BVNK, a London-based crypto-powered payments and banking platform for businesses, has secured registration in Spain as a Virtual Asset Services Provider.
The Bank of Spain approval gives BVNK a springboard for expansion across the EU.
Launched a year ago, BVNK wants to make the use of crypto financial services more accessible, helping its clients manage treasury, payment and investment operations for digital assets from a single account.
It is offering a business account which provides a ‘Know Your Business’ process for access to GBP/EUR/USD and digital asset wallets. Firms can manage settlement, exchange and payment from a single account interface.
This interface also hosts BVNK Yield, where clients can put their capital to work and earn interest; and BVNK Markets for large volume digital asset trades. The startup has also developed BVNK Insights, which provides market intelligence to help customers make informed decisions.
In May, the firm closed a $40 million Series A fundraising round at a $340 million valuation. In the last year, it has grown its headcount from 40 to 160 and intends to boost that to 250 in the next 12 months as it works with other local regulators to expand into more markets.
Maximilian von Both, chief legal, risk and compliance officer, BVNK, says: "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."