Bittrex Expanding in Europe with invest dotcom Deal
American cryptocurrency exchange Bittrex looks to be expanding its operations into the European Union, in a deal with Cyprus-based trading platform invest.com. The new exchange will remain under the invest.com name but use Bittrex’s technology.
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Partnership Brings Another Crypto Exchange to the EU
The new platform, which is currently accepting pre-registrations, will offer trading of more than 200 cryptocurrencies and make use of Bittrex’s technology. The Seattle-based exchange will be leveraging invest.com’s existing license to provide financial investment services in the E.U. from the Cyprus Securities and Exchange Commission (CySEC), expanding Bittrex’s presence on the continent.
Bittrex CEO Bill Shihara said in a statement:
This partnership will increase customers’ access to some of the world’s most innovative blockchain projects and further drive adoption of this revolutionary technology. Today’s announcement is another exciting step forward for the industry and Bittrex as we continue expanding our global footprint through new services and strategic partnerships.
The news comes after invest.com closed down its investment platform, which previously allowed for trading of currencies, commodities, indices, shares and contracts for difference (CFDs), earlier this year. invest.com parent company GS Sharestocks, Ltd. is currently under examination by Cyprus regulators for having voluntarily renounced the authorization of its license.
Not the First Move into Crypto by GS Sharestocks
GS Sharestocks is also the firm behind crypto prediction market platform Stox, which held an ICO back in August of 2017 and is under development. The ICO, which raised $33 million, was promoted by boxer Floyd Mayweather. Stox wasn’t the only ICO that Mayweather was involved in, as he also promoted the Hubii Network as well as Centra Tech, which turned out to be a fraud when its founders were arrested by American authorities earlier this year.
The news marks a shift of direction for GS Sharestocks, which previously ran invest.com as an investment platform that allowed trading of currencies, commodities, indices, shares and contracts for difference, a type of derivative. The new invest.com sounds like it will be created and run by Bittrex, which handled around $58 million USD in transactions in the last 24 hours, making the 24th largest crypto exchange by volume, per Coinmarketcap.
Bittrex, Overwhelmed by Demand in the Past, Looks to Expand
Bittrex had shut down new user registrations late in 2017 after a surge in interest in cryptocurrency trading. That lasted until April of this year, when registrations were reopened, though they were temporarily closed again for a short time. During that downtime, Bittrex said it made improvements related to performance, usability and security.
The company has experienced strong growth, expanding from four employees in early 2017 to more than 50 in the spring of this year. It appears with the invest.com deal, it is aiming to continue its expansion.
What’s your take? Can Bittrex dominate the E.U. trading market? Let us know in the comments.
Images via Pixabay, Bittrex