IBS Journal: The iconic monthly FinTech magazine

February 2020 issue out now! Subscribe now

Launching India FinTech Report 2020

Market sizing and forecast of Digital Lending, Payments, WealthTech & RegTech. Subscribe now

Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

BlockQuake launches live beta testing with Prime Trust

New York digital asset exchange BlockQuake, announced the official launch of live production beta testing of its regulatory-driven digital asset exchange. The company has also announced 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. The FinTech will also conduct complete End to End (E2E) testing in a live environment.

“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. 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,” said Antonio Brasse, CEO, and Co-founder of BlockQuake.

The partnership intends Prime Trust to provide custodial and compliance services to users on the BlockQuake Exchange. Besides, BlockQuake will be able to ensure its regulatory and risk management obligations while reducing the risk of fraud to users of the Exchange.

The users will have to undergo a stringent verification process which includes Know Your Customer verification in compliance with banking and securities laws, Anti-Money Laundering checks on domestic and international persons as mandated by PATRIOT Act and Treasury regulations, and Bad Actor Checks pursuant to Dodd-Frank. All its Exchange users will also receive a US-based bank account that is FDIC insured for their fiat deposits.

BlockQuake, founded in 2018, is a digital asset/cryptocurrency Exchange that is regulatory-driven. The company’s mission is to be the unified trading platform for digital assets that is trusted by all facets of the trading and investing community.

Related Posts