BTC Exchange Globitex: Receives European Electronic Money License

Globitex was founded in 2011 and serves as a professional Bitcoin marketplace, filling the need for an institutional grade exchange platform with advanced IT solutions, ideal for both individual and institutional Bitcoin market participants.

Globitex receive electronic money institution license

The exchange was founded by the prior executive director of the Bitcoin Foundation, Jon Matonis. The company has just announced that its parent company, Globitex holding, has received an electronic money institution (EMI) license from the bank of Lithuania. They have been granted legal authority in the EU to provide payment services and e-money issuances in the European Union.

The reception of the license allows Globitex to expand its reach by merging with the SEPA (Single Euro Payments Area) via the central bank of Lithuania.

This allows for the further ability of the company to directly clear euro payments as opposed to the current structure of routing them through commercial banks. The license also gives them the ability to open accounts for new clients as freely as current banks, which may provide for further accessibility.

The team over at Globitex states with this development they can deal with global EURO fiat payments in a much more simple and efficient manner. This event also will provide for a higher level of legitimisation for the cryptocurrency space in general.

A key point from this event is that it shows a large step toward mass adoption of Bitcoin as a unit of account suitable for global trade, with no geographic, political or monetary restrictions.

Globitex will then be able to implement a process for more parties like producers, speculators and trading firms to buy exchange listed products for bitcoin and to hedge their bets in bitcoin with various aspects of derivatives trading.

Liza Aizupiete, a Managing Director of Globitex states

“Globitex is looking to set new cryptocurrency trading standards not only technologically, or by commodities linked product offering, but especially in Globitex’s legal setup, ensuring safe passage to the digital age.”

 

Issues & Potential Solutions

Bitcoin provides significant advantages to the settlement of global transactions via its speed and minimal cost when compared with current money transfer systems but order-book depth and liquidity simply can’t support large trades at the current moment.  This means that bitcoin will not currently be able to serve as a currency for international trade settlement throughout the world’s financial markets.

Globitex wants to provide a solution for this issue by greatly expanding bitcoin trading volumes and enabling bitcoin’s use across the various lines of money and commodity markets, allowing for cash, shares, bonds, gold, crude oil, agriculture and silver to be priced directly in bitcoin.

“In order to facilitate the use of Bitcoin as an industrial scale medium of exchange as well as to allow for its use in global trade, we propose taking the existing Globitex exchange infrastructure and scaling it up into an exchange that has global spot and derivatives exchange capabilities, where standardised instruments in major commodities are listed with physical delivery, and where Bitcoin is used as the underlying currency.”

 

Globitex ICO

The company is also holding a token sale, using the underlying ethereum blockchain for its GBX utility token to fund its ambitious project.

The team has provided a simple video to explain their project here.

About Globitex

Globitex team has created a professional Bitcoin marketplace to fill the need for institutional grade exchange platform with advanced IT solutions, suitable for both individual and institutional Bitcoin market participants.

Our purpose is to advance the Bitcoin industry globally, increase Bitcoin trading liquidity and allow professional traders to participate via API (FIX & RESTful) interface for trading and payments.

By | 2017-11-25T16:22:57+00:00 November 25th, 2017|News|0 Comments

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