Blocktrade.com Beta Testing Opened as Fully Regulated Crypto Exchange
Beta Version Of Blocktrade.com, The First Fully Regulated Crypto Exchange Launched
Liechtenstein based Blocktrade.com has been granted approved by the Financial Markets Authority (Member of the European Securities and Markets Authority) even before its launch. The beta version of the platform is up for testing.
A report by Forbes confirms that the firm has been regulated under the MiFID II framework. Their website explains, “Until now, crypto trading has been unavailable to financial institutions. Blocktrade.com will be the first trading venue, fully regulated under MiFID II framework. Furthermore, the platform is able to process more than 1 million trades per second and the performance is being improved every day.”
In the beginning, Blocktrade.com will offer Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple’s XRP trading pairs. Later this year it will offer Crypto Traded Indices, Security Tokens, and Tokenized Assets. It is expected to fully roll out the exchange in September, at the moment only registration is open.
The company has announced rewards for users who provide feedback for their platform. Their Customer Service department already enabled the full functionality of the customer support flow. The user has to use the Need help widget in the bottom right corner, choose Beta Feedback option on the Request Help tab and provide their feedback. Everyone who sends their feedback will have the opportunity to enter the prize draw and win an iWatch.
Luka Gubo, CEO of Blocktrade.com, added; “This is an ideal way for regulators across Europe to recognize cryptocurrencies as a new asset class and put in a regulatory framework.” He maintains the stance that there is still substantial demand for crypto investments from fund managers. Institutions entering crypto markets will reduce some of the volatility which is also putting off a lot of traditional investors.
He added, “If an institutional investor wants to invest in cryptocurrencies, they currently have a problem. Where do you send the order to buy? There’s a lot of speculative valuing in cryptocurrencies, so there’s currently no way to lower the volatility — proper regulation is the only way to lower that risk.”
Talking about Stock Exchanges, Gubo said; “They see other new crypto exchanges as competition. They are breaking the law and have a huge unfair advantage because they don’t need to follow any rules.”
The possibilities of more regulated crypto exchanges and US Securities and Exchange Commission introducing ETF will have a monumental impact on the crypto ecosystem.