Koine acquires fintech firm to streamline onboarding of institutional crypto clients
Bitcoin exchange Coinfloor has partnered with electronic money firm, Enumis, to offer a UK current account for crypto businesses. As well as allowing for deposit and withdrawal of funds via CHAPS, BACS and UK Faster Payments, this will give clients free GBP deposits and withdrawals into and out of their Coinfloor cryptocurrency exchange accounts. Access to the account is available 24 hours a day online and clients will be able to undertake regular banking functions such as setting up direct debits and standing orders. More advanced features, including programmatic API access for account automation, are also available. Prepaid/debit cards providing a 0.2% rebate on all transactions will also be issued to all account holders. Obi Nwosu, Founder and CEO of Coinfloor
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·Coin RivetLondon-based digital asset custody and settlement firm Koine has acquired fintech firm Hireabl to help strengthen its onboarding process for institutional clients.
According to a press release shared with Coin Rivet, Hireabl will provide a “scalable platform for automated client onboarding”.
Institutional flow into cryptocurrency has been a key talking point underlying this year’s market recovery. Coinbase CEO Brian Armstrong revealed that 60% of the exchange’s revenue has been made from institutional trading.
Aside from hiring Hireabl, Koine plans to make a number of acquisitions throughout 2019.
The SEC approving a bitcoin ETF would be a very big deal and go long ways into legitimizing crypto in the eyes of institutional investors with deep pockets.
— Alex Krüger (@krugermacro) May 21, 2019
“Koine has recently completed its second round of financing and we are poised for launch and dramatic growth. With this acquisition of talent and technology, we are investing in the client onboarding experience, for excellence of our customer service and for rapid expansion in our client base,” said Hugh Hughes, CEO of Koine.
“We are delighted that the Hireabl team and technology are now within the Koine stable – our platform positions Koine to become a major institutional custodian of digital assets.”
Hireabl CEO Jason Mochine, who has now become the Head of Sales at Koine, claims that there is a “massive client interest” in the provision of institutional custody and digital assets.
He continued: “Clients and prospects are impressed at gaining the ability to increase their capital efficiency and reduce settlement risk through real-time interoperability with multiple global trading venues on the single Koine custody system. The addition of an automated KYC/AML/CTF platform as part of the Koine architecture ensures highly efficient and scalable client onboarding.”
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