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London-based startup targets license to serve crypto businesses

Tuesday 11 February 2020 10:20 CET | News

DAG Global, a UK-based startup, has announced plans to become the ‘first digital assets merchant bank’ in the UK, according to CoinDesk.

According to its website, the company aims to offer merchant banking solutions to the underserved fintech, digital, and SME sector. DAG already applied for a license in 2018, with the Prudential Regulation Authority and the Financial Conduct Authority but wasn't successful.

It now plans to resubmit the application in March 2020 with a view to offering bank accounts to crypto firms from 2021. So far, the UK banking sector has been notoriously averse to serving firms in the industry such as cryptocurrency exchanges.

DAG hopes to improve the situation and join the very small number of financial institutions, such as Clearbank and its partner BCB Group, officially licensed – and willing – to serve the local crypto space, CoinDesk concluded.
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Keywords: DAG Global, startup, UK, cryptocurrency, digital assets, crypto firms, digital banking merchant
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United Kingdom
This article is part of category

Blockchain & Cryptocurrencies