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Alternative Market Briefing

New bank aims for $64.16bn in custody assets by mid-2019, including crypto and digital assets

Monday, October 29, 2018

Laxman Pai, Opalesque Asia:

EQIBank, the world's first licenced and regulated bank for national currencies, crypto and digital assets, expects to secure GBP50bn ($64.16bn) in custody assets by July 2019 and hold GBP10bn ($12.8bn) 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.

According to a press release from EQIBank, which launched offshore where 85% of the world's hedge funds are domiciled, 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 $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," it said.

Existing global banks hold over $143.75 trillion in assets but are burdened by legacy systems and cumbersome organisational structures. Their lack of flexibility is a key reason that challenger banks have gained such momentum.

EQIBank is the first offshore challenger bank in the world - and technology sits at the core of its proposition, using cloud computing, digital services and blockchain technology to bridge the worlds of cryptocurrency and banking.

The release quoted Sam Lee, Founder and CEO of Blockchain Global as saying: "T......................

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