Israel-Based Bit2C Exchange Expands Services to Europe
After merging with the Gibraltar-based EYOS, the Israel-based Bit2C crypto exchange platform has now expanded its scope to cover the European market.
Bit2C does not reveal the specialty of EYOS, and the company itself does not have an official website. Nevertheless, reports indicate that EOS is a blockchain company that was created in 2017. Currently, the firm is in the final stages of receiving distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission. The DLT license is mandatory for any business that wishes to offer crypto-related financial services within Gibraltar.
On its part, Bit2C was established five years ago and has its headquarters in Holon, Israel. As of now, the company has over 20,000 clients and an average daily trading volume of $36,600, according to CoinMarketCap.
Additionally, six digital currencies are tradable on the Bit2C exchange. The low number of supported cryptocurrencies is a result of the regulatory uncertainty around several digital assets. However, Bit2C intends to add more cryptos after getting the license from Israeli and European regulatory agencies.
The primary objective of Bit2C is to increase the liquidity of the crypto market in Europe. According to Bit2C CEO Eli Bejerano, the merger with EYOS is a significant step in the development of the exchange. He added that,
“The acquisition of the DLT license by EYOS will enable the company to provide to their unique services to the European market, mainly targeting companies in the finance sector such as creditors, banks and insurance providers.”
Gibraltar is a British Overseas territory that borders Spain. The country created its DLT license at the beginning of the year to attract cryptocurrency and blockchain investors. In March, Gibraltar created the regulatory framework governing the conduction of ICOs. Four months later, a local crypto exchange introduced an ICO marketplace that is compliant to this law.
Regarding the impending exit from the EU by Britain, Ron Tsarfaty, the Chief Regulation and Compliance Officer at Bit2C, said that Gibraltar is still in the EU, at least for now. Ron further added that the aftereffects of Brexit are unknown. He concluded by saying that Bit2C will expand to other countries.