EQIBank launches to offer regulated crypto and fiat services
EQIBank, the world’s first licenced and regulated bank for national currencies and digital assets, said on Thursday it expected to secure €50bn in custody assets by July 2019.
Founded by formers HSBC, Credit Suisse, UBS and Bank of New York bankers, EQIBank added that it expected to hold up to €10bn under deposit by the end of 2019.
Licenced and regulated
The firm says it is the first ever bank to offer services for customers to manage traditional and crypto assets within a single banking relationship, and is the first licenced and regulated bank to provide scalable banking to the “under-serviced” cryptocurrency sector.
The bank said it was currently working with four of the world’s top ten cryptocurrency exchanges to open accounts by December.
EQIBank’s potential users hope the bank can successfully address the issues that have formed barriers for growth in the cryptocurrency sector. Lack of trust in cryptocurrencies has been the major challenge, and why banks have shied away from offering services to the industry.
“The inability to bank cryptocurrency is probably the major challenge facing cryptocurrency exchanges globally with bank accounts constantly being denied or shut down for compliance reasons,” said Sam Lee, founder and chief executive of Blockchain Global.
He added: “EQIBank is a breakthrough for the blockchain industry as it provides banking certainty for businesses that involve blockchain and cryptocurrencies.”
Jason Blick, chief executive of EQIBank, said the company was designed with the aim of simplifying banking infrastructure by replacing fragmented, complex services with one secure, stable and cost-efficient bank.
He added: “Banking is broken. We hear this consistently throughout the market – whether we’re talking to high net worth individuals or financial institutions.
“People want to invest in new, emerging asset classes, but they can’t because the industry simply hasn’t evolved to make it possible. The process is too complex, too expensive and too insecure. We launched EQIBank to solve these problems.”