NextPlay Technologies, Inc., a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, announced the formation of NextCapital, Inc., a consolidation of NextPlay’s financial services, fintech, and insurtech operations including its majority ownership of Longroot Limited — which controls Thai SEC-authorized Initial Coin Offering portal Longroot (Thailand) Company Limited — and wholly-owned NextBank International, previously International Financial Enterprise Bank (IFEB) headquartered in Puerto Rico.
Appointed to lead NextCapital as Chairman and acting CEO will be NextPlay co-Chairman J. Todd Bonner, a former co-founder and director of Pacific Century Insurance Limited Hong Kong, which was sold to Fortis Insurance Asia in 2007 for approximately $900 million.
Mr. Bonner said NextCapital plans to engage in insurance and alternative asset management business, offering quality alternative assets in blockchain crypto securitized form. The assets will be engineered to perform during market volatility, and will be, in part, derived from cooperation with large multinational conglomerates that have divisions or subsidiaries which are seeing high growth, but which assets exhibit low correlation to stock market volatility.
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“With our recent acquisition of NextBank International (formerly IFEB),” he said, “we will offer an array of alternative assets believed more resistant to market declines as well as insurance products, engineered to protect the wealth of our banking clients. The NextBank charter is broad, allowing us to offer asset banking, asset management, investment banking services, and insurance products, subject to licensing.”
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“NextCapital is now applying for these licenses and expects to have them granted around the end of third quarter – once granted we expect to begin offering previously unavailable protection products and assets that I believe customers will want to adopt for their wealth protection strategies. In this process,” he added, “we will include products for the global crypto community and are investing time and resources into NextBank interfaces to allow us to service that segment.”
