LBAA initiates strategic collaboration with AS Magnetiq Bank

The Latvian Blockchain Association (LBAA) has signed a cooperation agreement with AS Magnetiq Bank, which has become the organization’s official partner in the banking sector. This is the first agreement of its kind that a blockchain industry representative organization has made with a Latvian commercial bank.

As a result of this collaboration, Latvian crypto-asset and financial technology companies will be able to receive consultations and support services. Both LBAA members and other interested parties will have access to consultations from bank experts on financial technology and crypto-asset management. AS Magnetiq Bank offers banking infrastructure and technical support, which will allow companies to integrate various payment solutions. The agreement between the two parties is for one year.

This collaboration with LBAA is a significant step towards our goal of promoting innovation in the Latvian financial sector. We are proud to become the first commercial bank in Latvia to cooperate with a blockchain industry representative organization, and we are confident that our joint efforts will promote the development of new, efficient financial solutions,” explains Antons Kononovs, Acting Chairman of the Board of AS Magnetiq Bank.

Following global financial market trends, we see that the Latvian commercial banking sector is becoming more open to new innovations and is seeking ways to engage local blockchain and financial technology companies. LBAA members are pleased that industry companies will finally be able to receive comprehensive financial services and cooperate with a banking partner that prioritizes the financial technology sector,” notes Artjoms Asatrjans, Board Member of LBAA.

Currently, we can directly observe the impact of the recently adopted European Union (EU) crypto-asset regulation MiCA. It has dispelled any concerns about the relevance of the crypto and blockchain sector to the modern financial world. As a result, not only local financial organizations but also foreign crypto-asset companies interested in finding a home country for participating in the regulated EU market are now exploring the possibilities of cooperating with LBAA. This is an opportunity for Latvia to attract new businesses with minimal investment, which is one of LBAA’s strategic goals,” explains a Board Member of LBAA.