By
Steve Muchoki
April 24th, 2024
BVNK is also working with other local regulators and is committed to expanding its business into more markets around the world.
London-based crypto payment startup BVNK has landed the license to operate from the Bank of Spain, a milestone that has carved the path for the outfit to expand its business into the broader European Union. Now that BVNK is a Virtual Assets Service Provider (VASP) in Spain, the startup can achieve its core goals of making a wide range of crypto services available for its Spanish customers.
BVNK has the needed technology to help customers manage their treasury, facilitate payments and manage investment operations from a single account. The startup is helping to lower the barriers to entry for all users and to make engaging with digital currencies a more relatable and easy feat.
As a startup that looks to be a one-stop shop for digital assets management, BVNK has a number of products that are customized to offer tailored services to users. Users who make use of its services can access the BVNK Yield, a product that permits users to deposit their capital rather than leave them idle, then earn competitive interest on them after a defined tenor.
BVNK Markets is a trading outfit that is specially designed for large-volume digital assets trading and is suitable for traders in search of a marketplace with deep liquidity. In all, the startup offers BVNK Insights, a tool that comes in handy to all customers as it provides analytics into market trends and consumer behavior, helping traders and investors to make informed decisions at all times.
BVNK Has Enough Boost to Operate in Spain
Besides the nod from the Bank of Spain, BVNK is strategically positioned by many metrics to operate in the country.
The startup received the sum of $40 million in Series A fundraising last year, a liquidity injection that has helped it increase its team from 40 to about 160. With the talents at its disposal, the company can easily scale its service offering, knowing well that client satisfaction will not be at risk.
“The registration in Spain will be the first of many similar landmarks and demonstrates our commitment to becoming a globally recognised business that holds itself against the highest international regulatory standards,” said Maximilian von Both, chief legal, risk, and compliance officer, BVNK.
While it is yet celebrating this new feat, BVNK is working with more local regulators and is committed to expanding its business into more markets around the world. With its deep pockets, the firm said it will increase its workforce to about 250 in the next 12 months to cater to the growth it is projecting in the near term.
BVNK’s feat of tapping the license from Spain is a feat that has been celebrated by other major crypto entities, especially Binance.
The trading behemoth received the approval to operate in Spain this summer through its local Spanish subsidiary, Moon Tech SL. The series of license approvals underscores the country’s banking institutions warming up to the idea of digital currencies in hopes of becoming a major hub for the nascent asset class in the near term.