Welcome to our BitBay news page. Here you'll find some of our featured
Neufund and Bitbay Partner To Develop Malta's First Crypto-To-Fiat Exchange
Neufund and Bitbay Partnership Creates First Crypto To Fiat Exchange in Malta
Malta continues to shape its path to become an important center for cryptocurrencies and the blockchain technology. The small island in the Mediterranean Sea has recently announced that Neufund and Bitbay were partnering to provide the first crypto to fiat exchange in Malta for traders, which will allow them to trade cryptos and withdraw real cash.
The partnership between the Berlin-based Neufund with the Polish crypto exchange Bitbay will create new options for users who want to seamless transfer their assets from crypto to fiat and vice versa.
Neufund has a growing community of secondary markets around the world in which it offers equity tokens issued via Equity Token Offerings. Now, because of the partnership, investors will also be able to buy and sell equity tokens using fiat.
A Revolutionary Partnership
According to Polymath, the security token market will reach a value of about $10 trillion by 2020 and the tokenized assets will need more liquidity than they already have. Neufund has already made partnerships with the Malta Stock Exchange and Binance, which is the largest crypto exchange of the world. BitBay will work as a trading partner that will enable the companies to liquidate assets and to use equity tokens for fiat.
The CEO of Neufund, Zoe Adamovicz, has told the media that this was a revolutionary partnership. According to the executive, this will be the first crypto secondary market that will trade tokenized securities against fiat currencies. The partnership will be vital to increase liquidity and make the purchases simpler.
Bitbay will accept a range of payments, including some popular digital ways of payment like Paypal. Part of the reason for this is to bring the cryptocurrency movement to the masses and to increase the adoption of cryptos around the world.
Bitbay Has Recently Moved To Malta
BitBay, which claims to be the leading European crypto exchange in the market, offers many fiat trading pairs: USD, EUR and the Polish Zloty. The partnership of the company with Neufund was made to bring the security tokens to the operations of the company and for compliance reasons.
The company has recently moved away from Poland to Malta because of legal reasons and Poland’s not too positive approach on cryptos. Malta, a member of the European Union, has recently passed 3 bills to regulate distributed ledger technology and to foster innovation in the blockchain market. The Parliament will vote on these bills on October 1 this year.
Depending on whether the legislation will pass or not (it probably will), the actions of the company in Malta will be more easy or difficult. Bitbay has already opened shop in India, too, but the country has recently decided to ban banking support to crypto exchanges, so it remains to be seen how this will affect Bitbay’s business there.
Polish Cryptocurrency Exchange BitBay Opens Fiat, FX Product Offerings
BitBay, The Largest Crypto Exchange In Poland, Now Offers FX Products
The major crypto exchange in Poland has made an important announcement today. The company has introduced a new feature for its users, a FIAT Currency Exchange section of the platform. Now the users will be able to buy and EUR, PLN and USD. Fiat currencies, in case you do not know, are legal tender backed by governments and only issued by them, unlike the cryptos.
A Partnership With Igoria Trade
This new service will be made via a partnership with another company called Igoria Trade SA. This company is a provider for trading solutions, advisory, consulting and payment processing. This outsourced company will make the necessary arrangements for users to use fiat currency.
Igoria Trade SA has told the press that, because of regulations of anti-money laundering, only verified users will be able to use this option, as not all the users of the exchange are verified. The minimum exchange value will be $25 PLN, $10 EUR or $10 USD.
This new partnership will allow the users to make all the trades that they need on a single platform, as they will have direct access to the three most important and common types of fiat currency in Poland.
According to the exchange, there will be no commission fees charged by the outsourced broker and the users will pay the average market rate for their fees with BitBay.
How To Use The New Option?
The option for you to use fiat currency is already 100% online. To use it, you have to verify your account first, which means that you need documents to prove that you are who you say you are. Also, check the regulation of the company to see if you will be whitelisted.
After you have already done that, you have to go to the new FIAT BOOK option on the exchange and read the regulations carefully. If you agree with them, just click “Activate” and go to the currency exchange office.
About Igoria Trade And BitBay
Igoria Trade SA is a company based on Warson, Poland. Its foundation was in 2011 and the company has been working internationally since them offering financial solutions and advisory services. The company offers direct services for its clients via the Trejdoo.com platform, which is an online currency exchange that also makes foreign transfers and has escrow trust accounts.
