Having become one of the first VFA Class 4 licensed crypto exchanges in ‘blockchain island’ Malta, Bitstraq is now eyeing the introduction of a security token trading platform for its clients.
According to a press release by the exchange, the new license which comes under the Malta Virtual Financial Asset (VFA) law will allow it to provide crypto and token trading services. The startup has started operations by introducing five trading pairs of major cryptocurrencies like Bitcoin, Ethereum, and Bitcoins forks: Bitcoin Cash and Litecoin. The 5th pair might be based on XRP according to Bitstraq telegram group's admin.
In the long run, Bitstraq has revealed that it will add more tokens to the exchange and also seek “more licenses” to be among the first providers of security token trading in Malta. This is because the STO industry is expected to blossom into a $2 trillion niche between now and the end of next year as stated in the release.
Bitstraq Will Grab Its Share Of The Security Token Market
Even though Bitstraq is still starting as a general crypto trading exchange, the startup has set sights on dominating the security token market. According to the release, this move will come as soon as the exchange enforces other security measures that will make it ‘stabilized.’
Bitstraq Exchange CEO Angelo Jansen said in the release,
“Security tokens are the next mega-trend in cryptocurrency, and we expect the traditional financial markets to move into blockchain. When the STO market opens up further, Bitstraq will be the destination for institutional and private players to trade the tokenized assets; Utility Tokens, Coins & Security Tokens.”
Bitstraq also plans to expand its security token trading services to Europe and will rely on funds raised from its ICO to apply for the required licenses.