UK based cryptocurrency provider ICONOMI acquired Dutch Triaconta
Amsterdam, 3th of June, 2024
ICONOMI, one of the leading UK trading platforms for managing cryptocurrency assets, recently acquired Triaconta, enabling the latter to further develop and grow in The Netherlands and wider EU market. With this, ICONOMI has become one of the few crypto platforms that meets strict requirements both in the UK market and the Netherlands. In the future, the company also plans to obtain a licence in accordance with the MiCA directive in the EU.
We are very excited and proud that the Triaconta team will be able to grow, learn, and develop under the wing of one of the leading cryptocurrency management platforms in the European market. ICONOMI is an ambitious company with a wealth of knowledge and is extremely strong in developing innovative solutions, so we are confident that this was a step in the right direction.Don Molenaar, co-founder of Triaconta, upon the acquisition
ICONOMI allows Dutch users to invest in crypto by copying crypto investment strategies, buy and sell cryptocurrencies as well as create their own crypto portfolio strategy. It is built around a strong community forum, that connects experienced users and newcomers. Users can choose and copy hundreds of crypto investment Strategies and their investments will mirror the chosen strategy. It enables buying and selling cryptocurrencies with various payment options - Euro as well as with (crypto)currencies via bank or instant deposits and also with iDeal.
ICONOMI, initially developed primarily as an investment platform for individuals seeking to diversify their investment portfolios into cryptocurrencies, has recently shifted its focus to developing solutions for institutional investors. Due to its successful operations in the UK, it also has strong ambitions in the European market, which is why the acquisition of Triaconta, which has a well-established presence in the Netherlands - including a licence from the Dutch National Bank (DNB) - was the next logical step in expanding its operations.
The global crypto asset market is gradually entering a more mature phase, which entails appropriate market regulation as well as the entry of institutional professional investors, including high-net- worth individuals (HNWI) into the market. We see examples where even larger private pension and other funds are forming investment policies that include cryptocurrencies, primarily Bitcoin (BTC) and Ether (ETH). Of course, such investments are still considered highly risky; consequently, funds limit investments in crypto assets to 1–3% of the portfolio, but nonetheless this represents a significant paradigm shift from a few years ago. It seems that a new social consensus is emerging, with Bitcoin poised to gain the status of 'digital gold' and a store of value.Peter Curk - ICONOMI CEO
With this in mind, the company has developed a B2B platform for brokerage firms, fund and asset managers and financial advisors that want to enter the crypto space. They can manage cryptocurrency investment portfolios under their own brand using ICONOMI whitelabel platform, trade on multiple crypto exchanges, and ensure proper tax and regulatory reporting for their users. Assets at ICONOMI are secured and stored in their proprietary system of hot and cold wallets (hot wallet, or a software wallet, is a type of crypto wallet that remains connected to the internet, while cold wallets are offline storage solutions for cryptocurrencies, providing a higher security level compared to hot wallets), with a multi-level / multi-signature structure and specially designed processes and guidelines that they follow. Their system is designed to be extremely safe for users – if you want to move assets, you need signatures from multiple people/organizations and with added time and location complexity, the assets are safely protected.
Today, we are witnessing instances of best practices where banks and other traditional financial institutions actively incorporate fintech solutions for the acquisition and management of cryptocurrency assets. However, due to their complexity and specialised knowledge required, these institutions opt not to develop the solutions in-house but rather lease them from partners. ICONOMI has already developed these solutions, anticipating the continued growth of this market in the future. In addition to sustaining services for individual users, we are dedicated to prioritizing tailored solutions for the evolving needs of B2B partners and clients moving forward.Peter Curk - ICONOMI CEO
As the next milestone in the company's development, they will seek to obtain a license in accordance with the new European MiCA directive, adopted in 2023, which will establish a unified regulatory framework in EU markets and thus harmonize the crypto asset market.
Our Dutch team sees plenty of opportunities for growth both in the Dutch and the wider European market, and given the possibilities and ease of use of the ICONOMI platform for both individual users and institutional investors, we believe in its expansion, even with the unification of the regulatory framework in EU markets that the MiCA regulation bringsChristiaan Jimmink - Country Lead at ICONOMI Netherlands.
Due to the harmonization of the European market and the security of trading with cryptocurrencies, we expect additional growth in activity in this area. We strive to remain one of the leading platforms for managing crypto assets, which will be easy to use for both individual users and institutional investors. In this endeavour, the expertise and experience brought by the Triaconta team will undoubtedly be invaluable to us.Peter Curk - ICONOMI CEO
About ICONOMI LTD
ICONOMI, a crypto portfolio management platform, was founded in 2017 and by 2019 had over 40,000 users. A significant milestone followed in 2021 when the company registered with the UK Financial Conduct Authority (FCA). Over 300 providers applied for similar registration, while the regulator had positively reviewed only 1 out of 10 applications. Among them was ICONOMI, demonstrating that it meets the regulator's high standards and fulfils all requirements. The platform is also subject to rigorous audit procedures and compliance; internal auditing is provided by one of the Big 4 auditing firms.
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