The platform will be launched under the invest.com brand name and will only be available to investors in the European Union (EU) initially. Although the platform is not currently available, traders can pre-register for the platform now.
According to the statement, the cryptocurrency exchange will combine Bittrex’s trading platform technology and its selection of nearly 200 tokens, with invest.com’s experience in derivative trading, portfolio management, and equity trading.
Although the exchange will be initially available only in the EU, the two companies plan to offer the platform in other markets in the future. Nonetheless, it will only be available in qualified regions and countries, depending on international laws and restrictions.
invest.com’s changing direction
Following the implementation of MiFID II regulation, which has placed significant caps on leverage and advertising for retail brokers, firms who operate a trading platform have been forced to rethink their business structure. In some instances, it has also made companies change their direction to an unregulated industry, such as cryptocurrencies.
Previously invest.com operated a derivative and equity trading platform. However, as a result of the new regulations, Finance Magnates reported earlier this year that the company announced that its regulated subsidiary in Cyprus was closing its doors and voluntarily relinquishing its license. The move came only about ten months after the company announced that it was acquiring AnyOption, a binary options brokerage turned CFDs trading provider.
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As of April 9 this year invest.com no longer provides any investment services and ceased accepting new clients to its trading platform. Following this, the brand announced it has narrowed its focus on the emerging crypto industry and aims to create a leading cryptocurrency exchange.
Commenting on the new partnership between invest.com and Bittrex, Itai Avneri, invest.com’s spokesman and co-founder of the new venture partnership, said: “we are very excited to form this joint venture with Bittrex.
“Innovation and determination have led invest.com to take a strategic step forward into the new world of trading. The brand will focus solely on the emerging crypto industry.”
Founded in 2014, Bittrex is a Las Vegas-based blockchain trading platform that offers digital wallets and security practices. The exchange has become known as the preferred exchange for altcoins as over 250 trading pairs are listed on the exchange.
The CEO of Bittrex, Bill Shihara, also commented on the announcement: “Blockchain technology has the potential to provide groundbreaking solutions for businesses and consumers around the world. That’s why every action we take is geared toward advancing this emerging technology, including launching this new trading platform with invest.com.
“This partnership will increase customers’ access to some of the world’s most innovative blockchain projects and further drive adoption of this revolutionary technology.
“Today’s announcement is another exciting step forward for the industry and Bittrex as we continue expanding our global footprint through new services and strategic partnerships.”