BlockQuake™ has officially launched live production beta testing of its regulatory-driven digital asset exchange. The Company also released news of both 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. These new developments demonstrate BlockQuake’s™ desire to consistently seek and maintain the highest levels of regulatory compliance. They also guarantee that all traders, from large institutional investors to first-time individuals, will have peace of mind that the BlockQuake™ platform prioritizes performance, security, and transparency.
While in beta production, BlockQuake™ will be conducting complete End to End (E2E) testing in a live environment. Key features include Know Your Customer (“KYC”) verifications, deposits, trade execution, security, and wallet functionalities. “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,” said Antonio Brasse, CEO, and Co-founder of BlockQuake™. “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.”
In an important step towards regulatory compliance, BlockQuake™ has submitted an application for a New York State BitLicense. Upon approval, BlockQuake™ will be able to engage in virtual currency business activity involving both New York State and New York residents. They have also registered with the Financial Crimes Enforcement Network (FinCEN), a requirement for the BitLicense. New York’s unique position as the world’s top financial center, as well as its growing influence as a cryptocurrency hub, make it a priority market for BlockQuake™.
The Prime Trust partnership will see Prime Trust provide custodial and compliance services to users on the BlockQuake™ Exchange. By joining forces with the technology-driven financial institution, BlockQuake™ is able to successfully ensure its regulatory and risk management obligations while reducing the risk of fraud to users of the BlockQuake™ Exchange. The involvement of Prime Trust means BlockQuake™ users will undergo a rigorous verification process. This includes Know Your Customer (“KYC”) verification in compliance with banking and securities laws, Anti-Money Laundering (“AML”) checks on domestic and international persons as mandated by PATRIOT Act and Treasury regulations, and Bad Actor Checks pursuant to Dodd-Frank. BlockQuake™ will also use Prime Trust for fiat custody and cold storage solutions, ensuring that user assets are always secure no matter the size of the investment. All BlockQuake™ Exchange users will also receive a US-based bank account that is FDIC insured for their fiat deposits.