Globitex group company granted Electronic Money Institution (EMI) licence by EU regulator
Nov 23, 2017
The regulatory development opens the way for the institutional-grade bitcoin exchange to deal with EUR fiat payments globally.
Gibraltar, Gibraltar - November 23, 2017 /MarketersMedia/ —
Globitex, the new bitcoin exchange co-founded by early bitcoin adopter and former Executive Director and a Founding Board Member of the Bitcoin Foundation Jon Matonis, marks a significant milestone in its journey to make bitcoin a truly global currency of settlement. Globitex Holding (Latvia) group company NexPay UAB has been granted an e-money license (EMI) by the Bank of Lithuania to carry out payment services and e-money issuance in the EU. This opens a series of doors for Globitex exchange, enabling it to take an important step closer to its goal of dramatically increasing bitcoin trading volumes in order to facilitate its use right across the spectrum of commodity and money markets. Current operating entity of the Globitex bitcoin exchange is a UK-based Globitex group company.
Bitcoin: currency of global settlement
Whilst bitcoin is currently making new highs, there is still the fundamental economic issue that order-book depth and liquidity cannot support very large trades. Although bitcoin offers enormous advantages for international settlement due to its speed and low cost compared to legacy money transfer services, it cannot yet serve as a currency of international trade settlement across the world’s financial markets.
Globitex Chairman and Founding Director of Bitcoin Foundation, Jon Matonis, stated:
‘I look forward to this evolution of digital currency trading platforms that ensure futures contracts with a physical delivery component. Strong connection to the spot markets, including contract limits and physical delivery that is linked to provisioned commodities, will serve as the market standard for price integrity.’
The aim of Globitex is to facilitate entry into the bitcoin market for a new generation of customers, both retail and institutional-level traders, enabling the increase in value and stability that will allow commodities like crude oil, gold, coffee and other financial instruments to be priced directly in bitcoin.
SEPA payments
Acquisition of the EMI licence brings with it the possibility of integrating with the SEPA euro payments system directly through the Central Bank of Lithuania. This will enable NexPay to clear euro payments directly, without the involvement of commercial banks, and to issue IBAN accounts to Globitex clients just like banks issue accounts to clients. This is a huge step forward in terms of accessibility.
The regulatory green light for the EMI licence is a leap forward in the development of the bitcoin and broader cryptocurrency industry. This sets a new level of legitimacy for cryptocurrency overall, moving towards widespread adoption.
Crucially, the newly-issued EMI licence is fully ‘passportable’ to all other EU member states, allowing NexPay to provide clients with payment services and e-money issuance across all 28 countries.
Liza Aizupiete, Managing Director of Globitex, reflects:
‘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.’
GBX token sale
Globitex group is holding a token sale to fund the scaling of its existing exchange infrastructure into a commodities spot and derivatives exchange for bitcoin. The GBX utility token will be issued on the Ethereum blockchain. GBX will be used to pay trading fees and reward exchange users and liquidity providers.
The GBX token will be sold for the equivalent of EUR 0.10 in Bitcoin (XBT), Ether (ETH) and Bitcoin Cash (BCH), with significant discounts for early participants.
For more information, visit https://Globitex.com or to participate in the token sale visit www.GlobitexICO.com.
Contact Info:
Name: Freya Stevens
Organization: Globitex
Video URL: https://www.youtube.com/watch?v=sXiD6Vkh9T8
For more information, please visit https://globitex.com
Source: MarketersMedia
Release ID: 268624
More News
Spending cuts surely start with axeing AUKUS
As Treasurer Jim Chalmers throws down the gauntlet, readers are ready to name their preferred items for the budget chopping block.
Food insecurity soars as consecutive rate rises bite
Alarming statistics show food insecurity is soaring across Australia as struggling families face rising prices and a looming interest rate hike.
First international flight departs new Western Sydney airport
The first international flight has officially departed Western Sydney International airport, with passengers touching down in Auckland on an Air New Zealand plane.
Bullet left on Victorian politician’s car in chilling threat
Victorian Emergency Services and Police Minister Paul Edbrooke found a bullet on his car etched with the word “rat” and his old firefighting number.
Fire breaks out at Hong Kong’s Shek Kwu Chau waste-to-energy plant
A fire broke out on Monday at Hong Kong’s waste-to-energy incinerator on an artificial island off Shek Kwu Chau. The blaze started at 12.43pm at the Integrated Waste Management Facilities Phase I and was upgraded to a No 3 alarm at 1.24pm, the Fire Services Department said. A No 3 alarm is the third of five levels, with five the most severe. Higher alarm levels trigger the deployment of more resources to fight a fire. Firefighters deployed two water jets and two breathing apparatus teams to...
The ‘death spiral’ that is ominous for the neoclouds and could destroy the Wall Street boom
A severe loss of confidence in many of the companies propping up the AI industry has sent a jolt though markets.
Youth justice critics lose funding for bail support work
A vocal critic of the Queensland government has its funding cut. Also in this week’s public sector column: who’s working on a union “competition” push, and the hunt for police union leakers.
Doula ‘groomed’ mother to view hospital care as failure before fatal free birth, coroner told
In a 30-minute-long phone call with Stacey Warnecke, free birth advocate Emily Lal described childbirth as “the death of the maiden” and “birth of the woman”.
Body odour helped identify man accused of killing wife, court told
Aaron Govendir claims a figure with a pointed hood broke into his Dover Heights home and killed his wife. Unusual clues point to a different story, prosecutors say.
Manhunt ramps up after driveby shooting in Logan
A manhunt for the gunmen who opened fire at a boxing event in Logan has ramped up.
Hong Kong positioned as green gateway for belt and road firms: John Lee
Hong Kong is well positioned to help companies deploy green services and technologies across belt and road countries, the city’s leader and a mainland Chinese official have said, with authorities noting that at least five enterprises have signed up. They made the remarks at the Belt and Road Green Innovation Conference, which opened in Hong Kong on Monday. It is the first time the event has been held outside the mainland, as the city seeks to act as a bridge for expanding the global market for...
Major storm and hail warning for south-east Queensland
Soaked residents across south-east Queensland are being warned to prepare for another drenching, with winds, hail and flooding forecast.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.