FCA-licensed payments platform Clear Junction has acquired crypto firm Altalix, according to a company statement.
Clear Junction states that the acquisition makes it one of the few companies that possess both an EMI (e-Money) license and a crypto-asset registration. Altalix is a UK-based Fintech company providing fiat-to-crypto gateway solutions. Terms of the acquisition were not immediately available.
Clear Junction says the strategic purchase will help it become a one-stop shop for its clients managing payments and transfer needs globally.
As the digital asset market continues to grow, Clear Junction sees value in having a crypto option – something it currently does not offer.
The company points to the Law Commission’s report, published in June of this year, that told the UK government that the UK is well positioned to “provide a coherent and globally relevant regime for existing and emerging types of digital assets.”
The UK government has consistently stated its intent to emerge as a top global crypto hub.
Clear Junction clarified that it is not its intent to offer a trading platform or crypto exchange, but it has taken into consideration market sentiment that indicates a demand for crypto/fiat transactions.
Dima Kats, CEO of Clear Junction, said they are excited to take the business forward sharing that it was a rigorous process to receive approval from the FCA for the acquisition.
“Not only have we gained a true competitive edge with the unique pairing of cryptoasset registration and EMI licence issued by the FCA, but the acquisition also holds significance as we look to the future of finance and how the industry will develop. We closely follow the regulatory developments related to digital assets in the UK, and so it is imperative for us to expand our expertise and product offerings in line with the market trends and our vision to provide correspondent account services to regulated institutions.”
The company said that Altalix will continue to operate as a separate from but will be rebranded as Clear Junction Digital. At the same time, Altalix operations will shift from retail to serving regulated firms that align with Clear Junction’s current business.
Kats said that compliance has always been key for their business and they will take some time in Q4 to better understand the business while updating policies and processes where necessary. He said they are developing a pilot program for launch.
In June, Clear Junction launched CJClique in June a new platform enabling its digital asset clients to connect and collaborate.