By CNBCMoneyDecember 20, 2018 11:09:03Bank of America is set to sell a majority stake in Koss, a cryptocurrency startup that focuses on providing financial management experience to its customers.
The Wall Street giant is a strong supporter of the technology behind Koss as well as of blockchain technology, which has become a hot topic in financial services industry.
Bank of American said it will continue to invest in blockchain technology and blockchain solutions.CEO Brian Moynihan and Chief Financial Officer Stephen Kusske are the two leading investors behind the new entity, according to a statement from the bank.
The company aims to create a global platform for financial management and asset management services, and will integrate it with the broader banking industry, according the statement.
Koss is focused on providing a financial management platform to its clients and providing its platform to other financial services companies around the world.
The company said it aims to deliver the same level of financial management services and asset-management capabilities to its financial services customers and to financial institutions across the globe.
Kusske is a co-founder of the digital asset startup, which is focused in providing the tools and technology needed to create and manage digital assets and digital assets-related products, the statement said.
Kass, based in Toronto, was founded in December 2018 by a group of venture capitalists led by former Morgan Stanley CFO Kevin Kelly.KOSS was launched with a focus on providing blockchain-based services for financial services organizations and other organizations in the financial services space.
Kiss said it was launching its second business unit in January, and plans to raise $30 million in funding.
The team is now seeking to raise another $10 million.