Digital asset financial services platform, BVNK, has launched its platform in order to eliminate the barriers that prevent high-potential businesses and financial service providers from realizing the benefits of virtual currencies.
Based in London, BVNK aims to “set new standards for digital asset financial services from its European base.”
As mentioned in the announcement:
“Until now, using cryptocurrency financial services has required in-depth knowledge of the space and technical expertise. BVNK transforms this experience, making it more accessible so that non-experts can enjoy the benefits of digital asset-based financial services.”
Clients are able to manage treasury, payment and investment operations for crypto-assets from a single account. BVNK provides several core services to assist clients with achieving their financial and treasury management objectives:
The BVNK Business Account offers an easy-to-follow ‘Know Your Business’ process for access to GBP/EUR/USD and crypto-asset wallets. Business clients are able to manage settlement, exchange and payment “from a single account interface, which also hosts the other two flagship products:”
Some other key services:
- BVNK Yield, where clients can “put their capital to work and earn interest;” and
- BVNK Markets “for large volume digital asset trades.”
- There’s also BVNK Insights which “provides market intelligence for customers to make informed decisions.”
BVNK’s partnership model will aim to “support organizations such as corporate service providers, wealth managers, fintech firms, and private banks in delivering digital asset financial services to their customers via the BVNK Business Account.”
Jesse Hemson-Struthers, BVNK’s CEO, stated:
“In a world of low interest yields and outdated infrastructure, digital assets are rapidly increasing in appeal. Unsurprisingly, there is a 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.”
Jesse added:
“Meanwhile, existing crypto platforms only serve the extreme ends of the customer spectrum — that is, either small-scale retail customers or multi-million dollar institutional clients. 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.”
Central to supporting BVNK’s vision or goal of enabling greater trust is its commitment to transparency, which will “steer operations and the provision of information to customers.”
For example, BVNK Yield “deploys client funds to multiple prime brokers based on a dynamic risk model — which takes into account security, creditworthiness and risk profiles — to optimise the yields on a weekly cycle.” BVNK believes that “regular reporting on counterparties and exposure is as important as the returns themselves.”
In 2017, the founding team of BVNK introduced crypto services provider Coindirect, which has “carved out a successful business supporting cross-border foreign exchange, powered by digital assets, in emerging markets.”
BVNK’s CEO, Jesse Hemson-Struthers, formerly “held the same role at Coindirect, where he spotted the market opportunity for the distinct BVNK proposition and a chance to draw on his experience in creating it.”
The focus for BVNK will be on “innovating product features and the underlying technology infrastructure, acquiring operating licenses from the relevant authorities, and developing a robust partnership model to successfully onboard financial service providers lacking in crypto expertise.”
Besides Hemson-Struthers, other senior executives have “held roles at Ebury, Crypto.com, and BNP Paribas,” the announcement revealed.