

The company's geographic expansion strategy focuses on regulated market entry through its EMI passporting rights, enabling service delivery across the entire European Economic Area under harmonized regulatory frameworks. This approach provides scalability advantages while maintaining the regulatory certainty that cryptocurrency businesses increasingly require for sustainable operations.

Regulatory Compliance & Trust

Fiat Republic Netherlands B.V. has positioned regulatory excellence as a fundamental competitive advantage, achieving one of the most comprehensive compliance profiles in the European cryptocurrency infrastructure sector. The company's dual MiCAR authorization represents a significant regulatory achievement, with the Dutch Central Bank (DNB) authorizing EMT issuance and redemption capabilities under its EMI license, while the Autoriteit Financiële Markten (AFM) provides custody, administration, and transfer services authorization for E-Money Tokens.

This regulatory framework enables Fiat Republic to offer the full spectrum of cryptocurrency-related financial services under European Union oversight, providing clients with legal certainty and consumer protection mechanisms comparable to traditional financial institutions. The MiCAR compliance framework includes stringent requirements for governance structures, risk management procedures, consumer protection mechanisms, and operational resilience standards that exceed those typically applied to conventional financial technology companies.

The company's EMI licensing provides additional regulatory stability through established prudential supervision frameworks that have governed electronic money institutions for over a decade. This dual regulatory structure—EMI licensing for traditional electronic money services and MiCAR authorization for crypto-asset services—creates a comprehensive compliance foundation that addresses both current operations and anticipated regulatory developments.

Fiat Republic's approach to transaction monitoring and anti-money laundering compliance demonstrates institutional-grade risk management capabilities through its Oxygen platform. This proprietary system provides automated transaction screening, suspicious activity detection, and regulatory reporting capabilities that help client companies meet their own compliance obligations while reducing operational risk for the broader network.

The company's commitment to transparency includes regular engagement with regulatory authorities, proactive communication about operational changes, and participation in industry working groups that shape cryptocurrency regulation development. This collaborative approach has established Fiat Republic as a trusted partner for regulatory authorities while providing clients with insights into evolving compliance requirements.

Economics & Value Proposition

Fiat Republic Netherlands B.V. delivers compelling economic benefits to cryptocurrency platforms through its aggregated banking access model and innovative EagleNet settlement network. The company's value proposition centers on eliminating the traditional trade-offs between compliance, functionality, and cost that have historically constrained cryptocurrency businesses' banking relationships.

The EagleNet network creates particularly attractive economics for participants through its instant, fee-free transfer capabilities between network members. Traditional cross-border fiat transfers typically involve fees ranging from 0.1% to 0.5% plus fixed charges, processing delays of 1-3 business days, and amount restrictions that can constrain large transactions. EagleNet eliminates these friction points entirely for intra-network transfers, providing immediate value that scales with transaction volume and frequency.

For external banking transactions, Fiat Republic's aggregated access model typically delivers more competitive pricing than individual banking relationships due to consolidated volume and specialized crypto-banking partnership negotiations. The platform's real-time foreign exchange capabilities provide transparent, competitive rates without the inflated spreads common in traditional banking crypto services.

The compliance-as-a-service component provides substantial cost advantages by eliminating the need for clients to develop and maintain sophisticated AML/KYC infrastructure internally. Building comparable transaction monitoring and regulatory reporting capabilities typically requires significant technology investment and specialized compliance expertise that can be cost-prohibitive for smaller cryptocurrency platforms.

Integration economics favor Fiat Republic's API-first approach, enabling clients to establish comprehensive banking functionality within days rather than the months typically required for traditional banking relationship establishment. This accelerated time-to-market advantage provides competitive benefits that often justify premium pricing for businesses seeking rapid market entry or expansion.

The platform's virtual IBAN services eliminate geographic constraints and enable local payment method support across multiple European markets through a single integration, reducing operational complexity while expanding addressable market opportunities for client businesses.

Technology & User Experience

Fiat Republic Netherlands B.V. has developed its technology infrastructure around the principle that sophisticated banking capabilities should be accessible through developer-friendly interfaces that minimize integration complexity while maximizing functional capability. The platform's API-first architecture reflects modern software development practices and enables rapid deployment of comprehensive fiat payment functionality across diverse cryptocurrency platform architectures.

The EagleNet instant settlement network represents the company's most significant technological innovation, utilizing internal ledger architecture that processes transfers in real-time regardless of external banking system limitations. This proprietary network maintains 24/7/365 operational availability and has demonstrated consistent sub-10-second settlement times even during peak usage periods. The system's design eliminates single points of failure while providing audit trails and regulatory reporting capabilities essential for institutional-grade financial services.

The platform's API documentation and developer resources emphasize practical implementation with comprehensive code examples, sandbox environments, and integration testing capabilities. The company provides SDKs for popular programming languages and frameworks commonly used in cryptocurrency platform development, reducing integration time and technical complexity for development teams.

Fiat Republic's virtual IBAN infrastructure automatically handles the complexity of multi-jurisdictional compliance requirements, payment method routing, and currency conversion processes without requiring client-side configuration or maintenance. This abstraction enables cryptocurrency platforms to offer localized payment experiences across European markets through standardized API interactions.

The Oxygen transaction monitoring platform integrates seamlessly with client systems to provide real-time AML screening and compliance reporting without disrupting existing operational workflows. The system's machine learning capabilities adapt to client-specific transaction patterns while maintaining regulatory compliance standards across multiple jurisdictions.

Customer support operates through multiple channels optimized for technical integration requirements, including dedicated technical account management, API support documentation, and integration assistance during onboarding phases. The team's background in both traditional banking and cryptocurrency sector requirements enables effective problem resolution and optimization guidance.

