BlockQuake, a global digital asset exchange that was founded in 2018 and officially launched in 2018, has announced that BSV trading will soon be available on its platform. Accessible in over 150 countries, BlockQuake is registered with the Financial Crimes Enforcement Network (FinCEN) and is currently applying for a New York State BitLicence.
As the year 2022 starts, announcing the inclusion of BSV in BlockQuake’s list of tradeable digital currencies is great news for all traders and those who are particularly interested in BSV trading. This also provides BSV application users and investors with a new option when it comes to buying and selling BSV.
The Decision to Support BSV
According to Blockquake Co-founder and CEO Antonio Brasse, the goal for the digital currency exchange is to ultimately become a global financial hub; and onboarding BSV is one step closer to fulfilling this goal as more and more people start using it.
“We announced that we will support BSV trading, and the reason we did that was because it is a legitimate project and it’s got an amazing community that’s growing. I was very thoroughly impressed with the people behind the community, their savviness, professionalism and technical expertise, and all that played a role into us wanting to list BSV,” Brasse said.
“We look at the technical aspects of crypto assets that we are going to list. We actually utilize independent third parties that will do this review and we can include that as part of our due diligence. At the end of the day, the concern is, ‘Is this a legitimate project, does it have a solid community behind it that will ensure it will be around for a while, and are there any regulatory concerns?’ That’s kind of the high-level gist of what we need to check the boxes for,” Brasse added.
BSV has been found to be the most representative of the original Bitcoin protocol among other Bitcoin implementations. And it is also the largest blockchain that is capable of limitless scaling, something that Bitcoin creator Satoshi Nakamoto has stated to be crucial for Bitcoin’s survival.
With limitless scaling, the BSV blockchain has continued to increase its block size hard cap, which is currently at 2GB, and boost its throughput, which will go up to 50,000 to 100,000 transactions per second with the soon-to-be-released Teranode update. These continuous upgrades also translate to lower transaction fees of tiny fractions of a penny.
With cheap transaction fees, increasingly high block size and throughput, and the fixed original Bitcoin protocol acting as a solid foundation, developers from across many different industries have flocked to the BSV blockchain to build their platforms and applications on.
Now, with BSV dispelling all of BlockQuake’s concerns with its verified legitimacy, growing community, regulatory compliance and sustainability, there is no question that it is a right fit for the meticulous digital currency exchange.
On Regulatory Compliance
Last year, Binance, the largest digital currency exchange in the world, withdrew its application to the Monetary Authority of Singapore (MAS) and consequently shut down its trading platform in the country after MAS’ order to stop providing payment services to residents due to failure to meet regulatory compliance. This event highlights the need for cryptocurrency exchanges to become regulatory compliant.
With a team, which includes finance and tech professionals highly experienced in banking and insurance, who can easily understand what the consumer needs and wants, Brasse is confident that BlockQuake can offer better liquidity, pricing and security than other exchanges. More importantly, BlockQuake is composed of seasoned professionals who know the ins and outs of regulatory compliance.
“We came to start BlockQuake because of the pain points we experienced. To take you back, myself and many other team members were from financial services—we’ve experienced trading stocks, options, affects commodities, et cetera before we got into crypto. And when we started trading cryptocurrencies, there were a lot of problems with many crypto exchanges crashing and disappearing. You didn’t know who owned what, nobody was regulated and there was very little concern for consumer protection,’ Brasse recalled.
With a founding principle of bringing out “something that consumers can feel confident in,” Brasse explained that BlockQuake is fully invested in KYC, AML and KYC protocols. Ensuring a regulation-friendly ecosystem is something that both BlockQuake and BSV are committed in accomplishing. Achieving regulatory compliance not only protects the exchange and digital currency from being fined or shut down, but it also protects customers.
“Regulations around security should be in place because again it comes back to consumer protection. That’s how you get more people in. If you provide more safeguards, more people will participate and get involved. So, [with] more regulations are coming into play—that’s a good thing because that’s how we get to mass adoption,” Brasse explained further.
While the COVID-19 pandemic has spurred digital currency use and trade and the creation of many blockchain-based digital assets, such as NFT art, its popularity is not dependent on the state of the pandemic. This means that even when the pandemic is over, the digital asset industry will remain to be strong. And this is what BlockQuake is banking on in aiming to be a trusted global financial hub.
“As people see more options to be in and out of fiat with different cryptocurrencies, I think people will become more comfortable actually using cryptocurrencies for their daily life, even for buying something at the store. You’ll see more people taking control of their money over the next five years and beyond, and being more involved in trying to make better yields and take more ownership of their decisions,” Brasse said.