Bitbay is from Kotowice, also in Poland and it was created in 2014, before cryptos exploded in popularity. It is the largest business of its type in Poland and is run by Sylwester Suszek, CEO, which co-created other two companies.
The company is from Poland, though. The executives decided to move to Malta because they could not open a bank in its home country and Malta offers a more favorable environment for cryptos. From September 2018 onwards, all trading on BitBay in Poland will be suspended.
BitBay Crypto Exchange to Move to Malta After Polish Banks End Support
BitBay To Move Its Operations To Malta To Escape After Polish Banks Stop Support
Founded in 2014 in Katowice, the company is said to have over 200 employees and 800,000 users. The 24h trading volume exceeds $4.3 million. The governments and banks once again failed to realise that they are just losing monetary benefits just with their stubborn attitude.
In an official statement, the company said,
“The activity of the Bitbay exchange in Poland requires cooperation with Polish bank. Unfortunately the last Polish bank ready to provide bank services undertook unilateral decision to finish the cooperation with Bitbay with the effect at the end of May. In those circumstances the continuation of providing high-quality services by Bitbay exchange in Poland is no longer possible.”
Malta A Cryptocurrency Safe Haven
The Maltese government’s has successfully focused on bringing in more international cryptocurrency business to bolster the local economy this year. Lots of hostile and over cautious countries have lost crypto-related business to Malta. Back in March, Binance revealed their plans to move their operations to the Mediterranean island which was followed by OKEx’s announcement to establish its own entity in Malta.
Joseph Muscat, the country’s Prime Minister, is a crypto and blockchain enthusiast who believes that bitcoin and other digital currencies are the future of money. Thus, under the aegis of the Malta Digital Innovation Authority, the country is trying to develop regulations that will encourage the growth of nation’s cryptocurrency market.
BitBay has been conducting analysis for many months in order to find the most cryptocurrency-friendly place in the European Union.
“Productive discussions with the government of Republic of Malta and friendly business environment provide Bitbay assurance that the choice of Maltese jurisdiction is the best solution.”
In line with the move to Malta, BitBay has set a September 17 deadline for account holders to create their Malta BitBay account. After the deadline, only the withdrawal option will be available to users who are yet to migrate their accounts. Such users will also not be able to make deposits.
The floodgates have already opened for cryptocurrency’s mainstream adoption. The countries and organizations who adopt this disruptive technology the earliest will get ahead in the game, while the others will miss out.
Indonesia Bitcoin Exchanges TokoBitcoin & BitBayar To Stop All Trading
TokoBitcoin and BitBayar, two of the most popular and largest cryptocurrency trading platforms in Indonesia, have recently shut down due to recent announcements made by the Indonesian central bank that it will not accept Bitcoin as a method of payment.
While this doesn’t mean that Bitcoin trade is banned in Indonesia, it does mean that some of the larger players are now exiting the game. Bitcoin and cryptocurrency exchanges are still allowed to trade in Indonesia, but the move has caused the two largest exchanges to shut down.
BitBayar, which is the Indonesian equivalent of Bitpay, has announced a complete halt of their services effective as of the 1st of November 2017. TokoBitcoin has also announced their refusal of acceptance of Bitcoin as a payment method.
According to Oscar Darmawan, the CEO of PT Bitcoin Indonesia, the shutdown of these platforms is not a result of intervention by the Bank of Indonesia, but is instead a voluntary decision made by individual Bitcoin trading platforms.
“There have not been any direct requests from the Bank of Indonesia to Bitcoin Indonesia to close down these two websites.”
The Bank Of Indonesia And Cryptocurrency
Eny V. Panggabean, the Director of Payment System Policy Department at the Bank of Indonesia, announced in September that the bank will not accept Bitcoin as legal currency in the country. Panggabean also added that using Bitcoin as currency is currently illegal under Indonesian Service Provider of Payment law.
In February 2014, the Indonesian central bank issued a statement that clearly outlined the illegal nature of Bitcoin and other cryptocurrencies in the country, stating that they are not legal as either payment instruments or currency.
Digital Currency Trading In Indonesia
Despite the regulatory position of cryptocurrency in Indonesia, the trading of BTC and Indonesian Rupiah is the 10th biggest national market in the world. Indonesia accounts for 0.18% of the total Bitcoin trading volume worldwide.