Lynx partners with Copper.co for crypto custody and trading solutions
Lynx’s DA5 has applied for both an Electronic Money Issuer (EMI) License and a Virtual Asset Service Provider (VASP) License with the Philippine Central Bank.
Lynx has partnered with Copper.Co for its cryptocurrency custody and trading offering to expand its footprint with the underserved population in Southeast Asia, starting with the Philippines.
Lynx plans to leverage Copper.co’s custody and complete institutional cryptoasset trading solutions to the Lynx operations in Australia and the Philippines.
Michael Penner, Chief Executive Officer at Lynx Global Finance, said: “At Lynx, we are pleased to help play a pivotal role to enable and facilitate the digital transformation of the financial sector in underserved markets.
“The Southeast Asia region holds immense opportunities in digital economy, digital payments and digital asset adoption. To date, almost 500 million people lack any form of financial service offerings, and within Southeast Asia, it is cited that more than 290 million adults are unbanked. With this partnership, our business is well-positioned to take advantage of the tremendous growth opportunities that are available for our unmatched products to reach large, unserved populations”, Mr. Penner continued.
“By combining Copper.co’s globally recognized institutional-grade cryptoasset custody solution with Lynx’s expanding regional local payment and financial infrastructure network, we can ensure easy access to financial services for all our customers.”
Alex Ryvkin, Chief Product Officer, of Copper, said: “We’re delighted to be supporting this fast-growing network. As Lynx Global expands their reach in the Southeast Asia region, we look forward to supporting them as they further their cryptocurrency offering and expand on their goals of providing more services for financial inclusion to serve the growing customer base that is becoming more educated and sophisticated in the use of technology and finances.”
The Lynx cryptocurrency operation is Southeast Asia is established under its subsidiary, Direct Agent 5 Inc. (DA5). The business continues to provide fintech innovations to the unbanked/unserved population, namely in the Philippines, where the firm has a national presence and trusted brand for comprehensive payment services including remittance, cash-in/cash-out locations, and bill payments.
DA5 has applied for both an Electronic Money Issuer (EMI) License and a Virtual Asset Service Provider (VASP) License with the Philippine Central Bank.
Upon approval, the firm will be able to offer businesses and consumers various ways to digitize their cash (EMI) and convert virtual assets to fiat currency (VASP).