London-based startup DAG Global is applying for a UK banking license in order to become the “first digital assets merchant bank” in the UK.
The startup is speaking to regulators and if approved, would bridge the gap between digital asset services and traditional banks, according to a report by the Financial Times.
DAG Global confirms on its website that a full UK banking license would allow it to offer blockchain and crypto entrepreneurs a full suite of services, including digital assets lending and over-the-counter trading, removing the gap between fiat currencies and digital assets.
“Our robust, industry-leading digital banking platform is being built using advanced and robust technologies, which enables us to facilitate cost-effective transactions within and across traditional fiat currency and digital assets – all to the highest globally-established standards of compliance and security.”
The firm joins a number of companies that are exploring how to offer services for both crypto and fiat currencies under one roof.
(This is a reduced version of an article on the Daily Hodl)