EQIBank opens accounts with crypto exchanges, on track for €50bn in assets
EQIBank, the world’s first licensed and regulated bank for national currencies, crypto and digital assets announced it was on track to secure €50bn in custody assets by July 2019 and to hold €10bn under deposit by the end of 2019.
EQIBank is trying to bridge the gap between traditional banking and crypto and digital assets and says it is working with four of the top ten largest cryptocurrency exchanges to open accounts in December 2018.
Granted a full banking licence, the Grand Cayman-based bank targets the $210bn market cap cryptocurrency sector which it calls ‘under-serviced’. The bank’s customers can for the first time manage traditional and crypto assets within a single banking relationship and it expects to mine opportunities as the only player in this space.
Over a stumbling block
The global volume of net investable assets of high-net-worth individuals is expected to increase by around 25% to almost US$70trn by 2021. It expects to snap up more global custody clients as well since traditional banks have refused or been unable to provide custody services for cryptocurrencies.
Sam Lee, founder and CEO of Blockchain Global said: “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. EQIBank solves this problem by allowing exchanges and their clients to transact in cryptocurrency and national currency within the one regulatory and technology system in accordance with global banking compliance standards. It is a breakthrough for the blockchain industry as it provides banking certainty for businesses that involve blockchain and cryptocurrencies.”
EQIBank expects its unique position having launched offshore will also meet the needs of hedge funds the majority of which are domiciled offshore.