Currency.com announced the launch of its platform, designed for traders to invest in traditional instruments using cryptocurrencies without the use of fiat.
The Belarus-regulated company, in a press release, said it is initially allowing the trade of over 150 tokens based on different instruments, such as equities, indices, and commodities. Eventually, the number of tokens to be issued will reach over 10,000.
When users buy a token for, say, Apple, the token will track the price of the actual stock, but without providing a stake in the company.
At present, the platform only allows trading with BTC and ETH, which could be used to engage in margin trading by as much as 50 times the amount one actually holds.
The company leverages the technology of sister platform Capital.com, which is said to be regulated by the UK’s Financial Conduct Authority, and the Cyprus Securities and Exchange Commission.
Currency.com CEO Ivan Gowan said the company “is committed to providing users with superior security and fraud protection, and preventing any potential risks by leveraging the full traceability of blockchain transactions and adhering to the strictest regulatory standards set by Belarus’ Decree No. 8 ‘On the Development of a Digital Economy’.”
The company pointed out that it was vigilant with “best-in-class” anti-money laundering and know-your-customer regulations, as well as protection of customer data, which has been a problem among many exchanges worldwide.
All transactions are to be verified by blockchain intelligence services like Coinfirm, Elliptic, and Chainanalysis.
Apart from tokenized securities trading, a supplementary platform for trading cryptocurrencies will be made available for free, and includes the use of fiat currencies.
According to Currency.com, new platform users will be authorized as it becomes more equipped to handle an increased number of traders. Currently, users can join a waiting list, and a referral program allows for the sharing of invitation codes to others. Among the benefits of the referral program are a share in trading commissions, and $50 credited to each invited trader.
Another startup, DX.Exchange, for the trading of tokens representing stocks, went live last January 7.
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