Coinweb, an L2 Cross-Computation Platform, Registers With Canadian Regulator FINTRAC as Money Services Business

Coinweb, a layer-2 cross-computation platform, recently announced that it has acquired FINTRAC-registered OnRamp Technologies Limited, a payment company with Money Services Business consents (MSB) “providing users the access to fiat rails for projects being built on top of the Coinweb platform within the regulated Canadian crypto landscape.”

This allows Coinweb to “provide its services to customers in Canada for the first time, enabling the platform’s launch into North America shortly following its granting of a European digital asset license.”

Canada’s Money Service Business permissions “enable Coinweb to offer virtual currency exchange and virtual currency transfer services, paving the way for a full fiat rails-integrated wallet with cross-chain tokenization functionality.”

Coinweb CEO Toby Gilbert remarked:

“The requirements to obtain digital assets licenses are subject to constant reviews and tightening of regulations across most jurisdictions. The race for delivering regulatory framework is on with many countries looking to position themselves as being ‘crypto friendly,’ and Coinweb’s stance is to pursue the second bounce of the ball and stay ahead of the curve. Acquiring Canada’s MSB marks the beginning of our entry into North America to better service our partners and customer base.”

Coinweb continues to work towards “the acquisition of licenses around the world, and has built an experienced in-house compliance team to future-proof the business within the digital landscape as new regulatory frameworks begin to be implemented.”

As Coinweb’s capabilities expand, these licenses will “help to provide liquidity and enable the smooth on- and off-ramping of fiat with crypto assets.”

As noted in the update, Coinweb.io is “a layer-2 cross-chain computation platform that began its journey in mid-2017.”

With an experienced line-up of team members and a board of advisors from the worlds of traditional technology, business and blockchain, Coinweb is “solving some of the most critical problems that exist within Distributed Ledger Technology today.”

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