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.