Australia’s Blockbid exchange has been granted cryptocurrency license by Austrac and this makes it the third company granted permission to legally operate as a cryptocurrency exchange in Australia since the setting up of new regulations last week. This is a milestone that has been achieved by the company to becoming an active worldwide cryptocurrency exchange while still being capable of guaranteeing a transparent, safe and compliant platform for crypto investors to trade on.
Blockbid’s main differentiating feature compared with others in the market place is that it provides insurance to users against any possible cyber-attacks that may occur. The company also plans to offer users with the ability to trade with at least six to seven different fiat currencies. This will be done in the next 5-12 months with four being made available immediately during the beta launch. These features offer a more comprehensive exchange platform than the previous two Austrac license recipients.
“Since its inception Blockbid has always wanted to put customers’ security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines,” said David Sapper, COO at Blockbid.
Blockbid exchange has also revealed further information about their beta launch which is set to go live April 16th this year. The company will first of all begin with a limited number of users, who will check and explore the platform without doing real trading of currencies and this will continue until its developers and users are satisfied with delivery.
As soon as there is an upgrade in the system based on the user feedback and further testing, phase one of the beta launch will be opened to the general public. The process will commence with five major cryptocurrencies and four fiat currencies: bitcoin (BTC), bitcoin cash (BCH), Litecoin (LTC), bitcoin gold (BCG), ripple (XRP), EUR, USD and AUD. Additional tokens will be introduced in the second phase of the beta launch.
The step taken by Austrac to license Blockbid is a move towards legitimising cryptocurrencies in the country, and also towards having something that is transparent that the general public will not be afraid of investing in. For Blockbid to be allowed by the Australian government, it means that it has met the threshold required for them to be granted a cryptocurrency license and this is will also boost the public trust on the company.
The granting of the Austrac license and the beta launch that is coming up represents two keys towards the full launch of Blockbid in 2019. Will Australians feel safe with local exchanges getting licensed by the authorities?