Neufund, BitBay set up Malta’s first crypto-to-fiat exchange

Neufund, BitBay set up Malta’s first crypto-to-fiat exchange

“Blockchain island” Malta remains at the centre of the crypto space with yet another announcement that promises to provide a solution allowing cryptocurrency exchanges to provide fiat withdrawal solutions. This time, Berlin-based Neufund and Polish cryptocurrency exchange BitBay have teamed up to set up what they are claiming will be Malta’s first cryptocurrency to fiat exchange.

The new Malta-based exchange joins Neufund’s growing community of secondary market partners and aims to trade equity tokens issued through Equity Token Offerings. The partnership between Neufund and BitBay allows investors to buy and sell equity tokens with fiat currencies.

The security token market will reach a value of $10 trillion by 2020, according to study conducted by Polymath. Tokenized securities will bring much needed liquidity to traditional investment assets, including equity instruments. Neufund’s announcement follows its recent partnerships with the Malta Stock Exchange and cryptocurrency exchange Binance. BitBay will be the first trading partner enabling companies to liquidate their equity tokens against fiat currency.

Neufund CEO Zoe Adamovicz was keen to note the revolutionary aspect of this partnership, saying, “This will be the first crypto secondary market trading tokenized securities against fiat currencies… It appears that BitBay are all set to accept a wide range of payments and withdrawal options including bank transfers, PayPal and other similar methods so the transactions will be quite smooth. Hopefully, this will start bringing cryptocurrencies to the masses and will really kick off the global revolution with Malta on the frontline of it.”

BitBay offers tradable fiat pairs including Polish zloty, euro and the U.S. dollar.

BitBay recently moved its operations to Malta, while Neufund announced its partnership with MSX, a subsidiary of Malta Stock Exchange with the aim to create the first fully regulated exchange trading crypto assets alongside traditional financial instruments. The parliament of Malta, an EU member state, recently passed three bills regulating distributed ledger technologies (DLT), although these are still at consultation stage and are expected to become operational on October 1.

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