Exclusive: Neufund Partners Bitbay to Create Malta’s First Crypto to Fiat Exchange
Malta continues to be the center of attraction for innovative solutions in the crypto space with yet another announcement that promises to provide a solution for cryptocurrency exchanges to provide fiat withdrawal solutions.
This time it will be a partnership between the Berlin-based Neufund company and the Polish cryptocurrency exchange Bitbay who have teamed up together to set up what they are claiming will be the world’s first cryptocurrency to fiat exchange.
The Malta-based exchange joins Neufund’s growing community of secondary market partners and aims to trade equity tokens issued through Equity Token Offerings. Thanks to the partnership investor will be able to buy and sell equity tokens with fiat currencies.
The Security token market will reach a value of $10 trillion by 2020, according to a study conducted by Polymath. Tokenized securities will bring much-needed liquidity to traditional investment assets, including equity instruments. Today’s announcement follows Neufund’s partnerships with the Malta Stock Exchange and Binance, the world’s biggest crypto exchange. BitBay will be the first trading partner enabling companies to liquidate their equity tokens against fiat currency.
Speaking to CCN, Neufund CEO Zoe Adamovicz was keen to note the revolutionary aspect of this partnership.
“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”.
BitBay claims to be a leading European crypto exchange and offers tradable fiat pairs include Polish Zloty, Euro and the U.S. Dollar.
“Our partnership with Neufund aims to bring security tokens to BitBay’s everyday operations in a fully compliant and regulated way. We are proud to be on the frontline of implementing equity tokens into 24/7 crypto trading systems,” commented Paweł Sobków, CEO of Pinewood (operator of Bitbay.net), on today’s announcement.
BitBay has recently moved its operations to Malta, while Neufund has announced its partnership with MSX, a subsidiary of the Malta Stock Exchange with the aim to create the first fully regulated exchange trading crypto assets alongside traditional financial instruments. Malta, an EU member state has recently passed 3 bills regulating DLT through Parliament although these are still at consultation stage and are expected to become operational on October 1 this year.
Much depends on how the cryptocurrency and bockchain laws will be implemented however if this venture is to become possible. There has already been some confusion regarding the recently announced Founders Bank which purports to be the world’s first crypto bank. The MFSA claimed to be unaware of adverts placed in the local Maltese media portraying the bank’s services which are as yet not possible under the current Banking Act regime. BitBay also opened shop in India last year offering six altcoin pairings but it is unclear how this operation is continuing in the light of the country’s recent clampdown on cryptocurrencies in general.
Featured image from Shutterstock.
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