The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in Malta
Crypto exchange Binance is launching a fiat-to-crypto trading platform in Liechtenstein and you can find the details about the joint venture with LCX in The Daily. We’ve also got reports about ZB.com opening a new office in Malta, Coinsilium investing in crypto trading platform Bundle, and the rebranding of the Toshi crypto wallet as Coinbase Wallet.
Also read: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your ID
Binance LCX Launches Fiat-to-Crypto Exchange in Liechtenstein
Binance, the largest cryptocurrency exchange by volume, has announced it’s launching a fiat-to-crypto trading platform in Liechtenstein through a joint venture with LCX.
Binance LCX plans to build up a team of up to 15 professionals for its Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform.
According to a press release, the new exchange will offer trading for Swiss francs (CHF) and Euros (EUR) against major cryptocurrencies and add more trading pairs in the future. Commenting on the launch of the platform, Binance CEO and founder Changpeng Zhao said:
I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team in Liechtenstein.
Monty C. M. Metzger, CEO of LCX, added: “Professional investors need a reliable fiat channel to invest into crypto assets. We are excited to launch the joint venture with Binance to establish new standards for the blockchain industry.”
Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.” The tiny European nation is currently working on its Blockchain Act in order to implement a comprehensive legal framework for the crypto sector.
Crypto Exchange ZB.com to Open Office in Malta
ZB.com, the fifth largest crypto exchange by daily trading volume, is planning to set up operations in Malta, also hailed the Blockchain Island for its efforts to create favorable conditions for companies in the industry. During the Malta Blockchain Summit, the company announced it will open a new office in St Julian’s. The exchange wants to start with crypto-to-crypto trading and intends to eventually offer fiat-to-crypto options as well. Jimmy Zhao, co-founder of ZB.com, said:
Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and Fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.
Maltese authorities have been trying hard to turn the island nation into a crypto-friendly jurisdiction. The parliament in Valletta recently adopted three bills designed to create a clear regulatory framework that will enable the establishment of crypto businesses on the island.
Chinese-run ZB.com is moving in the footsteps of other players in the field – Malta has already attracted crypto exchanges like Binance, which is exploring opportunities to launch a decentralized bank there, Okex, another Chinese exchange which announced in April it is setting foot on the island, and the Polish Bitbay which revealed its plans to move to Malta in May.
Coinsilium Invests in Crypto Trading Platform
Blockchain venture builder Coinsilium Group Ltd has announced an investment of $125,000 USD in Bundle Network Ltd, a company developing an online platform to facilitate cryptocurrency trading. As part of the deal, the investor will also receive an entitlement to an undisclosed number of Bundle Network tokens and its chief executive will join Bundle’s board of directors, Proactive Investors reported. Earlier this year, news came out that Coinsilium had been engaged by Bundle to provide advisory services for a token generating event. The company notes that the investment in Bundle is part of a strategy to support “foundational services in the blockchain ecosystem such as the buying and selling of cryptocurrency and tokens.”
Coinbase Was Signing Up 50,000 Users a Day Last Year
Leading U.S., California-based crypto exchange Coinbase was signing up 50,000 new customers daily in 2017, its CEO Brian Armstrong announced during a tech summit in San Francisco, organized by Bloomberg. The chief executive also said the platform helped users trade $150 billion worth of cryptocurrency over the past year but did not reveal this year’s rate of new registrations. According to Armstrong, only about 10 percent of cryptos are currently used in real life, including online purchases. “I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto,” he said. However, he is confident “it’s getting harder and harder to be a crypto skeptic.”
According to another announcement related to the San Francisco headquartered exchange, the crypto mobile wallet Toshi has recently been rebranded as Coinbase Wallet. The exchange posted on Twitter that “This is not just a new name, but part of a larger effort to invest in products that will define the future of the decentralized web and make that future accessible to anyone.” Users of Coinbase wallet can currently manage ethereum (ETH) and ERC20 tokens, with plans to add support for bitcoin core (BTC), bitcoin cash (BCH), and litecoin (LTC) already announced.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock, Malta Blockchain Summit, Coinsilium.
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