US-based cryptocurrency exchange Bittrex is reportedly launching a crypto exchange in Malta at the beginning of next month. Bittrex says the new platform will allow them to list coins “a lot faster.” It will operate within the regulatory framework established by the European Union and the Maltese government.
Bittrex Eyes Malta Launch in October
Bittrex has confirmed that “it will open a branch in Malta on Oct. 1, as part of its global expansion plans,” the Investor reported on Friday, September 14. Bittrex’s co-founder and CEO, Bill Shihara, said at the Upbit Developer Conference on the South Korean Jeju Island:
We are now planning to launch Bittrex Malta…This will allow us to list tokens a lot faster.
The conference is organized by Dunamu Inc., the operator of one of South Korea’s largest crypto exchanges, the Kakao-backed Upbit. Bittrex has a partnership agreement with Upbit that “allows the two exchanges to share the same order book and coin listings, among others,” the news outlet conveyed.
Shihara explained that “the coin listing process will be much easier and faster in Malta,” the publication noted, adding that the exchange “will also not charge fees for listing.”
Bittrex has already established a subsidiary in Malta as well as an affiliated company, Bittrex International, to manage all of its overseas operations.
Citing that “Bittrex Malta is designed to operate within the regulatory framework established by the European Union and Maltese government,” the exchange wrote:
Every digital asset listed on Bittrex Malta will be available for our international network of partner exchanges to launch (consistent with their local laws).
Bittrex’s Overseas Expansion
The CEO explained that “Working with the government in the US to stay compliant is hard. So it would be very difficult for us to open offices around the world in different countries,” elaborating:
We actually like this partnership model… If we can find great partners like Dunamu, then they can handle a lot of work with local regulations and banks. All we need to do is just help them make their exchanges better.
The news outlet noted that Shihara expressed “great satisfaction with the tie-up,” adding that “he seeks to renew the partnership every year, without plans to open a separate Bittrex branch in Korea.”
Bittrex started offering US dollar trading in May but currently has no plans to add other fiat currencies, the publication described. “But we do plan to continue listing more digital currencies that trade against the US dollar.” According to Coinmarketcap, Bittrex now lists 287 coins while Upbit has 273 coins listed.
What do you think of Bittrex opening an exchange in Malta? Let us know in the comments section below.
Images courtesy of Shutterstock, the Investor, Upbit, and Bittrex.
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Published at Fri, 14 Sep 2018 15:40:25 +0000