Crypto exchange to facilitate trading of EUR, USD, JPY, and GBP against BTC, ETH, XRP, LTC and BCH
CoinMetro, the tokenised exchange platform, has successfully secured liquidity for trading pairs with all of the major cryptos in Euro (EUR), US Dollar (USD), Japanese Yen (JPY), and British Pound Sterling (GBP).
When CoinMetro launches in Q3 of this year, users will be able to trade the five leading cryptos – BTC, ETH, XRP, LTC and BCH – against these currencies, thanks to developing partnerships with a number of payment and e-money institutions.
The news comes in the wake of CoinMetro’s talks with six different liquidity providers. Discussions were supported by partner and forex broker, FXPIG, leveraging the company’s experience in developing technology for financial trading environments and its understanding on the liquidity needs of currency markets.
Upon launch, the CoinMetro platform will also accept Euro deposits and withdrawals in the Single Euro Payments Area (SEPA), having received a positive response from CoinMetro’s Estonian banking provider. Further banking partners are being sourced in order to provide additional currency options, and these are expected to be announced later this year.
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Kevin Murcko, CEO of CoinMetro, said: “One of the difficulties of getting involved with crypto is “on-ramping” – finding somewhere to buy crypto in exchange for fiat money. Despite Bitcoin moving further into the mainstream and attracting established financial institutions, locating an exchange that will convert Dollars, Pounds, or Euros to crypto is still irritatingly difficult. While some multi-coin exchanges have recently announced plans to begin accepting fiat and the creation of fiat trading pairs, their offerings are still very limited. Most exchanges permit only one or, at most, two currencies for trading with crypto, which for serious traders, is still far too restrictive.”
Murcko added: “With this latest news, CoinMetro is taking a major leap forward, ahead of its competitors. With four fiat currency options, we’re radically improving on what’s currently on offer from the major exchanges. By leveraging multiple fiat currencies, and with business and regulatory development in full swing worldwide, we’re taking a truly global approach.”
In June, CoinMetro received its first pair of licences, enabling the company to operate legitimately under Estonian law and welcome customers from around the world. The licences provide a framework for the business to establish robust checks for Anti-Money Laundering (AML), and Know-Your-Customer (KYC). Exchange licences are currently being pursued in the UK, Australia, and Mexico.
CoinMetro is currently in the midst of its closed beta.