CoinMetro says that users are now able to deposit EUR, USD and other fiat currencies when they sign up to its tokenised exchange platform. Its multi-currency wallet will be able to hold both crypto and fiat at launch and will be the backbone of the exchange’s crypto to fiat and fiat to crypto trading pairs.
Created by the team behind forex broker, FXPIG, CoinMetro is in the process of agreeing partnerships with various financial service providers to ensure several different liquidity options at launch. It is also aiming to lock down a UK eMoney licence, which will give the platform access to the Single Euro Payments Area (SEPA). Additional exchange licences are also being pursued in Australia and Mexico.
Tackling regulation early on
Kevin Murcko, CEO of CoinMetro, which in June received its first pair of licences, enabling the company to operate legitimately under Estonian law and welcome customers from around the world, says: “While other firms are simply choosing to ignore regulatory requirements, we believe it’s important that we tackle regulation early on. Unregulated exchanges will have to bite the bullet sooner or later and overcoming legal obstacles at this early stage will benefit our exchange in the long-term.”
He adds: “We’re pleased with how much progress is being made on the platform and we’re working hard to integrate feedback from users. Listening to our community is so important to us and we’re thankful for all their support. The development team is producing an exchange with mature market capabilities, like price discovery and best-spoken aggregation methods, which is unlike any other platform available on the market. We’re building something that will transform the industry for the better.”