• Okonto, a cryptocurrency lending provider, has been acquired by Bitfrost

  • On Thursday, Bitfrost, a fintech firm, announced the acquisition of OKONTO, a global institutional crypto over-the-counter (OTC) and lending provider. As a result, the firm will provide cryptocurrency and consulting services to its institutional clients, according to the press release.

    Anton Chaschin, Co-Founder of OKONTO, joined Bitfrost as Managing Partner as part of the acquisition to lead the company’s lending and prime services while expanding licensing and operations across Switzerland, the European Union, Singapore, Gibraltar, and Asian markets.

    “Fintech demonstrates that banking can be done without banks. Because today’s banking services lack profitability and flexible scalable solutions, the industry should recognize that cryptocurrencies can improve their businesses while also providing the necessary level of security and stability. It is past time for banks and the crypto industry to pool their resources and evolve together. Bitfrost and OKONTO will realize this,” Chaschin said in response to the announcement. The fintech firm anticipates strengthening its targets for licensed crypto-related operations, having already begun license expansion to cover a broad regulatory coverage.

    According to Chaschin, the company was in the process of obtaining licenses in Cyprus, Hong Kong, Gibraltar, the United Kingdom, and Gibraltar. “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 cryptocurrency services in order to eliminate trade barriers.” OKONTO was chosen as a crypto world representative because it met Bifrost’s compliance and security standards. OKONTO already has a strong client base of European family offices, so we are thrilled to be welcomed into the Bitfrost ecosystem,” the new Bitfrost Managing Partner added.

    In the cryptosphere, Mastercard, a US-based financial services firm, recently announced plans to acquire CipherTrace, one of the leading crypto intelligence companies, in order to strengthen its capabilities in the field of digital assets.

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