How StrateVic Finance Group Is Bridging Traditional Finance With Digital Assets

Bankt

As the digital asset industry matures, more innovative startups and established companies are creating solutions to problems such as security, custodianship, and more. For the layman, digital assets can still be a challenge, particularly when dealing with buying and storing digital assets. 

One company is looking at solving this. Based in Sweden, StrateVic Finance Group AB, formerly known as Stockholm IT Ventures AB, is a publicly traded company on the Frankfurt Stock Exchange and parent company to a new innovative venture called Bankt. Bankt will be the first e-wallet backed by a publicly listed company and help bridge the gap between legacy banking and digital assets.

To learn more about how the company will do this, I spoke with Bert Scheen, CEO.

Joresa Blount: What is the story behind StrateVic Finance Group AB and what inspired Bankt?

Bert Scheen: Bankt came out of a need for StrateVic Finance Group AB to manage its own cryptocurrency mining portfolio. We noticed however that trading our portfolio was more profitable than mining so we chose to become a true institutionalized player in the cryptocurrency trading arena. We also noticed that people still discriminate between cryptocurrency and fiat currency, or “ordinary” cash. We believe it’s the same as people who say “colour TV” or just “TV”, as to us it’s all just currency and we want to create a seamless way of handling this.  

Secondly, there is also a lack of true wallet functionality online. Your traditional real-life wallet carries your credit cards, cash and your ID. Online wallets that are currently available only offer to hold crypto and sometimes fiat. We want to cover all the areas of a traditional wallet, or your whole “financial self”.

 

Joresa: How does Bankt differ from other similar solutions in the market?

Bert : Bankt is the first solution to provide a true cross-asset account structure that can hold not only crypto and fiat currency, but also various tokenized assets and securities, plus it provides a proper KYC and ID functionality.

There are several players who claim to be “the first real cryptocurrency bank” but in reality they’re only glorified wallets with some banking-like functionality. We have the unique advantage of being founded and operated by both crypto people and seasoned bankers. In addition to our unique “full set” wallet, we will also roll out physical bank branches and store-in-store solutions much like Wester Union as we believe in the real world interaction with the clients that in turn builds trust and understanding.

In summary, we offer non-crypto-savvy people to do ordinary retail banking through us to access the crypto space, and we empower those who are unbanked. 

Joresa: We have noticed an uptick in publicly listed blockchain companies. Do you think more blockchain companies will go this route? 

Bert: Yes, this is a logical step as there’s a lot of retail and institutional investors who want to invest in blockchain technology but within the comforts of a regulated market listing. In Germany alone, you will find blockchain companies listing on exchanges such as the Dusseldorf Stock Exchange, the Frankfurt Stock Exchange, and Deutsche Börse Xetra. The latter has over 50% of its companies listed from outside of Germany which makes for a favorable environment. 

 

Joresa: What are the pros and cons of going this route?

Bert: There is a slight con in the fact that many companies compete for the same retail investors and obviously some projects will fail. However, as with many paradigm shifts, you need several players to push the envelope which in turn drives adoption, so this should be mainly a positive thing. 

Listing publically in a regulated market brings benefits such as fundraising, added legitimacy, exposure, and liquidity. With blockchain being so new, we can’t overlook just how important legitimacy and transparency is for investors from all classes. 

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