Industry

Despite Market Slump, Major US Crypto Exchange Bittrex Aggressively Expands Globally

Nick Chong | September 12, 2018 | 9:16 am
Bittrex
Industry

Despite Market Slump, Major US Crypto Exchange Bittrex Aggressively Expands Globally

Nick Chong | September 12, 2018 | 9:16 am

Even in this most recent market rut, Bittrex, a well-established Seattle-based cryptocurrency exchange, is dead set on bolstering its sphere of influence over the cryptocurrency and blockchain industries.

Bittrex Eyes Expansion With Affiliate Company

On Monday morning, Bittrex unexpectedly took to Twitter to announce that it had launched Bittrex International, an affiliate firm that will be responsible for managing a “global collection of innovative blockchain technology-focused businesses operating outside of the United States.”

In an official statement, the exchange outlined its aspirations for this new firm, revealing that the multinational startup’s mission is to become a “driving force in the blockchain revolution,” by increasing the adoption rates and development of this technology and its applications. Bittrex International intends to accomplish this by providing oversight, advice, and management for technology-focused businesses under the firm’s control.

Despite its infancy, the newly-established Bittrex International will also be responsible for founding a subsidiary based in crypto-friendly Malta. Seemingly taking advantage of the European island nation’s lax regulatory climate, this subsidiary will be creating a “secure, reliable, and advanced digital asset platform operating in Malta and built on Bittrex’s cutting-edge trading technology.”

More specifically, Bittrex Malta aims to allow projects to not only see their in-house crypto assets listed on a platform but to see their brainchildren flourish via the establishment of higher levels of consumer trust and a “larger global footprint.”

The company intends to create this global footprint through partnerships with an international collection of exchanges, which will reportedly see the assets listed on Bittrex’s Malta platform reach a worldwide audience via the aforementioned partners.  As Malta has openly endorsed crypto assets and welcomed cryptocurrency firms, this new platform has been designed with Maltese and European rules and regulations in mind. CEO Bill Shihara expressed his excitement for this global expansion, noting:

“At Bittrex, we’re using our secure, reliable and innovative platform technology to power the blockchain revolution. Through our U.S-based trading platform, and our growing network of partner exchanges around the world, Bittrex is making blockchain technology and digital asset trading more accessible to the global community. Bittrex International and its subsidiaries will further advance our work to increase adoption of this revolutionary technology by streamlining the process of identifying and listing some of the world’s most innovative blockchain projects.”

Partnerships & USD Trading Pairs

As reported by NewsBTC, the exchange has recently enlisted a series of measures to rope itself back in the public limelight, with the creation of Bittrex’s international and Maltese subsidiaries being no exception.

Bittrex recently joined hands with Rialto, an alternative trading system, to make a foray into the crypto asset securities subindustry. According to a press release that pertains to the matter, the two firms are in talks with regulators to hopefully gain approval. If successfully, the partnership will reportedly parent a next-generation platform that will allow investors to purchase digital assets that are deemed securities by the U.S. Securities and Exchange Commision.

Pending regulatory approval, the prospective security token exchange, which remains unnamed at this time, will only facilitate institutional investors, legacy firms, U.S. registered broker-dealers and accredited investors due to restrictions.

It is unclear if the aforementioned moves will garner high levels of support from the get-go, but it has become apparent that Bittrex is trying to propel itself to new heights amid a bear market.

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