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Many of you in the cryptocurrency space since the earliest days of bitcoin have almost certainly had problems getting fiat into or out of the crypto ecosystem. I experienced this myself when I purchased my first lot of Ether a few years back, exiting was even more painful as at the time I could only sell my ether to dollars but needed it in GBP. I had to accept a horrible spread on converting to pounds on the transfer out of my exchange account to my bank. Problems with the fiat gateway into the crypto ecosystem still exist, particularly for companies operating in the space. Most companies can’t obtain a fiat bank account with a bank regulated in a reputable jurisdiction. This has contributed to a multitude of problems in the space including the latest fiasco with Bitfinex as explained in this article recently published on coindesk. It is an unnecessary burden for companies operating in the space and is holding back the growth of the crypto currency sector.
I work for DAG Global who are currently undertaking a Crowdcube seed funding round. We are founding a bank in London that will bank companies and HNWI's operating in the crypto sector. We have already talked to the FCA and are now in the process of obtaining a license from the Bank of England’s PRA. We do not share the irrational fears of the established banks and we will solve the problem of companies in the space being underbanked.
One of the few banks regulated in a reputable jurisdiction that does currently bank those in the sector is Silvergate in California. The IPO papers they filed with the SEC last year indicate that they have amassed $1.7 billion in deposits from their crypto clients and estimate that the addressable market for fiat currency deposits related to digital currencies alone is worth approximately $40 billion. This shows how underbanked the space is and the size of the market that DAG can serve.
Our team is a mix of entrepreneurs and those from traditional finance. Core members of our team have helped companies obtain a UK banking license before and worked at the UK regulatory bodies. This means DAG are well placed to give London the crypto friendly bank it needs.
If you would like to be a part of DAG Global’s mission to support the crypto space by solving the crypto banking crisis then please buy equity in us via our Crowdcube round.We have already raised £800,000 of our £2 million target. We have opted not to do an ICO as token holders would not be protected by any legal or regulatory framework and we believe it will be easier to obtain a license from the regulators having taken a route to raising equity that they are more familiar with. We would be happy to answer any question any one has about the project either here or on Crowdcube.
Kind Regards, Gavin and the DAG team.
For more information see our explanatory video on Crowdcube and for updates on the sector please follow us on Twitter and see our Website
