Greengage Global Holding Ltd ("Greengage"), a UK registered company, which plans to become the first digital merchant bank via its wholly owned Gibraltar subsidiary Greengage & Co. Ltd, today announced that it has received a second institutional investment, in addition to its recent £2.5m investment from IOVLabs. Greengage & Co. Ltd is currently engaged in the regulatory approval process with the Gibraltar Financial Services Commission (“GFSC”) to receive a Gibraltar banking licence.
Aquis-listed Blockchain and Open Finance venture builder, Coinsilium Group Limited ("Coinsilium") has invested £200K in convertible notes and taken £300k equity in a secondary stake sale at a £27.3m valuation for Greengage’s business. The transaction has been conducted via Coinsilium’s wholly owned Gibraltar registered subsidiary, Seedcoin Limited ("Seedcoin").
Commenting on the agreement, Greengage CEO, Sean Kiernan said: “We are thrilled to have a further Gibraltar-based institution investing in Greengage. Our expansion demonstrates the growth of the jurisdiction as a thriving crypto-hub and a great place to invest, do business and grow. We look forward to exploring together the development of a suite of regulatory-compliant decentralised finance (DeFi) solutions”.
Greengage is also exploring engagement in a research project looking at opportunities surrounding DeFi within a regulatory perimeter. It is looking into working with a consortium of industry participants to develop a set of proposed standards for regulated DeFi participants. While Greengage does not have any active direct involvement in DeFi products at present it is interested in exploring the potential offered by this space as the market matures. Upon completion of the Transaction, it is the vision of both parties to explore entering into strategic relationships with the objective of pursuing opportunities to develop new services and products aligned with regulatory compliant decentralised Finance (De-Fi) solutions.
Malcolm Palle, Executive Chairman of Coinsilium, said: “We are delighted to support Greengage in its mission to expand banking and lending opportunities to cryptocurrency and crypto-asset companies, and more broadly SMEs. Our investment in the business provides us with an opportunity to access best-in-class industry experts who are pioneering the future of digital assets”.