Digatrade OTC Crypto Exchange Sets Minimum Bitcoin Trade at $25,000, Closes Retail Services

Digatrade Closes Retail Services With Institutional Minimum Trade Value Set at $25K USD

Digatrade sets the minimum trade value of digital trading at $25,000 USD and cuts off its retail service effectively on October 17th 2018.

Digatrade was formed in 2017 with an aim to provide its users with a publicly traded Bitcoin exchange and further offer blockchain development services and technical support. The company announced on their official website at the start of October that they will no longer be offering a retail services including exchange trading services, fiat deposits/withdrawals and any further retail live order-book trading or functionality. The message conveyed to their shareholders further stated that the company will continue with their institutional services. However, the minimum trade value to these consumers has been set at $25,000 USD.

The previous agreement with ANX Technologies, a Hong-Kong based company to provide online retail trading and share a liquidity order-book has been cut off.

In the official Digitrade retail consumers should withdraw all their digital assets by October 17th 2018, the effective cutoff date. The statement read,

“All Digatrade customers are required to withdraw their crypto-assets by the October 17, 2018 cut-off date. After October 17, 2018, the order-book will be disabled until further notice. In addition, no fiat withdraws are available effective immediately, please convert to crypto and withdraw before Oct 17, 2018.”

Speaking on the recent developments on Digatrade, Brad Moynes, CEO at the company said the move from retail customers to focus on institutional investors was important as it saves the company from the high administrative and compliance costs associated with operating a centralized coin exchange along with the low transaction volume has resulted in the decision.

More information revealed that the company are in search of new acquisitions in the fintech industry with the process already having kicked off.

Digitrade Convertible Promissory Notes

The statement also contained updates on the financials ending Q3 2018 since its advent in 2017 stated that the total funds raised via Convertible Promissory Notes “CPN” amounted to $1.2 million USD. A total of 13 notes [of which 10 have been settled] constitute the $1.2 million USD. The remaining 3 unsettled notes amount to less than $100,000 USD and have reached maturity.

With each CPN charging a fixed interest rate between 8%-12% and a maturity date of 6 months to a year, the parties agreed to market conversion discounts on the terms and conditions. The remaining balance will be settled in Q4 as the company currently focuses on the retail service winding up activity and institutional investors.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,483FansLike
2,795FollowersFollow
4,263FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Stocks & Gold Getting Hammered But Bitcoin Fundamentals Do Not Support A BTC Crash to $7k

In another red day of the week, Bitcoin dropped to about $10,150 level. Just like the weak price performance, with BTC currently trading around...

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

Indian Crypto Exchange, Pluto, Pulls An Exit Scam on Investors; Making Off With $270K

A Delhi-based crypto exchange, Pluto, has allegedly exit scammed and stolen about $270,000 worth from 43 investors. The local reports suggested that the Economic...

Bitcoin Mining Legalized in Venezuela But Being Centralized with National Digital Mining Pool

Venezuela has fully legalized bitcoin mining. According to a recent decree from the National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the use,...

China Blacklists Crypto OTC Trading Desks With A Five-Year Banking Ban As Punishment For Illegal Acts

PBoC blacklists crypto OTC traders in its latest efforts to crack down on money laundering. This has caused several OTC trading desks to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today