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B21, the developer of crypto-focused personal wealth management platform, has received an in-principle Distributed Ledger Technology (DLT) License from the Gibraltar Financial Services Commissioner (GFSC).
In its press release, B21 said that it is set to become the first regulated cryptocurrency investment app with this license. It added that it underwent rigorous due diligence to earn its DLT and joins a select few cryptocurrency firms to achieve the distinction.
“We welcome the scrutiny and increased regulation of the sector. By obtaining our DLT license and becoming the only regulated crypto investment app, we’re demonstrating our commitment to users and supporting widespread crypto adoption,” said Miles Paschini, Co-Founder of B21.
B21 is a mobile-focused investment platform that enables anyone to create their own portfolio of cryptocurrencies. The B21 app makes it easy to create a buy-and-sell portfolio without technical expertise and also allows users to purchase cash vouchers in local currencies to fund their B21 account.
The platform utilizes multiple liquidity providers to ensure optimal trade execution, and offers the fastest way to buy or sell multiple crypto assets in a single order, the release said.
Much like traditional fiat investing apps and services like Wealthfront and Betterment, B21 allows retail investors to create custom portfolios, contribute funds, and track progress through an easy-to-understand dashboard. Users can quickly buy and sell individual or multiple assets in just a few clicks. Importantly, they are spared the complexities of generating keys and wallets and undergoing multiple KYC and AML applications to trade the same assets across multiple exchanges that require advanced technical knowledge to place trades.
At launch, B21 will offer the top tradeable cryptocurrencies. The company plans to launch its app initially in Europe and Asia in Q4 2019 with plans to enter the US market in 2020.
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