Digital asset bank Greengage secures £2.5m funding from IOVLabs
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Digital asset bank Greengage secures £2.5m funding from IOVLabs 09 August 2021Gibraltar Reporter: Alex Pugh
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Digital asset bank Greengage has received a £2.5m institutional investment from Gibraltar-based portfolio firm IOVLabs Fund.
Greengage’s stated ambition is to become the first digital asset merchant bank and this burgeoning strategic partnership will help it create socially responsible and financially inclusive solutions enabled by RSK Blockchain and RSK Infrastructure Framework (RIF).
RSK is an open-source platform hosting smart contracts for the Bitcoin Network that can process a far higher number of transactions per second, giving users a robust mechanism for exchanging and transferring value at substantially reduced costs while cutting down lag time and price volatility.
In a statement from the two firms, Greengage says it will be supporting RSK Blockchain’s smart contract platform and the RIF, which provides the building blocks for a fully decentralised economy. Both firms state they want to support the expansion of B2B lending to underserved markets such as SMEs.
The investment will also support Greengage’s ongoing expansion, technology development and team growth, the company says, including the hire of a new CFO, head of operations, head of compliance and money laundering reporting officer.
Greengage CEO Sean Kiernan says of the investment: “IOVlabs have long been recognised in Gibraltar — and globally — as one of the top pioneers in the digital finance world. Their team combines deep technology expertise with a vision to build an internet of value which provides greater financial freedom and is open to everyone.
“We are excited to have an institutional investor of this calibre and to explore together the future possibilities of cryptocurrencies, digital identity and clean, decentralised finance developed on top of the world leading RSK blockchain and RSK Infrastructure Framework platforms.”
IOVLabs CEO Diego Gutierrez Zaldivar adds: “We are delighted to partner with Greengage and join them in making a key contribution to build a more equitable and decentralised financial system. We are excited to be part of the growth of their robust digital banking platform, which uses advanced technologies to facilitate cost-effective transactions for underserved SMEs within both traditional currency and crypto asset markets”.
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