Fincross looks to bridge banking gap between fiat and crypto

Katie McDonaldNovember 8, 2018
Fincross bridging Fiat and Crypto

Financial services group Fincross International has been granted in-principle approval for an investment banking license, which it plans to use to integrate the crypto financial system into the investment banking world.

Based in Mauritius, Fincross International is aiming to build an ecosystem of financial products and services underpinned by blockchain – proprietary distributed ledger technology.

The company received in-principle approval for an investment banking license from the Financial Services Commission of Mauritius (FSC) and has also welcomed Ernst & Young onto its advisory board.

Subject to several crypto-related licenses being granted by the FSC, Fincross International anticipates that it will launch its suite of digital investment banking products and services in 2019.

Services will include an institutional crypto custody, crypto exchange, a 24/7 trade desk and a smart contract builder.

The company will also provide research and reporting, as well as artificial intelligence-powered trading tools.

“Fincross aims to bridge the gap between the crypto and traditional world,” said Fincross International CEO Eddy Abramo.

“The biggest challenges faced by institutions to enter this market include the need for regulation, a benchmark, and institutional crypto custody. These are some of the pain-points that Fincross will address.”

Fincross International’s distributed banking ledger (DBL) will enable clients to transact with instant settlement on a peer-to-peer basis, and will create a whitelisted ecosystem of compliant fiat and crypto assets, with an audit trail of all transactions published daily to ensure accuracy to internal and external auditors.

A customer platform is also currently in the works, giving clients the ability to trade and make payments or transfers in either fiat or crypto, buy funds, as well as create regulation-enforced token offerings or debt finance smart contracts via Fincross International’s DBL.

Fincross International is planning to undergo a private capital raise, which it said would be followed by a token sale in early 2019.

Those who acquire utility tokens via the token offering will be given bandwidth on Fincross International’s DBL, as well as priority access to its products line and discount on associated fees.

“Our mission is to create a safe, secure and legitimate gateway into the crypto market for institutional, corporate, intermediary and private clients,” said Fincross International co-founder and deputy CEO Henry James.

“Our unique solution serves as a financial crossover that will create a compliant and seamless experience for clients to secure, invest and manage their investment portfolio, while gaining deeper access to all aspects of the crypto market and economy.”

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