B21 Granted "In Principle" DLT License from Gibraltar Regulator

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

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B21 Granted “In Principle” DLT License from Gibraltar Regulator

October 22, 2019

B21The soon-to-be regulated cryptocurrency investment app will be available in Europe and Asia at launch in Q4 2019, with plans to enter the US market in 2020. B21 underwent rigorous due diligence to earn its DLT license and joins a select few cryptocurrency firms to achieve the distinction.

The developer of the personal wealth management platform exclusively for crypto assets has been granted an in-principle Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commissioner (GFSC). B21 will protect crypto investors while simplifying the process of managing crypto assets through an easy-to-use mobile application.

Miles Paschini, Co-Founder of B21, commented: “While crypto investing is still in its early days, what’s become quite clear is consumer demand for platforms that help them easily purchase and manage their digital assets in a safe, legal, and compliant manner. We welcome the scrutiny and increased regulation of the sector. By obtaining our DLT license and becoming the only regulated crypto investment app, we’re demonstrating our commitment to users and supporting widespread crypto adoption.”

The service provider and custodian offers a mobile-focused investment platform that enables anyone to create their own portfolio of cryptocurrencies as it requires no technical expertise so that the vast majority of consumers not yet participating in the cryptocurrency economy are able to do that for the first time.

B21 is partnered with multiple liquidity providers to ensure optimal trade execution and offers a fast process to buy or sell multiple crypto-assets in a single order as well as cash vouchers in local
currencies to fund their B21 account. B21 works much like traditional fiat investing apps and services like Wealthfront and Betterment as it allows retail investors to create custom portfolios, contribute funds, and track progress through an easy-to-understand dashboard.

The B21 app spares traders from the complexities of generating keys and wallets and undergoing multiple KYC and AML applications to trade the same assets across multiple exchanges that require advanced technical knowledge to place trades. Available in English, Russian, Japanese, Korean, and Spanish, B21 will soon offer support for additional languages.

The personal wealth management platform exclusively for crypto assets will go live with the top cryptocurrencies available for trading, including Bitcoin, Ethereum, and EOS.

Introduced in January 2018, Gibraltar’s DLT legislation is the world’s first purpose-built regulatory framework for businesses using blockchain or DLT. The framework has been informed by an open dialogue between regulators and industry figures, establishing adequate levels of flexibility for projects to thrive.

The regulatory authority has granted a number of DLT licenses since its creation, including the Mexican crypto platform Bitso, Gibraltar Blockchain Exchange, eToroX, LMAX, and Huobi.

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