A team of former bankers has launched a licensed bank for national currencies, crypto and digital assets called EQIBank.
Ex-bankers from HSBC, Credit Suisse, Bank of New York and UBS are behind the move.
The new lender will enable customers to manage conventional and crypto assets through a single channel.
Based in the Caribbean island nation of Dominica, EQIBank will offer lending, trading, custody, clearing and settlement services.
It will be regulated by the Financial Services Unit of CommonWealth of Dominica and holds unrestricted offshore banking licence in Caribbean Community (CARICOM).
Another new bank?
EQIBank CEO Jason Blick said: “Securing a banking licence is a rare occurrence; regulators receive hundreds of applications every year but between 2010 and 2015 only 3 new banks opened in the US.
“This is why we are so proud to have been granted a full banking licence and look forward to bringing progressive banking services across the globe.”
Currently, the bank is taking customer applications before the scheduled launch of accounts and EQIBank Exchange in December 2018.
The new lender will offer current and savings accounts services to private and corporate clients, along with card services and lending accounts.
Besides conventional borrowings, the new lender will also offer P2P loans against cryptocurrency and digital assets.
Additionally, customers can avail custody and vaulting service for crypto and digital assets; and internal settlement between fiat and cryptocurrency services.
EQIBank also unveiled plans to launch arms in Europe and Asia next year.