Bitfrost, a fintech company, announced on Thursday that it had acquired OKONTO, a global institutional crypto over-the-counter (OTC) and lending provider. As a result, according to the press release, the firm will offer cryptocurrency and consulting services to its institutional clients.
As part of the acquisition, Anton Chaschin, Co-Founder of OKONTO, joined Bitfrost as Managing Partner to take the lead of its lending and prime services while expanding licensing and operations across Switzerland, the European Union, Singapore, Gibraltar, and Asian markets.
“Fintech proves that banking is possible without banks. Today’s banking services lack profitability and flexible scalable solutions, so the industry should recognize that cryptocurrencies can both improve their businesses and have the necessary level of security and stability. It’s time banks and the crypto industry integrate their resources and evolve together. Bitfrost, together with OKONTO, are going to realize that,” Chaschin commented on the announcement. The fintech firm looks forward to strengthening its targets on offering licensed crypto-related operations as it already started license expansion to cover a broad regulatory coverage.
Chaschin said that Cyprus, Hongkong, Gibraltar, the United Kingdom, and Gibraltar are the countries where the company had been in the process of getting licenses. “The acquisition of OKONTO fully aligns with Bitfrost’s main goal of becoming a leading global fintech ecosystem that will provide much-needed consultation for banking and crypto services in order to eliminate trade barriers. OKONTO was chosen as a representative of the crypto world because it met the compliance and security standards of Bifrost. OKONTO already has an impressive client base of European family offices, so we are delighted to be welcomed into the Bitfrost ecosystem,” the new Bitfrost Managing partner added.
Recently, in the crypto sphere, Mastercard, the US-based financial services firm, announced that the company is planning to acquire CipherTrace, one of the leading crypto intelligence companies, to enhance its capabilities in the field of digital assets.