Malta has already become an attractive destination for crypto enthusiasts and a wide range of companies working in the crypto sphere. Now it has made headline once again: it has revealed its plans to offer a possibility for crypto exchanges to provide fiat withdrawal services.
As it has been revealed, the Berlin-based blockchain-powered equity fundraising platform Neufund entered a partnership with the Polish cryptocurrency exchange Bitbay to create the first cryptocurrency to fiat exchange in the world.
According to the Neufund, the company aims to become the first end-to-end primary issuance platform for security tokens with special focus on equity tokens. Such an aim is based on the results of the studies carried out by the Toronto-based firm called Polymath, which claims that the security token market will reach a value of $10 trillion by 2020. Neufund supposes that traditional investment assets, including equity instruments, will get necessary liquidity through tokenized securities.
Meanwhile, Neufund’s partnership with Bitbay is not the first one that has been recently established. Neufund has also announced its partnership with the largest crypto exchange in the world Binance and the Malta Stock Exchange. Moreover, a number of companies from five countries are going to hold their Equity Token Offerings on its platform.
BitBay, in its turn, will become the first platform’s partner that will enable businesses to liquidate their equity tokens against fiat currency. The crypto exchange’s trading pairs will include such fiat currencies as the euro, U.S. dollar, and Polish zloty.
Commenting on their new partnership, Zoe Adamovicz, CEO at Neufund, highlighted the revolutionary nature of such a project:
“This will be the first crypto secondary market trading tokenized securities against fiat currencies. We are very keen to start the partnership with Bitbay since it will offer clients a really easy way to purchase and sell cryptocurrencies using fiat currency. It appears that Bitbay are all set to accept a wide range of payments and withdrawal options including bank transfers, Paypal and other similar methods so the transactions should be quite smooth. Hopefully, this will start bringing cryptocurrencies to the masses and will really kick off the global revolution with Malta on the frontline of it”.
It is not a secret that Malta is now seriously working on becoming the friendliest jurisdiction for crypto companies from different corners of the world. Owing to its innovative approach to cryptocurrencies and blockchain solutions, Malta has already attracted a number of industry’s giants including Binance and OKEx.
Following the country’s intention to lead the crypto charge, just recently its Parliament has passed three bills regulating DLT. Though there is no any final decision yet, it is believed that they will come into force on October 1 this year.