BlockQuake(TM) Announces Launch of Live Beta Testing, Submis
NEW YORK, Feb. 5, 2020 /PRNewswire/ -- BlockQuake™ announced the official launch of live production beta testing of its regulatory-driven digital asset exchange. The Company also released news of both its partnership with SEC qualified and BSA-compliant custodian Prime Trust and that it is pending approval of its application for a New York State BitLicense with the New York State Department of Financial Services. These new developments demonstrate BlockQuake's™ desire to consistently seek and maintain the highest levels of regulatory compliance. They also guarantee that all traders, from large institutional investors to first-time individuals, will have peace of mind that the BlockQuake™ platform prioritizes performance, security, and transparency.
While in beta production, BlockQuake™ will be conducting complete End to End (E2E) testing in a live environment. Key features include Know Your Customer ("KYC") verifications, deposits, trade execution, security, and wallet functionalities.
"As cryptocurrency trading grows in popularity, the need to regulate the industry and mitigate risk for investors is paramount. We are seeing new cryptocurrency regulations come into play almost daily. There is also increasing demand to address security issues," said Antonio Brasse, CEO, and Co-founder of BlockQuake™. "Using our wealth of experience from the traditional financial services industry, we are actively creating a better trader experience through onboarding solutions that focus on performance and security to the overall improvement of the cryptocurrency landscape."
In an important step towards regulatory compliance, BlockQuake™ has submitted an application for a New York State BitLicense. Upon approval, BlockQuake™ will be able to engage in virtual currency business activity involving both New York State and New York residents. They have also registered with the Financial Crimes Enforcement Network (FinCEN), a requirement for the BitLicense. New York's unique position as the world's top financial center, as well as its growing influence as a cryptocurrency hub, make it a priority market for BlockQuake™.
The Prime Trust partnership will see Prime Trust provide custodial and compliance services to users on the BlockQuake™ Exchange. By joining forces with the technology-driven financial institution, BlockQuake™ is able to successfully ensure its regulatory and risk management obligations while reducing the risk of fraud to users of the BlockQuake™ Exchange. The involvement of Prime Trust means BlockQuake™ users will undergo a rigorous verification process. This includes Know Your Customer ("KYC") verification in compliance with banking and securities laws, Anti-Money Laundering ("AML") checks on domestic and international persons as mandated by PATRIOT Act and Treasury regulations, and Bad Actor Checks pursuant to Dodd-Frank. BlockQuake™ will also use Prime Trust for fiat custody and cold storage solutions, ensuring that user assets are always secure no matter the size of the investment. All BlockQuake™ Exchange users will also receive a US-based bank account that is FDIC insured for their fiat deposits.
Domestic and international investors can support BlockQuake™ through a worldwide KYC compliant ST20/ERC1400 token offering. The Regulation D 506(c) token offering was created for accredited investors in the US and Canada. A Regulation S token offering is also available for both retail and institutional investors from around the world (non US and Canadian Persons). Interested investors should visit invest.blockquake.com to obtain information and access the company's portals.
New York City FinTech startup, BlockQuake™ is a regulatory-driven, one-stop shop digital asset trading platform that will offer, at launch, 6 fiat currencies (USD, CAD, GBP, EUR, JPY, AUD), as well as major cryptocurrencies (e.g. BTC, BCH, ETH, LTC, XRP, XLM, ETC) – resulting in over 40 pairings, including crypto to crypto. Traders from over 140 countries will also be able to use their credit or debit card to deposit funds into their exchange account.
BlockQuake's™ accomplished team includes internal and external subject matter experts in FinTech, regulatory finance, investment banking, insurance, blockchain, and risk management and a robust understanding of both the finance and crypto industries. Previously, they have worked for global financial organizations including AIG, Morgan Stanley, JP Morgan Chase, Citi,, BlackRock, BNP Paribas and Barclays Capital and have provided services for top-tier clients including Nasdaq, Fidelity, TD Ameritrade, and IBM. They now draw upon these decades of experience in financial services to deliver solutions that address trader frustrations in the current cryptocurrency landscape.
The result is a platform that is an industry standard in global compliance, built on security, transparency, and trust. The globally-available platform, which is not currently live, is engineered for its matching engine to handle more than 10 million transactions per second, in order to accommodate peak trading volume.
Dini von Mueffling Communications
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