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BVNK Aims to be Crypto Bank in All But Name
The digital-asset platform wants to appeal to mid-market clients who fall between retail customers and multimillion-dollar institutions.
Updated May 11, 2023, 7:06 p.m. Published Oct 8, 2021, 8:40 a.m.
BVNK, a new digital-asset platform, has started operations, targeting businesses seeking exposure to cryptocurrency but are not well served by existing crypto providers.
The London-based company describes itself as a “digital-asset financial services platform.” It plans to appeal to fintech firms, corporate service providers, wealth managers and private banks that want to offer digital asset services to their clients, particularly those who fall between retail and multimillion-dollar institutional markets.
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“BVNK aims to plug that gap in the mid-market and become the “go to” choice among fast-growth international businesses and partners for digital-asset financial services,” co-founder and CEO Jesse Hemson-Struthers said.
“There is clear appetite among mid-market enterprises for financial services rooted in the world of cryptocurrencies. It will take time, however, before mainstream banks incorporate digital assets.”
There’s a clue in the name: BVNK, with a “V” substituting for an upside-down “A.”
The platform will provide a business account for settlement, exchange and payment of crypto, access to markets for large-volume trades and a yield service where funds are deployed to brokers to earn interest.
BVNK’s immediate aim on launch is to build its product features and acquire the operating licenses from regulatory bodies across Europe.
Hemson-Struthers, who lists himself as an entrepreneur and investor on his LinkedIn page, was the founder of Balfour Group, an investment vehicle for startup technology businesses, and CoinDirect, a payment-services provider and over-the-counter trading service, where he also served as CEO.
Read more: Crypto App Abra Raises $55M to Develop High-Net-Worth, Institutional Offerings
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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