Velvet Platform was initially developed to solve a specific problem. Realizing that that there was a need for a secure, online platform that would facilitate large financial deals in houses, yachts, artwork, etc., across international borders, Velvet launched a fully automated, multi-currency escrow account platform, with remote authentication, made possible through the security of blockchain technology.
But after the 2020 shut down we realized the need for a fully automated, multi-currency escrow account platform, with remote authentication, was broader than that.
“After the 2020 shut-down, we realized that the world had changed dramatically and that there was now a need for innovative financial thinking that took cognizance of the new economy and its shift to borderless transactions,” states Alexander Zelinsky, CEO of Velvet Platform.
“Assisted by our partnership with the European Coworking Assembly (ECA), we realized that trust and security must be at the core of all businesses, large or small. We then broadened our market segment to include startups and entrepreneurs doing cross border businesses and collaborations that are building the future economy.
This economy is driven by individuals who choose to do things differently, work in different ways and challenge the status quo. These players are the driving force of economic growth and productivity.
“We provide this through a personalized collaboration and payments platform that is part of a community of companies registered across the globe, working together towards one common goal – to provide transparent, trustworthy and personalized financial services to those challenging the present circumstances.”
Building a new economy
“This new economy is exciting but also demanding, as cross border alliances span the global economy. Knowing who to trust as a customer, as well as how to manage money in a secure manner for collaborative projects, is becoming increasingly more complex, as the market and collaboration evolves.
“We reviewed the challenges that teams and freelancers face on a daily basis. How can influencers work together and get paid fairly, safely and accurately for collaborative projects? How can non-profit organizations easily pay ad hoc suppliers across borders? How could one easily receive donations and keep it in escrow without it affecting one’s business or personal tax? Who should manage and receive the money for projects shared by independent contractors, events organizers, freelancers and project managers?
“The answer is the Velvet Platform, which enables our customers to collect payments in one place; anytime, anywhere with no delay. By getting escrow agents to sign up, we provide an easy to use and secure platform for safe collection and distribution of funds.
“Our aim is to provide secure infrastructure, taking into account the way our customers do business, by creating products our customers need to perform at their best and to create the world they want to see. We do this by basing all our engagement, compliance and future product offerings on knowing the customer (really knowing them), through personal interaction.
“Our overriding principle is that of trust, without which there can be no possibility of business. We achieve this by mitigating business risks and offering products of value.”
Ease of Business is Paramount
“We also realized that businesses want to do business, not be caught up in complicated international financial regulations and legislation and endless paperwork. Thus, the Velvet Platform ensures the adherence to international KYC and AML requirements, as well as the European GDPR requirements. We generate the documents you need to ensure that your policies and procedures are compliant and up to date.
“In providing such services, we take the approach of partnership and co-creation with companies aligned with our core values and who are equally committed to meeting the highest standards of verification and compliance. This enables us to offer services in different regions, guaranteeing risk reduction and faster access to payment schemes.
Our partners are PayPugs, an online payment solution; Sumsub, empowering compliance and anti-fraud teams to fight money laundering, terrorist financing and online fraud; and the ECA, supporting the coworking community in its role as the infrastructure of the new economy.
“Our current territories/footprint stretches across the US, UK, Baltics, and The Netherlands. Soon we will also be present in Canada and Australia and that is only the start of a global footprint enabling everyone to engage in the new economy,” concludes Alexander.