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Bitfrost acquires leading EU crypto OTC service OKONTO

By Joy Dumasia

October 01, 2021

  • Asset Management
  • Bitfrost
  • Crypto

Bitfrost completed its first major acquisition by acquiring OKONTO, a leading global institutional crypto OTC and lending provider. This adds to Bitfrost’s ability to provide all important cryptocurrency services and consulting to its growing list of institutional clients.

Bitfrost has also accumulated knowledge and talent by onboarding OKONTO’s top financial experts. As part of the acquisition, Anton Chashchin, Co-Founder of OKONTO, joins Bitfrost as Managing Partner to lead Bitfrost’s Lending and Prime Services and expand licencing and operations in Switzerland, EU, Gibraltar, Singapore and other Asian markets.

With OKONTO now part of the Bitfrost ecosystem, the OKONTO team will focus on technical development and support for all Bitfrost’s blockchain and FinTech products. A significant factor in the acquisition was OKONTO’s commitment to licensed crypto operations. Bitfrost supports this approach and has already started license expansion to have global regulatory coverage.

Bitfrost, based in Switzerland, is a FinTech ecosystem that provides a wide range of financial services for private and institutional clients, based on the seamless integration of traditional financial services with services for digital assets.

OKONTO, based in Tallinn, Republic of Estonia, is the leading provider of crypto OTC services for institutional investors and private individuals. OKONTO is a cryptocurrency exchange platform licensed to provide services of exchanging a virtual currency against a fiat currency and carrying out financial operations licensed to provide a virtual currency wallet service.

Anton Chashchin said: “FinTech proves that banking is possible without banks. Today’s banking services lack profitability and flexible, scalable solutions, so the industry should recognise that cryptocurrencies can both improve their businesses and have the necessary level of security and stability. It’s time banks and the crypto industry integrate their resources and evolve together. Bitfrost, together with OKONTO, are going to realise that.”

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