The Story So Far
In the time since DAG’s incorporation in March 2018, DAG has built an extensive network and market presence in the cryptoasset sector. To further build this network and also to achieve initial revenues as DAG build its business, DAG is also currently undertaking the following unregulated activities, which it will continue to offer alongside the launch of bank:
Crypto lending introduction: DAG has several partners in the traditional financial services space which offer wholesale Business to Business “B2B” lending against cryptoasset exchange tokens. DAG refers clients or contacts in its network to these institutions.
Crypto OTC: DAG introduces requests for cryptoasset exchange token trading.
In May 2018 DAG formed a partnership with GMEX Group (GMEX), an established provider of services in financial markets, to work on a range of platforms, projects and initiatives within the capital markets sector. Together they own MAXDA Markets in which DAG has a minority stake.
MAXDA Markets aims to provide an institutional-grade, cryptoasset ecosystem designed to provide a safe regulated marketplace which permits the buying and selling of cryptocurrencies, security tokens and other cryptoassets in this new era of tokenisation.
The City of London has perhaps the world's best opportunity to build a progressive and reputable ecosystem with its history as a world leader in banking and financial services and its position as Europe's foremost technology hub.
To build a successful blockchain ecosystem both IT and financial sectors are required. London is rare in that it has globally-recognised expertise and excellence in both - even in America this necessary expertise is split between the East and West Coast cities of New York and San Francisco.
Nowhere else will you find the depth and scale of financial services available alongside the tech innovation being incubated and encouraged than in London. We anticipate London will be a global digital asset hub by 2025. To that end, we published a state of the nation report with the UK All-Party Parliamentary Group on Blockchain with the Big Innovation Centre and Deep Knowledge Ventures.
DAG is progressing toward applying for a full UK Banking licence with the regulator with whom we are having ongoing dialogue.
Once fully approved we will be authorised to take deposits and lend to clients.