Wealth Manager App B21 Secures Enterprise Account at OKCoin
B21, the self-described “personal wealth manager for cryptoassets,” has secured an enterprise trading account with cryptocurrency exchange OKCoin. The deal will see B21 widening its in-app crypto offerings and further optimizing its order execution system.
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Aiming for Growth, B21 Locks Down Enterprise Account
This week mobile wealth manager app B21 announced it had secured an enterprise trading account with OKCoin, presently one of the world’s top 10 cryptocurrency exchanges per daily trade volume.
The special account will grant B21 privileges that will allow the company to streamline its own forthcoming services, including their wealth manger app’s price discovery and order execution systems. The approval will also allow the investment platform to offer a wider selection of cryptocurrencies.
As a wealth manager app, B21 lets its users “set goals, contribute funds, and track progress through an easy-to-understand dashboard,” the company explained in the OKCoin announcement. Accordingly, the enterprise account approval marks a step toward B21’s fledgling vision of bringing more digital assets into the hands of more mainstream investors.
“B21 promises safe and diverse crypto fund management and requires the utmost trustworthiness of its product partners, such as OKCoin, to deliver to the tailored goals of B21 investors,” company co-founder Miles Paschini remarked on the news.
For the exchange’s part, OKCoin chief operating officer Jason Lau said his firm was happy to be part of the team-up:
“OKCoin is delighted to partner with B21 to make digital asset trading safer, faster and easier than ever before. As the crypto community continues to build its presence and influence, it’s the innovators of products such as B21 that will lead traditional and lay investors safely to the vanguard of the digital economy.”
Going forward, then, the upstart wealth manager app hopes to gain ground and eventually reach parity with more entrenched traditional competitors like Robinhood, which launched its own cryptocurrency trading services earlier this year.
On the Licensing Landscape
In their OKCoin announcement, B21 said they had “applied for a custodial license” so as to be entirely above board of “governmental regulations covering protection of customer assets.”
Since B21 is a Gibraltar-registered company, they’ll presumably be registering for said licenses there. But with its soon-to-be custodial-minded offerings, the company marks an example of the type of cryptocurrency enterprise that must apply for requisite licensing to be allowed to operate across the pond in the United States.
As for the U.S., Representative Tom Emmer’s newly put forth Blockchain Regulatory Certainty Act would exempt non-custodial cryptocurrency plays in the United States from being subject to state-level money transmission laws.
Of course, B21 is gunning for crypto-asset custodial services, so it appears more than happy to apply for the licensing required of it. But if Rep. Emmer’s bill eventually passes into law, then the crypto licensing environment in the U.S. would look much different and, frankly, more open, than it does today. It’s a development that many in America’s nook of the ecosystem would more than welcome.
What’s your take? Do you think wealth manager apps can become popular in crypto, or is there a ceiling in play here? Let us know in the comments below.
Images via Pixabay