YIELD App has executed an unconditional Sale & Purchase agreement for the acquisition of ETHpipe OÜ, Co. Registration No. 16099555, an Estonian Limited Liability Corporation. An application for a name change has been submitted for approval.
ETHpipe OÜ is licensed as a ‘Provider of Virtual Currency’, License No. FVT000427, issue by the Estonian Financial Intelligence Unit (FIU).
The Virtual Currency License has two sub-categories of permitted regulated activities as set out below:
- Provision of service for the exchanging of virtual currency against a fiat currency, including exchange of fiat to crypto, crypto to fiat and crypto to crypto.
- Provision of a virtual currency wallet service where private keys are generated for customers or customers’ encrypted keys are kept under custody by the licensee for the purpose of keeping, storing and transferring virtual currencies.
As DeFi is a fast-evolving ecosystem of financial products whereas global regulatory bodies are traditionally very slow to issue licenses to members and market participants, YIELD App is preparing simultaneous financial services license applications including a Cyprus Alternative Investment Fund Manager (AIFM) license under the Law on Alternative Investments Funds L. 124(I)/208, a provision of EU Directive 2011/61/EU AIFMD and a Reserved Alternative Investment Fund (RAIF) license in Luxembourg subject to the Luxembourg Law of 23 July 2016 (the RAIF Law) and the Luxembourg law of 12 July 2013 on Alternative Investment Fund Managers (AIFM Law).
YIELD App’s twin pillars of ‘Trust’ & ‘Transparency’ dictate how we operate as a business, and the duty of care we have to our users. DeFi today is populated by a patchwork of colorful intermediaries that include a core of professional, reputable enterprises such as YIELD App that believe in the sustainability and openness of the DeFi universe.
YIELD App employs rigorous business processes, compliance audits and oversight of all functions and people within the organization and its affiliates to meet prudential regulation obligations including investor protection, financial stability, market efficiency, competition, the prevention of financial crime and fairness.