The large American crypto-exchange platform with the daily trading volume estimated at $58 million Bittrex has announced it will collaborate with trading company invest.com. The online trader serves derivatives, portfolio management, algo-trading and equity trading services under European license in 31 countries around Europe. Two companies are set to create a single new cryptocurrency exchange which, according to the announcement, will serve for the customers located within the European Union.
Why it is important
- The new crypto exchange will offer trading options for around 200 cryptocurrencies, Bittrex is trading now. But the U.S.-based company which was founded 4 years ago is operating without its domestic Securities and Exchange Commission’s (SEC) license. At the same time invest.com, registered within the laws of the EU regulator will enlarge its portfolio of products through this move.
- Licensed crypto exchanges are more attractive to big investment companies and funds that see them as a safer place to invest at, since all trading will be legally monitored by the government.
- New cryptocurrency exchange will stay under the brand invest.com. The platform is currently available for pre-registration for new users.
“Our goal is to become the most reputable platform in the EU and later in numerous countries across the globe." said Itai Avneri, invest.com's spokesman and co-founder of the new venture partnership.
As part of the venture deal Bittrex aims to utilize its blockchain technology to enable fast trading speeds. While according to the press release, invest.com will bring its investment management experience and know how of compliance to provide the services.
CEO Bittrex Bill Shihara has also noted that the creation of the site will contribute to the development of blockchain in the world and it is an important step for the company.
By Nadya Astam