Malta continues to cement its place as a global hub for cryptocurrency and blockchain related technologies.
Berlin-based Neufund and the Polish cryptocurrency exchange Bitbay have teamed up together to create what will be the world’s first cryptocurrency to fiat exchange. The exchange will be based in Malta and will become a member of Neufund continually growing ecosystem of market partners and they also plan to trade equity tokens via Equity Token Offerings. As a result of the partnership with Bitbay, users of the platform will be able to buy, sell, and trade equity tokens with fiat currencies.
$10 trillion by 2020
It is estimated that the security token market will be worth a staggering $10 trillion by 2020 as well as bringing more liquidity to the traditional investments market, including equity instruments.
This most recent development comes soon after the announcement that Neufund has formalised a collaboration with the Malta Stock Exchange and the world’s largest cryptocurrency exchange, Binance. Bitbay is set to be the first trading partner that gives its users the ability to liquidate their equity tokens against fiat currency.
CEO of Neufund, Zoe Adamovicz commented in a statement on the revolutionary aspect of the collaboration:
“This will be the first crypto secondary market trading tokenized securities against fiat currencies. We are very keen to start the partnership with Bitbay since it will offer clients a really easy way to purchase and sell cryptocurrencies using fiat currency. It appears that Bitbay is all set to accept a wide range of payments and withdrawal options including bank transfers, PayPal and other similar methods so the transactions should be quite smooth. Hopefully, this will start bringing cryptocurrencies to the masses and will really kick off the global revolution with Malta on the frontline of it”.
One of Europe’s leading exchanges
Bitbay is one of Europe’s leading cryptocurrency exchanges and allows tradable fiat pairs such as the Euro, Zloty, and the US Dollar.
“Our partnership with Neufund aims to bring security tokens to BitBay’s everyday operations in a fully compliant and regulated way. We are proud to be on the frontline of implementing equity tokens into 24/7 crypto trading systems,” said CEO of Pinewood (the operator of BitBay) Pawel Sobkow.
Earlier this year, Bitbay announced its relocation to Malta following the passing of three bills that seek to regulate blockchain, crypto, and related industries. Whilst the bills are still at the consultation stage, they are expected to enter into force by October 1st 2018.
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