Fincross International Looks to Bring Cryptocurrency Mobile Payments to Banking
Mainstreaming cryptocurrency is no one’s idea of an easy task. After all, first you have to convince large numbers of people that it’s not just criminals actually using the platform but regular people too. Then you have to actually have places that will accept cryptocurrency as payment for goods and services, which is a number best described right now as “almost none.” Fincross International, meanwhile, dropped word our way about a plan to help bridge the gap by bringing cryptocurrency and fintech together to make a kind of investment banking operation for it.
Fincross now has an investment banking license from the Financial Services Commission of Mauritius (FSC), which will let them bring cryptocurrency to investment banking starting in the early days of 2019, if all goes as planned. Essentially, Fincross is bringing a set of “digital investment banking products and services”, as they’re described, to the market to let users invest in digital currencies with much the same power as any other commodity.
Fincross is poised to offer a crypto exchange, along with institutional crypto custody and a trade desk that runs around the clock. Both alpha and beta crypto funds will be in play, along with research and reporting tools as well as a tool for building smart contracts. There will even be a set of AI-driven trading tools, including robo advisors, to help provide insight into the overall crypto market. The company plans to issue its token via a sale in early 2019 after a private capital raise.
As services go, this will certainly be one of the most credible launched, and with good reason. It’s got the tools and government backing to bring a lot of credibility along for the ride. Sure, Mauritius isn’t exactly a household name as countries go, but still, having that official sanction could help. There’s no doubt that institutions are looking to get more into crypto, but they need the tools and the protection to do it with a measure of safety.
Only time will tell if Fincross’ measures will be enough to draw the institution into the picture, but it’s certainly made a good showing so far.