A new type of fintech service aimed at crypto enthusiasts

Offering a concierge service, virtual assistant, payment card and cutting-edge tech platform for buying and selling cryptocurrencies.
Image: Chris Ratcliffe/Bloomberg

A sign of the growing sophistication of the crypto market is the emergence of fintech companies offering far more than the ability to buy and sell cryptocurrencies.

Club Swan was formed to provide lifestyle, concierge, and payment services to cryptocurrency enthusiasts. It’s a membership-based club offering a 24/7 ‘virtual assistant’ to source, coordinate and execute travel, shopping, and entertainment activities.

Those who prefer DIY travel arrangements can source discounts on travel and instant rewards on over 250 brands. The service includes the globally-accepted Club Swan payment card.

South Africans can now buy and sell Bitcoin, Ethereum, Tether, Bitcoin Cash along with five other cryptocurrencies at the best rates, with fees as low as 0.5%. Members can then spend their crypto with the Club Swan card in South Africa and anywhere in the world. All of this is managed via a single account, on one platform. The technology platform allows members to buy, sell, send, and receive cryptocurrencies.

Club Swan is headquartered in the UK and was launched in 2018. The brand and its parent company have provided lifestyle and concierge services to more than 500 000 members.

Regulations

In the US, it has Money Service Business (MSB) licences in over 44 states and is regulated under the Financial Crimes Enforcement Network (FinCen). It is also a regulated fintech in the UK.

Initially, Club Swan memberships for South Africans could be obtained by invitation only, but these have now been expanded to those seeking its lifestyle and concierge services due to limited options in the market. “Our ideal client is a cryptocurrency enthusiast that seeks hard-to-find, exclusive lifestyle experiences and is experiencing unnecessary friction in achieving those experiences,” says Neil Weeks, chief commercial officer of Club Swan. “Prospective members are encouraged to visit our website, examine our services, and submit an application if they believe our services meet their needs.”

Fee structure

The fee structure is based upon how an individual would use the Club Swan service. The most expensive tiers are Chairman and VIP, which are aimed at members who rely heavily upon the expertise of virtual assistants – particularly those with expansive and diverse needs. Members at these tiers have the choice of receiving a signature Club Swan Stainless Steel card (Chairman) or the Limited-Edition Club Swan Aluminium card. An added benefit of joining at this tier is the relatively low cryptocurrency counterparty transaction fees.

Club Swan also offers entry-level programmes (Starter and Premier) that are designed for members seeking access to the lifestyle, travel and entertainment programmes offered via the club; this includes the ability to access virtual assistance with travel plans and other services.

Creating a unique lifestyle experience

Since Club Swan is not an exchange, it does not compare with crypto exchanges in SA offering the ability to buy and sell crypto assets.

Its services are aimed at South African crypto enthusiasts looking for an exclusive club with many benefits, the opportunity to enjoy unique experiences and join a community of like-minded individuals in a frictionless manner, says Weeks.

Wallet security

Members are provided with fiat currency wallets and cryptocurrency wallets. “Since we are a regulated MSB in the US and a regulated fintech in the UK, our security standards must meet the standards of our chartered financial institution partners and our regulators. We are audited in accordance with their regulatory requirements and yes, we are very secure,” says Weeks.

Plans for the future

Given the rapid adoption, expansion and usage of cryptocurrency, Club Swan wants to provide meaningful solutions to South Africans, including NFT (non-fungible token) collectors, crypto traders, play-to-earn gamers and wear-to-earn fashionistas. Weeks says Club Swan aims to provide its diverse membership with ‘just-in-time’ support services, such as 24/7 virtual assistant and admin support and a community network of like-minded individuals.

“Club Swan wants to be the essential bridge between the digital and traditional worlds and make their transition seamless,” says Weeks.

Brought to you by Club Swan.

Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.

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