Clear Junction is making waves in the fintech industry with its announcement of the acquisition of Altalix, a UK-based fintech firm specializing in fiat-to-crypto gateway solutions.

The acquisition of Altalix marks a significant milestone in the cross-border payment solutions provider’s growth trajectory. The fintech firm is on a mission to become a one-stop-shop for its clients, offering comprehensive solutions to manage their payment and treasury needs on a global scale.

FCA-registered Altalix is attractive proposition for Clear Junction

Altalix’s journey to becoming one of the first UK businesses registered with the FCA as a cryptoassets firm is a testament to its pioneering spirit.

This achievement was made possible through participation in the FCA Regulatory Sandbox program and with support from the FCA Innovation Hub.

Altalix’s reputation as a compliance-focused company and its strong rapport with the FCA made it an attractive proposition for Clear Junction. The two companies had previously collaborated as clients, which facilitated a seamless partnership in this groundbreaking deal.

The regulatory landscape in the UK is evolving to accommodate digital assets. The Law Commission’s report in June 2023 highlighted the suitability of the common law system in England and Wales for regulating digital assets, both existing and emerging. Additionally, HMRC’s recognition of digital assets as taxable entities further underscores the need for fintech and payments companies prepared to navigate the growth and evolution of the digital asset market.

Clear Junction does not aim to trade in digital assets or become an exchange

Clear Junction is clear about its intentions – it does not aim to trade in digital assets or become an exchange. However, it recognizes the importance of positioning itself to offer both fiat and digital services to its clients in the future. This forward-thinking approach aligns with the progressive attitude of the UK and the evolving demands of their clientele.

Dima Kats, CEO of Clear Junction, said: “Not only have we gained a true competitive edge with the unique pairing of cryptoasset registration and EMI license issued by the FCA, but the acquisition also holds significance as we look to the future of finance and how the industry will develop.”

Altalix, post-acquisition, will be rebranded as Clear Junction Digital Ltd. While it will remain a separate entity, its business focus will shift from serving retail clients to exclusively providing services for regulated institutions, aligning with Clear Junction’s market vision.

Clear Junction has always placed compliance at the core of its business operations. The acquisition represents an investment in enhancing the company’s capabilities and service stability, especially in light of the expanding digital asset landscape. The company plans to spend the fourth quarter of 2023 integrating the new business, updating policies and processes, and developing pilot products for launch.

This acquisition follows Clear Junction’s recent launch of CJClique, a platform enabling its digital asset clients to connect and collaborate, and the achievement of ISO 27001 certification for information security.

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• Source: https://financefeeds.com/clear-junction-acquires-fca-registered-altalix-to-offer-fiat-to-crypto-gateway-solutions/