The Cryptocurrency Magazine is told that EQIBank, the world’s first licenced and regulated bank for national currencies, crypto and digital assets, expects to secure €50bn in custody assets by July 2019 and hold €10bn under deposit by the end of 2019.
Founded by former HSBC, Credit Suisse, Bank of New York and UBS bankers, EQIBank lets customers manage traditional and crypto assets within a single banking relationship for the first time. It is the first licensed and regulated bank ready to provide secure, consistent and scalable banking to the under-serviced cryptocurrency sector, which currently has a market capitalisation of US$210bn. This is why EQIBank is currently working with four of the top ten largest cryptocurrency exchanges in the world to open accounts in December.
Sam Lee, Founder and CEO of Blockchain Global, told The Cryptocurrency Magazine: “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.”
Hirander Misra, CEO of GMEX Group and Chairman of MINDEX, added: “GMEX Group delivers the technology behind innovative exchanges and digital asset trading platforms across the globe. We are proud to be recognised as one of the powerhouses of the blockchain economy. However, the well-documented challenges around banking cryptocurrency are proving a major roadblock in this space, preventing blockchain from fulfiling its potential. EQIBank has made great strides in tackling this problem, allowing exchanges, businesses and individuals to bank in crypto and national currency – that’s why MINDEX our gold exchange initiative and our other exchange ventures across the globe will be using EQIBank.”