If you are not an American resident, establishing a digital assets exchange in the country is much of an ordeal than anyone could imagine. The reason is there are many states which probably have not yet realize the blockchain technology’s potential. On the contrary, there also exists some states which are positively inclined towards cryptocurrency perspectives.
As the popularity of the cryptocurrency space grows with its continuously magnifying community, many blockchain initiatives are these days vigilantly looking to break their shoe into the industry. Among them is the United States-based Riot Blockchain.
Last week on Mark 14, Riot Blockchain filed the required paperwork to the country’s regulatory organization, US Securities and Exchange Commission (SEC), in order to be eligible for launching a full-fledged systematic cryptocurrency exchange in the United States.
According to the filing, the new cryptocurrency exchange will be managed by RiotX Holding Inc., a subsidiary of the company that intends to prioritize the development of at least three major services for the client base, trading, digital wallet, and banking.
The company is expected to develop each of these services by partnering with third-party vendors. The trading engine is going to be provided by the Shift Markets, the banking services will be designed by a California-based software company, SynapseFI, and the provider of the digital wallet for the upcoming exchange is yet to be announced by the firm.
Having these services at their disposal, users will be eligible to open new accounts which will be directly affiliated with the United States’ authorized banking institutions. Therefore, they will be qualified for holding or transferring them either in cryptocurrency or fiat.
The filing further sheds the light on the exchange’s primary focus, which is to mine the bitcoin, the mother of all the cryptocurrencies.
The company also revealed that at the time of launch they intend to initiate the trading with Bitcoin (BTC), Litecoin(LTC), Ethereum(Eth), and Bitcoin Cash(BCH) on the exchange. The mentioned cryptocurrencies will be paired with each other as well as against the US dollars.
The company also told that they will only list cryptocurrencies for which they get extensive regulatory and legal permission by the commission.
The Colorado-based company is determined to launch the exchange by the end of 2nd quarter of 2019 with an ambitious aim to bring the newly launched exchange online in all 50 states of the country except Wyoming and Hawaii. At the time of writing this piece, the company declares to have the approval for five different states in the country.
Image courtesy of Pixabay.
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