Bittrex International is launching a digital trading platform for qualified international customers. Previously branded as “Bittrex Malta,” the new platform will speed up the listing process for tokens, streamlining the approval process.
Says CEO Bill Shihara,
“Bittrex International’s more efficient token listing process, combined with our reliable, secure and advanced trading platform technology, will make it easy to quickly feature the newest, most innovative blockchain projects for our international partners and customers. And, because we believe it’s more important for token teams to invest their time and money in technology and business development, Bittrex International — just like Bittrex.com — will not charge a token listing fee.”
According to the announcement, the token approval process will take weeks instead of months. Bittrex’s standard initial review process will remain intact with an evaluation of the authenticity, innovation and quality of the token.
In an increasingly competitive market with more and more exchanges emerging worldwide, Bittrex is appealing to new projects that want to bring their tokens to market without having to endure long delays. Projects that pass the initial round will be subject to an evaluation that follows guidelines in the Malta Virtual Financial Assets Act. If a team begins the process before the initial launch of their new project, “the token could be listed as soon as their blockchain goes live.”
Bittrex customers in the US will not have access to international markets. International customers, however, will be able to use their Bittrex.com logins to trade on the new platform after signing a new terms of service agreement.
Bittrex International will operate under the regulatory framework established by the European Union and the Maltese government, including the Malta Virtual Financial Assets Act. It will also apply to the Malta Financial Services Authority to become a regulated Virtual Financial Asset exchange.
Malta, which introduced one of the first regulatory frameworks for blockchain-related startups, has attracted several crypto exchanges including industry leader Binance, OKEx and BitBay.
Bittrex, which primarily focused on crypto-to-crypto trades, recently introduced fiat-to-crypto pairs in an effort to expand its customer base and to open up its services to new cryptocurrency traders looking for a fiat gateway.