Amsterdam to receive a new crypto exchange

Amsterdam to receive a new crypto exchange

  • Ali Raza
  • 25th February, 14:16
  • Amsterdam retail brokerage, BUX, decided to enter the crypto industry by launching its own crypto exchange.
  • The firm started making moves to make this goal a reality a while ago, and the intention was strengthened after the acquisition of a blockchain firm Blockport.
  • The company will rebrand Blockport and its coin, and it will start by offering six coins, fiat support, and more.

According to a recent announcement published by the Dutch retail brokerage company, BUX, the firm plans to launch its own crypto trading platform. The company stated that the platform will arrive gradually, although it is expected to see launch rather soon, and the first clients will be accepted as soon as in the first week of March 2020.

Of course, the world is filled with specialized crypto exchanges — companies that were developed specifically for the purpose of trading cryptocurrencies. However, since the crypto adoption continues to grow rapidly, numerous forex or stock-based firms are now targeting crypto industry.

BUX, a retail brokerage from Amsterdam, is only the latest one in line. The company acquired crypto investment platform called Blockport earlier this year, in January. Now, it is preparing to introduce its own crypto product to customers who might be looking for a new place to trade.

As mentioned, the first users will be accepted as early as in the first week of March, although the platform itself will become available later this year.

BUX starts building its ecosystem

As for Blockport, the company had positive reviews, but it was unable to survive the harsh competition, so it declared bankruptcy in May last year. Soon after that, it ceased its services, and its coin lost a lot of its value, dropping from $0.78 to $0.03.

After its acquisition, the firm is expected to be rebranded entirely, and join the BUX ecosystem This includes Blockport’s token, BPT. Eventually, the token will get a new name — BUX (BUX). Even so, its main aspects will remain largely unchanged.

The new crypto exchange, BUX Crypto, has already revealed some of its upcoming main features, such as zero-fee trading, support for fiat withdrawals and deposits, as well as availability in 23 EU countries. This will also include 9 of them in which the company is already active.

Initially, there will be six cryptocurrencies listed, including BTC, ETH, XRP, BCH, LTC, and BUX itself. Later on, the company plans to introduce more coins. It stated that the decision to start with only six of them was made so that the team can focus on preparing the platform for other assets.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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