Security & Risk Management

Fiat Republic Netherlands B.V. implements enterprise-grade security measures that address both traditional financial services risks and cryptocurrency-specific operational challenges. The company's security framework operates under the oversight of European financial regulators, providing institutional-level risk management practices while maintaining the operational flexibility required for cryptocurrency sector innovation.

The platform's infrastructure security includes comprehensive data encryption, secure API authentication mechanisms, and segregated system architectures that isolate client data and transaction processing capabilities. Multi-factor authentication requirements and role-based access controls ensure that sensitive operations require appropriate authorization while maintaining operational efficiency for legitimate use cases.

Transaction processing security benefits from real-time monitoring systems that detect unusual patterns or potentially fraudulent activity without disrupting legitimate business operations. The platform's integration with established banking partners provides additional security layers through their institutional-grade fraud prevention and transaction monitoring capabilities.

EagleNet network security operates through cryptographically secured internal ledger systems that maintain transaction integrity and provide comprehensive audit trails for regulatory compliance and internal risk management purposes. The network's design includes redundant processing capabilities and automated failover systems that ensure operational continuity during adverse conditions.

Client fund segregation follows European EMI regulatory requirements, ensuring that customer funds remain separate from operational assets and are protected through established consumer protection frameworks. These segregation requirements provide legal protections comparable to traditional banking services while maintaining the operational flexibility required for cryptocurrency business models.

Business continuity planning includes comprehensive disaster recovery procedures, redundant system architectures, and established protocols for maintaining operations during various adverse scenarios. The company's regulatory compliance obligations require detailed business continuity plans that undergo regular testing and regulatory review to ensure effectiveness.

Market Position & Suitability

Fiat Republic Netherlands B.V. occupies a unique position in the European cryptocurrency infrastructure landscape by combining comprehensive regulatory compliance with innovative technology solutions that address fundamental banking challenges facing cryptocurrency platforms.

Cryptocurrency Exchanges represent the platform's primary target market, benefiting from EagleNet's instant liquidity management capabilities, comprehensive European banking access, and sophisticated compliance infrastructure. The platform's API architecture enables exchanges to offer enhanced user experiences through localized payment methods and faster settlement times while maintaining regulatory compliance across multiple jurisdictions.

Digital Asset Custody Providers find significant value in Fiat Republic's EMT services and MiCAR compliance capabilities, enabling them to offer comprehensive custody solutions that include both cryptocurrency and fiat asset management under unified regulatory frameworks. The platform's instant settlement capabilities particularly benefit institutional custody providers managing complex liquidity requirements.

Cryptocurrency Payment Processors leverage the platform's extensive payment method support and real-time settlement capabilities to offer merchant services that compete effectively with traditional payment processors. The EagleNet network provides particular advantages for payment processors managing multiple merchant relationships requiring rapid settlement capabilities.

Institutional Trading Platforms benefit from the platform's high-value transaction capabilities, comprehensive compliance infrastructure, and institutional-grade security measures. The platform's ability to support large-value transfers through EagleNet without traditional banking limitations appeals to institutional trading environments requiring sophisticated treasury management capabilities.

Emerging Cryptocurrency Platforms find the platform's rapid integration capabilities and comprehensive compliance-as-a-service offerings particularly valuable for market entry strategies. The ability to access sophisticated banking infrastructure without lengthy relationship establishment processes enables faster time-to-market while maintaining regulatory compliance from launch.

The platform's limitations include the requirement for technical integration capabilities and minimum volume thresholds that may constrain very early-stage cryptocurrency businesses. Additionally, the focus on B2B infrastructure services means that consumer-facing cryptocurrency businesses must develop their own user experience layers rather than accessing ready-made consumer interfaces.

Conclusion

Fiat Republic Netherlands B.V. represents a significant evolution in cryptocurrency infrastructure services, successfully bridging the gap between traditional banking systems and digital asset platforms through comprehensive regulatory compliance and innovative technology solutions. The company's achievement of dual MiCAR authorization positions it advantageously in the post-regulatory European market while its EagleNet network creates sustainable competitive advantages through network effects.

The platform's key strengths include pioneering regulatory compliance that provides legal certainty for clients, innovative instant settlement technology that eliminates traditional banking limitations, comprehensive API architecture that accelerates client integration, and established partnerships with crypto-friendly banking institutions that provide operational stability. The company's founding team's deep experience in both traditional banking and fintech innovation provides confidence in their ability to navigate complex regulatory and technical challenges.

Areas for continued development include expanding EagleNet network participation to achieve maximum network effect benefits, developing additional E-Money Token offerings to serve global markets, enhancing the Oxygen compliance platform with advanced analytics capabilities, and building educational resources to help cryptocurrency platforms understand regulatory compliance requirements. The company's focus on B2B infrastructure may require careful balance between technical sophistication and accessibility for emerging market participants.

For cryptocurrency platforms seeking reliable, compliant banking infrastructure with innovative settlement capabilities, Fiat Republic offers compelling advantages over both traditional banking relationships and unregulated alternative solutions. The combination of regulatory certainty, technological innovation, and comprehensive service offerings makes it particularly suitable for established cryptocurrency businesses prioritizing long-term sustainability and regulatory compliance.

The company's strategic positioning for continued success appears strong, with comprehensive regulatory compliance providing defensive advantages while innovative technology solutions enable expansion into new service areas and geographic markets. As European cryptocurrency regulation continues maturing under MiCAR, Fiat Republic's early compliance leadership and technology innovation position it advantageously for sustained growth and market leadership in the cryptocurrency infrastructure sector.