Business

Gerald Fenech

Crypto exchange ZB.com set to launch in Malta

Yet another cryptocurrency exchange is joining the growing list of blockchain and crypto companies setting up in Malta, which calls itself ‘the Blockchain Island.’

ZB.com will set up its operations in Europe with the launch of a new exchange in Malta. The company, considered the fifth largest cryptocurrency exchange in the world by traded value, will open an office in St Julian’s, which purports to be a bustling business centre in the heart of Malta. This latest announcement follows those by Binance, OKEx and DQR, which have also opened offices on the island.

The company will initially start out as a ‘crypto-to-crypto’ style operation, and will eventually look to offer a ‘fiat-to-crypto exchange’ on the European island nation. This is the third exchange which is coming up with this proposition after Binance and Bitbay.

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,” co-founder Jimmy Zhao said, adding, “We are confident we will be able to announce our live operations soon.”

While other nations wrangle over their stance on cryptocurrency exchanges and ICOs, the VFA Act in Malta has provided confidence and peace of mind to a raft of international cryptocurrency and fintech businesses, including Binance and Okex. However, there is still no tangible exchange that has started operating on the island since the Blockchain laws are currently in consultation stage and come into effect on October 1.

Zhao said he had recently been invited to Malta by his local partners and met with the Maltese government to discuss their crypto exchange operations. “You quickly realize Malta’s commitment to building and supporting the crypto ecosystem,” the executive noted.

ZB.com daily trading volume is estimated at around $400 million, according to Coinmarketcap data. The proprietary technology behind ZB.com also supports several other top-tier exchanges such as EXX.com.

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