Bitfrost, a fintech firm, announced Thursday that it had purchased OKONTO, an international institutional crypto over-the counter (OTC), and lending provider. According to the press release, the company will now offer consulting and cryptocurrency services to institutional clients.
Anton Chaschin, co-founder of OKONTO, was appointed Managing Partner by Bitfrost to lead its lending and prime services. Bitfrost also expanded licensing and operations in Asia, Singapore, Gibraltar, and the European Union.
“Fintech is proving that banking can be done without banks. Banks today lack flexibility and profitability, making it difficult for them to offer flexible and scalable solutions. The industry needs to recognize that cryptocurrencies have the potential to both boost their business and provide the stability and security they need. It is time for banks and the cryptocurrency industry to integrate their resources and grow together. Chaschin said that Bitfrost and OKONTO will realize this. As it has already begun license expansion to provide a wide regulatory coverage, the fintech company looks forward to enhancing its efforts to offer licensed crypto-related operations.
How to Get a License
Chaschin stated that the country where the company was in the process to obtain licenses is Gibraltar, Hongkong and Gibraltar. “The acquisition OKONTO aligns perfectly with Bitfrost’s main goal to become a global fintech ecosystem. It will provide valuable consultation for crypto services and banking in order to remove trade barriers. OKONTO was selected as a representative for the crypto world due to its compliance and security standards. OKONTO already boasts a large client base of European family office clients, so we are thrilled to be accepted into the Bitfrost ecosystem,” said the Bitfrost Managing Partners.
In the crypto world, Mastercard, a US-based financial service firm, announced recently that it is looking to acquire CipherTrace to increase its capabilities in digital assets.