London-based crypto banking and payments platform, BVNK, is the latest firm to obtain a VASP (Virtual Asset Service Provider) license in Spain. The registration will allow the firm to offer its services to the corporate sector of the nation. The Bank of Spain’s approval will give the firm the necessary “springboard” for European expansion.
BVNK was founded in 2021 and aims to make crypto accessible to institutional investors. The company’s clients can use a single account to manage treasury, payment, and investment operations for digital assets. The platform offers over 100 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Solana (SOL).
In May of this year, the London-based crypto bank managed to raise $40 million in funding, with a $340 million valuation. Moreover, in its one short year of existence, the bank has managed to expand its workforce from 40 to 160. Additionally, the firm plans to further expand its headcount to 250 by next year.
EU Opening up to Crypto
The EU’s (European Union) MiCA (Markets in Crypto Assets) legislation’s text was recently approved by a group of diplomats. The text only needs to be approved by members of the European Parliament, before being enacted as a law.
Furthermore, the MiCA legislation allows crypto businesses with licenses from individual member states to offer their services across the 27-nation bloc. This makes the Spanish registration for BVNK extremely important. The license will more or less give the platform access to the entire continent.
Maximilian von Both, chief legal, risk, and compliance officer at BVNK, stated,
“The registration in Spain will be the first of many similar landmarks and demonstrates our commitment to becoming a globally recognised business that holds itself against the highest international regulatory standards.”
Nonetheless, the crypto markets have taken a beating, with little signs of relief. The reason is most likely the US CPI numbers which are due today. Investors are bracing themselves for another interest rate hike as the Fed tackles inflation worries. Major economies, such as Germany and Italy, are poised to enter a recession by next year. The UK, too, is surrounded by recession fears.
At press time, the global crypto market cap stood at $955, down by 0.3% in the last 24 hours.