Digital Asset Group (not to be confused with Blythe Masters' Digital Asset) says that it aims to be the "premier trusted digital and crypto economy platform connecting traditional financial services with emerging digital assets".

The London-based firm has been set up by wealth management sector veteran Sean Kiernan with Dmitry Kaminskiy, an entrepreneur and investor active in areas including fintech and AI.

The startup is setting itself an ambitious set of objectives, with plans to eventually buy a bank and turn it into a 'crypto bank', buy a licensed exchange and add a crypto module, introduce a crypto fund of funds, and build a direct market investment platform.

While it claims to be carrying out "intensive due diligence" on potential acquisitions in the UK and Europe, for now Digital Asset Group is working on its joint venture with trading tech outfit Gmex.

Set up by Chi-X Europe co-founder Hirander Misra, Gmex has developed more traditional technology that is currently live in multiple exchanges and post-trade venues but is also developing blockchain-based alternatives.

The joint venture will be structured around a number of strategic areas including exchange initiatives with associated post-trade services including digital registry, a blockchain clearing house, and decentralised depository and custody.

Says Misra: "This JV aligns their [Digital Asset Group's] objective with our ethos to connect traditional financial services with emerging digital assets and the wider crypto economy to provide the leading trusted platform by bringing together established regulated banking, fund management and exchange business models with emerging innovation and blockchain technology."