BY CNA Team - November 8, 2018
Mauritius gives approval in-principle for crypto investment bank
A new crypto investment bank, Fincross International, whose parent company is RUBIX Financial Group, has just been given approval in-principle to operate by Mauritius’ financial regulator.
The island-nation has developed a full legal fintech framework for investment and commercial banks, including a custody, exchange and regulatory sandbox licenses.
According to a press release, Fincross will be led by Société Générale’s former Middle East and Africa CEO Eddy Abramo with Ernst & Young on the advisory board.
The cofounders of the investment bank, Henry James and Esfandiar Lagevardi, are respectively the deputy CEO and research head.
The investment bank is planning to introduce a suite of digital investment banking products and services in 2019 including a crypto exchange, custody, trading desk, research, and robo advisors.
It is also planning to undergo a private capital raise and will conduct a token sale early next year.
Participants of the token sale will acquire a utility token with the ticker FNX that will provide bandwidth on the investment bank’s distributed banking ledger, priority access to products and discount on associated fees.
Image courtesy of Fincross International website.