UK crypto fintech Altalix acquired by Clear Junction
UK-based cryptoasset firm Altalix has been acquired by the payments solutions provider Clear Junction for an undisclosed sum.
Clear Junction acquires Altalix for competitive edge
Altalix will be known as Clear Junction Digital Ltd. and will move its strategy from providing fiat administration and on/off ramp solutions to crypto-businesses and retail clients to exclusively serving regulated institutions while continuing to operate as a separate business.
Clear Junction said that its purchase of the company is not an attempt to become an exchange or trade in digital assets, but rather a push to abide by the changing market sentiments around digital assets and seize a sharper competitive edge in a growing market.
Altalix is a select choice for the processor, as the firm was one of the first to be registered with the Financial Conduct Authority (FCA), and its development was guided by the oversight of the regulator’s Regulatory Sandbox and Innovation Hub.
Dima Kats, CEO of Clear Junction, revealed in a statement that the company had to complete “a rigorous change in control process” with the FCA as part of the deal, which would see it hold both a cryptoasset registration and an electronic money institution (EMI) licence.
Kats recognised how the pairing afforded it “a true competitive edge” and that the acquisition “holds significance as we look to the future of finance and how the industry will develop”.
“It is imperative for us to expand our expertise and product offerings in line with the market trends and our vision to provide correspondent account services to regulated institutions.”
Since 2016, Clear Junction has provided regulated institutions with technology that enables global access to payment accounts, e-money accounts, virtual IBANs and treasury services, and its acquisition of Altalix and its fiat-to-crypto gateway solutions, which is set for bedding in Q4, will equip it with the infrastructure and means to offer both fiat and digital services.
