Estonia based Bibox Exchange has officially announced its upcoming launch of a fiat-to-crypto platform, Bibox Europe (Bibox EU), within the EU and the United Kingdom on 20th May 2019. Bibox EU sets out to be a blockchain financial service company, bridging digital assets with traditional finance to offer reliable fiat-to-crypto services for retail and institutional investors in full regulatory compliance status.
It was mentioned in an announcement speech by Aries Wang, Co-founder of Bibox, that Bibox EU has obtained an equity investment from a top 10 global bank and secured partnerships with regulated Swiss banks which facilitate both crypto-to-crypto and fiat (US Dollar, Euro, British Pound, and Swiss Franc) to crypto trades in the EEA (European Economic Area).
This is just another milestone of Bibox’s global expansion after its acquisition of Chain Capital, a member of Swiss VQF* (The Financial Services Standards Association), which enabled the Exchange to secure full regulatory compliance in Europe in the Year 2018. Recently the Exchange also entered the DATA (Data Authentication Transparency Alliance) initiated by CoinMarketCap to deter wash trading and price manipulation.
* Members of Swiss VQF have to maintain a high level of compliance standard with the FINMA (Swiss Financial Market Supervisory Authority), and strictly adhere to all Anti-Money Laundering guidelines and policies in Switzerland.
To complement the success of the EU launch, Bibox EU has established a partnership to offer fully compliant custodian services, providing greater ease and security for the storage of cryptocurrencies. To enhance user’s confidence, Bibox EU has signed a warranty contract with an insurance company for insurance coverage and reimbursement, securing all funds and transactions on the platform. Furthermore, Bibox EU will be collaborating with major credit card service providers to issue Bibox credit card. This newly issued card allows users to make payment conveniently and efficiently at merchants that accept Bibox VISA/MasterCard.
In addition, Bibox EU will be opening an OTC trading desk for institutional and high net worth investors. Aries Wang mentioned in his blog post about their partnership with existing OTC trading platforms:
“Partnerships with leading OTC trading desks in Asia, Europe and America, including FBG Capital, to process rapid order execution and process transactions globally involving over 20 cryptocurrencies.”
Bibox is one of the world’s leading innovative exchange that has implemented AI (Artificial Intelligence) to streamline its operations for improved security and trust. It is committed to creating a trustworthy platform which is technologically strong, compliant, safe and transparent.
Jeffery Lei, Managing Director of Bibox Asia, added that “Obtaining a license and offering fiat on-ramp are critical steps for our global expansion plan. Going forward, our main goal is to transfer and apply our technical knowledge, past experience, and valuable skillsets in the blockchain field to other domains in order to accelerate the growth and development of blockchain technology.”
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com