BiboxEurope, a subsidiary of digital asset exchange Bibox, plans to further break down barriers between fiat and crypto by unveiling listing opportunities for a hand-picked selection of top crypto projects.
BiboxEurope says its latest initiative offers a much-needed bridge between fiat and crypto, which paves the way for high-quality altcoins to be acquired using three major currencies. The startup provides an attractive destination for European consumers who want to pay in their local currencies, compared with other exchanges that only accept payments in US dollars.
We’ve just kicked off applications for top crypto projects that want to open trading pairs against GBP, EUR, and CHF!
We’re also providing one-stop fiat trading services.
— BiboxEurope (@BiboxEurope) October 17, 2019
Did COVID-19 Save the Forex Industry?Go to article >>
BiboxEurope is also positioning itself as a straightforward, inexpensive alternative since it allows cryptocurrency purchased through its platform to arrive in the customer’s account within a few minutes.
Compared with other fiat-to-crypto offerings, BiboxEurope claims its transaction fee is the lowest, namely 2.9 percent, which competes against the likes of Coinbase and Binance, which charge fees of 3.5 percent and 3.99 percent respectively, and often impose limits on crypto purchases using credit cards. The company is also offering a zero-fee deposit for its users.
A strong regulatory profile
The regulated fiat-to-crypto exchange was launched three months ago, offering a fiat on-ramp for Bitcoin (BTC) and Ethereum (ETH) through BTC/EUR and ETH/EUR trading pairs, followed by GBP and CHF pairs.
Shortly after, BiboxEurope expanded the offering and unveiled a new feature enabling its consumers to buy Bitcoin and Ether using credit cards.
Bibox’s offshoot is regulated in Switzerland and enforces stringent KYC and anti-money laundering compliance to effectively provide an authorized fiat gateway for its crypto users around the world. Bibox Europe is one of the few cryptocurrency-related firms to win approval to operate in the Swiss financial market, opening the way for it to launch its own crypto financial intermediary under the Swiss AML Act.
The company, however, isn’t directly supervised by the Financial Market Supervisory Authority (FINMA), but through an association called VQF, a self-regulatory organization approved by the FINMA to check anti-money laundering compliance.
BiboxEurope, also holding the Estonian exchange and e-wallet licenses, has reportedly secured investment from a major global bank during a recent round of fundraising.