Bibox Europe Gives Coinbase Competition; Offers Fiat On-Ramp for Traditional Investors After Equity Backing from Top Bank
Bibox Europe (Bibox EU) secured full regulatory compliance, allowing it to offer cryptocurrency offerings linked to the world of traditional finance.
Bibox EU is making forays into linking digital assets
with the world of traditional finance. The market operator has secured full regulatory compliance, making it capable of offering reliable fiat-to-crypto services for retail and
“Bibox EU allows easier access to digital assets by supporting fiat currency to crypto brokerage service and provides a reliable platform for all investors to build their own crypto portfolio. And we are regulated and compliant with Swiss banks and insurance companies having its back”, Bibox’s cofounder Aries Wang said.
In addition to the success of setting up a fiat gateway, Bibox EU has secured a funding round, through an equity investment coming from one of the top 10 banks in the world. Additionally, Bibox EU has access to the service of multiple Swiss banks, allowing it to support transactions within the regulatory framework.
Bibox thus follows the latest developments in the cryptocurrency space, where fiat access is becoming more important. The approach of Bibox EU is expanding on the moves of market operators like Coinbase to offer more chances for direct purchases of digital assets. Combining compliance and banking access has allowed Coinbase to expand its services to an additional 85 countries, and more than 100 in total. Coinbase has achieved this through the fully compliant USD Coin (USDC). Bibox EU offers another unique approach for a fiat on-ramp, exclusively accessible to 27 member-countries of the European Union and additional compliant states.
Bibox EU has four major directions of development in building the full fiat gateway for traditional finance investors. The first direction is getting access to digital assets through the most widely used fiat currencies – US Dollar, Euro, British Pound, and Swiss Franc. Secondly, Bibox EU offers fully compliant custodian services, offering greater ease and security for cryptocurrency storage. Bibox EU is under insurance coverage, securing all funds and transactions on the platform. Furthermore, the financial service provider is also aiming to add credit card services, as well as launching OTC trading desk to provide crypto brokerage.
Thus, Bibox EU sets out to be a blockchain financial service company, recognized by leading banking partners. The market operator has reached out to hedge funds, asset management firms and family offices, with the goal of creating the Bibox Finance Ecology. The exchange puts high importance on compliance and security, moving beyond the unregulated phase of the crypto-to-crypto markets. The European Union legislation also offers a clear framework for compliance and is one of the regions hosting some of the best-performing fiat-to-crypto and OTC services. Additionally, Bibox works as an innovative, highly liquid crypto-to-crypto exchange, offering its own BIX native token for trading incentives. The Bibox Token (BIX) is trading at $0.33, up more than 250% since the start of 2019.
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Business writer with a knack for bubbles and market madness. Has tracked it all: the financial crisis of 2008 and the implosion of Lehman Brothers; bank bailouts and peak gold and silver, penny stocks…and now Christine has moved to cryptocurrencies for fresh stories.