AUSTRAC approves crypto licence for Australia’s first insured exchange
Blockbid gets AUSTRAC licence and plans to offer low cost and fully insured trades.
With new rules for cryptocurrency exchanges in Australia taking effect last week, there have been moves made to comply with AUSTRAC's push for a safer cryptocurrency trading environment.
One of the companies to make a move is Blockbid, which in addition to offering trading in cryptocurrencies and fiat currencies, says it will be the first exchange operating in Australia that will insure users against any potential cyber-attacks. That insurance will be wrapped up in the fixed transaction fee of 0.1% that will be attached to trades.
COO at Blockbid David Sapper said, "Blockbid has always wanted to put customers' security and peace of mind at the forefront of building a one-for-all platform."
Blockbid said it will offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four being made available immediately during the beta launch on 16 April 2018. And while it isn't the first exchange to be granted a licence – two others got to AUSTRAC ahead of them – it claims to offer a service that exceeds both local and global competitors.
The beta launch will begin with a limited pool of users, who will initially explore the platform without trading real currency. This testing session will continue until Blockbid developers and users are satisfied with delivery.
Sapper added, "This is a big step not only for the Australian cryptocurrency space but also for our company."
That initial testing will be limited to trading Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin and Ripple as well as USD, AUD, JPY and EUR.
Once testing is complete, further coins and fiats will be added prior to a full scale launch of Blockbid which is planned for 2019.
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