Israel-based digital currency exchange Bits of Gold has just announced plans to enter the European market. The company will also launch a service allowing other international applications and exchanges to buy and sell Bitcoin and Ethereum while relying on the Bits of Gold system to manage compliance, banking, and liquidity infrastructures.
Israeli Bitcoin broker explores new opportunities
Bits of Gold, one of Israel’s largest Bitcoin brokers, currently supports 50,000 Israeli customers and had reported a turnover of nearly $140 million during the last two years, representing about 180,000 successful transactions.
CEO Youval Rouach explained the move by saying, “In the last six years we have learned with the community how to build this bridge between traditional money and crypto. It is precisely the time to take this knowledge and use it in Europe as well.”
Pure Markets' CEO Talks Business Model, 2020 OutlookGo to article >>
Digital currency exchange adds new services
Rouach noted that the company had updated its website and financial systems to cope with all of the challenges involved in the expansion. “The move has two arms – one focused on the buyers themselves, and the other aimed at different service providers that will enable their customers to buy and sell digital coins through our service.”
Bits of Gold handled nearly $350 million in trades
Bits of Gold released data related to its business activity over the last few years to back the decision to expand into Europe. The exchange’s clients have bought and sold more than 64,000 Bitcoins, with a value of nearly $350 million, which Rouach credits to the company’s “unique ability that accompanies the customer and supports him from the moment of payment until the moment of receipt of the coins and vice versa.”
Company also courting institutional investors
In addition to its expansion into the international market, Bits of Gold has been competing to gain more institutional investors. In February, the exchange joined with the Israeli company Silver Castle, which was the first cryptocurrency investment firm dedicated to institutional and accredited investors. Silver Castle customers can use Bits of Gold to convert fiat currency into Bitcoin, which can then be placed into investment funds.