Zug Switzerland trade.io has entered into a memorandum of understanding to negotiate the terms for the acquisition of a New York City based broker/dealer.
The acquisition of the broker dealer, which currently holds the SEC registration and FINRA membership, will be subject to regulatory approval by the U.S. regulators and other customary terms.
The step marks an important step in the buildup of trade.io’s international presence and paves the way for the company to tap business lines of the acquired broker dealer to operate its contemplated U.S. oriented investment banking services in a regulatory compliant manner.
With this important initiative, trade.io demonstrates its commitment to build up and expand its global business, as well as improving the functionality and governance of blockchain technologies.
After the successful completion of its pre-ICO, in which $12 million was raised out of an expected total of $135 million, the disruptive platform swung into action by attracting additional adapters and listing on exchanges. However, trade.io confirms that it wouldn’t use any amounts of the funds it raised through ICO to fund the acquisition deal.
Trade.io is a disruptive solution that aims to leverage the full potential of blockchain technology to create a peer-to-peer trading platform for crypto assets. Furthermore, it plans to subsequently introduce forex and CFDs for precious metals, oil, commodities, indices, global equities and more.
Last week, the P2P blockchain startup announced the listing of its TIO tokens on the European cryptocurrency exchange HitBTC. The inclusion of the TIO tokens on the exchange reflects the growing demand for the new instrument. On this platform, TIO will be convertible against the pairs Ethereum and Bitcoin.
Commenting on the news, trade.io CEO Jim Preissler stated:”As the trade.io community and the rest of the blockchain community has realized, we are very aggressive when it comes to preparing to execute on our initiatives. We are simply not waiting for our ICO to be over to start moving, we are and have been making strategic moves for months now.”
He also noted that, “Being able to conduct trade.io’s business in the United States in a regulatory compliant manner is critical. The broker/dealer will afford us with tremendous opportunities and unlock many sources of revenue potential.”