The Story So Far
In the time since Greengage’s incorporation in March 2018, Greengage has built an extensive network and market presence in the cryptoasset sector. To further build this network and also to achieve initial revenues as Greengage build its business, Greengage is also currently undertaking the following unregulated activities, which it will continue to offer alongside the launch of bank:
Crypto lending introduction: Greengage has several partners in the traditional financial services space which offer wholesale Business to Business “B2B” lending against cryptoasset exchange tokens. Greengage refers clients or contacts in its network to these institutions.
Crypto OTC: Greengage introduces requests for cryptoasset exchange token trading.
Gibraltar has a fascinating history and an excellent track record in delivering innovation in financial services within a robust regulatory environment. In 2017, Gibraltar became the first jurisdiction in the world to introduce bespoke legislation around Distributed Ledger Technology ("DLT"), around 2 years before the first Financial Action Task Force ("FATF") recommendations relating to the regulation of Virtual Asset Service Providers ("VASP").
Gibraltar has forged a unique forward-looking path to carve out a responsible, regulated framework for enabling innovation within the crypto industry. This has created a hub of world-leading regulated VASP companies providing innovative services in the cryptoasset space, and thus an attractive environment for Greengage to operate once licenced as a "crypto friendly" B2B bank.
The jurisdiction continues to remain at the fore of innovation. The recent creation of a Market Integrity working group of top-flight digital exchanges reflects the importance for Gibraltar to continue to develop its DLT framework in line with an ever-evolving regulatory landscape. A strong base in Gibraltar for Greengage promises opportunities for the firm to continue to develop innovative products in a regulated context for years to come, in active consultation with industry leaders and regulators.
The City of London has perhaps the world's best opportunity to build a progressive and reputable ecosystem with its history as a world leader in banking and financial services and its position as Europe's foremost technology hub.
To build a successful blockchain ecosystem both IT and financial sectors are required. London is rare in that it has globally-recognised expertise and excellence in both - even in America this necessary expertise is split between the East and West Coast cities of New York and San Francisco.
Nowhere else will you find the depth and scale of financial services available alongside the tech innovation being incubated and encouraged than in London. We anticipate London will be a global digital asset hub by 2025. To that end, we published a state of the nation report with the UK All-Party Parliamentary Group on Blockchain with the Big Innovation Centre and Deep Knowledge Ventures.
APPG Blockchain Report
1st Seed round and follow-up funding
First international hire
First FCA meeting
Pre application meetings with the PRA and FCA
First GFSC meeting
FCA Temporary Registration