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Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli Regulator

Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli RegulatorAn Israeli capital markets regulator, the Insurance and Savings Capital Market Authority, recently granted a “crypto financial services provider license” to Bits of Gold, the first such license for an active company in the country. This license allows Bits of Gold to offer crypto custodian services and to enable the safekeeping of funds belonging to […]

Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli Regulator

An Israeli capital markets regulator, the Insurance and Savings Capital Market Authority, recently granted a “crypto financial services provider license” to Bits of Gold, the first such license for an active company in the country. This license allows Bits of Gold to offer crypto custodian services and to enable the safekeeping of funds belonging to retail customers.

Amendment of Israeli Laws

In what has been described as a first in Israel, the country’s capital markets regulator, the Insurance and Savings Capital Market Authority (ISACA) recently granted Bits of Gold a “crypto financial services provider license.” This license enables the crypto exchange platform to “offer custodian services” as well as to allow “its retail customers to keep their funds safely and insured” via a wallet application that will be launched sometime in October.

According to a statement, Bits of Gold was finally granted the license by the regulator after nearly five years of waiting. An amendment to the law in 2016 means the ISACA can now issue operating licenses to crypto entities.

In remarks following the announcement, Bits of Gold chief executive officer (CEO) Youval Rouach said:

Using our technology, banks and financial institutions will easily connect to what crypto has to offer for their clients. Bits of Gold Connect is an exciting development we’ve been working on for 2 years. It enables banks, fintech companies and financial institutions in Europe and in Israel, to connect to our well-established infrastructures, and offer their clients diverse crypto solutions, simply put, a way to buy, sell, and hold cryptocurrencies in an easy, safe and regulated way.

Before being granted the ISACA-issued license, Bits of Gold held a “currency service provider” permit since 2013. However, in 2018 this permit was changed to a “business continuation” permit, which the crypto exchange platform held before being granted the latest license.

Meanwhile, in the statement, Bits of Gold claimed that with the ISACA-issued license and “the Bank of Israel recent orders” the crypto exchange platform will now be able to resolve banking problems that Israeli crypto holders have encountered for years.

What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Regulation Archives – Bitcoin News

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Fintech

Cameroonian Fintech Ejara Raises $8 Million in Series A Investment Round

Cameroonian Fintech Ejara Raises  Million in Series A Investment RoundJust over 12 months after raising $2 million, the Cameroonian fintech whose app allows users to buy and store crypto assets recently said it had received $8 million in its Series A investment round. According to Ruth Foxe Blader, partner at Anthemis, Ejara aims to become the one-stop platform where “a suite of financial products […]

Cameroonian Fintech Ejara Raises  Million in Series A Investment Round

Just over 12 months after raising $2 million, the Cameroonian fintech whose app allows users to buy and store crypto assets recently said it had received $8 million in its Series A investment round. According to Ruth Foxe Blader, partner at Anthemis, Ejara aims to become the one-stop platform where “a suite of financial products will be accessible at their fingertips, without the need for any crypto knowledge.”

Owning the Keys to Your Crypto

Ejara, the Cameroonian fintech whose app enables users to buy and store cryptocurrency in decentralized wallets, recently said it had raised $8 million via a series A investment. The fintech’s latest fundraising series was jointly led by the United Kingdom-based venture capital (VC) firm Anthemis and Dragonfly Capital.

Participating in the latest round were Mercy Corps Ventures, Coinshares Ventures, and Lateral Capital which just like Anthemis had similarly joined the fintech startup’s previous round. According to a Techcrunch report, new investors include Circle Ventures, Moonstake, Emurgo, Hashkey Group, and BPI France, while Blockworks co-founder Jason Yanowitz is one of the angel investors that participated in the round.

The fintech’s latest capital raise comes just over 12 months after Ejara said it had secured $2 million via a seed round. Meanwhile, the latest capital brings the total funds that the fintech has raised in under 18 months to $10 million. Commenting on the company’s latest capital raise, Nelly Chatue-Diop, the CEO at Ejara, is quoted as saying:

When everyone was taking the other route and building centralized exchanges, we always thought that, if you want to own crypto, you need to own your keys. And that’s pretty much what’s saved us in turbulent times.

From the around 8,000 clients it had in October 2021, Ejara now reportedly boasts over 70,000 users that hail from nine different French-speaking African countries.

Meanwhile, Ruth Foxe Blader, partner at Anthemis, noted that Ejara had no intentions of “limiting itself to being a crypto app.” Instead, the fintech is seeking to become a one-stop platform where “a suite of financial products will be accessible at [users’] fingertips, without the need for any crypto knowledge.”

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What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Fintech Archives – Bitcoin News

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