Melbourne based cryptocurrency exchange startup Blockbid has announced that it has become the third recipient of an AUSTRAC license, meaning they it has been granted permission to legally operate as a cryptocurrency exchange according to Australian law.
The company stated that this is an important stepping stone to becoming an active, worldwide cryptocurrency exchange, whilst further guaranteeing a safe, transparent and compliant platform for crypto investors to trade on.
The granting of the AUSTRAC license comes before Blockbid’s upcoming Beta launch, furthering the company’s plans to hold a full-scale launch of Blockbid in 2019.
Blockbid plans to provide the most complete offering of cryptocurrency on one single exchange platform, whilst charging an ultra-low, fixed transaction fee of 0.1%, and providing insurance to protect users against any potential cyber-attacks. Furthermore, they plan to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four being made available immediately during the beta launch. Combined, these features offer what Blockbid believes is a more comprehensive exchange platform than the previous two AUSTRAC license recipients, and indeed than any other crypto exchange globally.
Additionally, Blockbid has announced further details for its Beta launch, which is set to go live April 16th. Blockbid siad its developers are committed to ensuring the best possible experience for users, whilst security is of paramount importance. The Beta launch is planed to run as follows:
- The MVP beta launch will begin with a limited pool of users, who will initially explore the platform without trading real currency. This phase will act as a testing session and will continue until Blockbid developers and userbase are completely satisfied with delivery.
- Following that, the platform will be further tested, and Blockbid will work through patches and implement the next stage of design and user interaction, based on user feedback.
- Following thorough testing throughout the above two steps, phase one of the beta launch will open to general public, initially with top cryptos and a selection of fiat currencies: Cryptos: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), Litecoin (LTC), Ripple (XRP). Fiats: USD, AUD, JPY, Euro.
- Lastly, additional tokens will be introduced for phase two of the beta launch: Ethereum (ETH), Dash (DASH), NEM (XEM), Digibyte (DGB), Nano (NANO), Bytecoin (BCN), Nexus (NXS), Iconomi (ICN), Cajutel (CAJ), Jetcoin (JET), ASTRcoin (ASTR), Fincoin (FTB), Trezarcoin (TZC), Unify (UNIFY), LanaCoin (LANA), TajCoin (TAJ), I/O Coin (IOC), NETKO (NETKO), Fujicoin (FJC), Unitus (UIS), Bitether (BTR), Decision Token (HST), DNotes (NOTE).
David Sapper, Blockbid
David Sapper, COO of Blockbid stated:
Inline with Blockbid’s vision since launching in August, we are proud to announce that we are fully registered and approved with Australia’s regulatory financial oversight body AUSTRAC to operate as a digital currency exchange. Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.