Gibraltar has issued the first license ever to a cryptocurrency trading and digital asset investment platform. The country’s Financial Services Commission (FSC) issued the license to B21, a mobile application that lets its users invest in some of the popular cryptos. A press release shared with CoinGeek revealed that the app will be available in Europe and Asia upon launch in the fourth quarter, with plans to launch in the U.S. in Q1 2020.
B21 is a mobile-focused investment platform that allows its users to create their own portfolio of cryptocurrencies. The app was developed with newbie users in mind and as such, its interface is intuitive and easy to use. The app utilizes multiple liquidity providers, ensuring optimal trade execution.
Miles Paschini, the co-founder of B21 believes that ease of use is the biggest requirement for a crypto trading platform, and he designed B21 with this in mind. He commented:
“While crypto investing is still in its early days, what’s become quite clear is consumer demand for platforms that help them easily purchase and manage their digital assets in a safe, legal, and compliant manner. We welcome the scrutiny and increased regulation of the sector. By obtaining our DLT license and becoming the only regulated crypto investment app, we’re demonstrating our commitment to users and supporting widespread crypto adoption.”
To fund their accounts, B21 users can purchase cash vouchers in their local currencies. Once they fund their accounts, they can create custom portfolios, contribute funds and track the progress of their digital assets. B21 takes away the complexity involved with trading the same assets across multiple exchanges, most of which require technical knowledge to place trades.
The app is currently available in English, Spanish, Korean, Japanese and Russian, with plans to add other languages.
Gibraltar has continued to make great strides with cryptos and blockchain technology. In August, the country issued a distributed ledger technology (DLT) provider’s license to Quedex, a crypto futures and options exchange. The license allows Quedex to offer crypto custody services as well as facilitate the trading of crypto derivatives.
The Gibraltar Stock Exchange is also working on an integrated tokenized securities exchange platform that will enable stock exchanges and other financial institutions to tokenize assets of all kinds. Through its subsidiary Hashtacs Inc., the exchange intends to use the platform to boost trading, clearing and settlement of both digital and fiat currencies.
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