US cryptocurrency exchange Bittrex said on Monday it is establishing a new digital asset platform based in Malta. The company has also created an affiliate to own and manage its business outside the US, it said in a statement.
The new cryptocurrency marketplace does not seem to be operational yet and the parent exchange did not give any details on the matter either. However, Bittrex Malta noted on its web site it is planning to apply for a license from the Maltese financial authorities.
As an additional benefit, the digital tokens listed on Bittrex Malta will be available for Bittrex’s international partner exchanges, provided they are compliant with local laws.
“Through our US-based trading platform, and our growing network of partner exchanges around the world, Bittrex is making blockchain technology and digital asset trading more accessible to the global community,” said CEO Bill Shihara.
From now on, Bittrex’s global business will be in the hands of its newly created affiliate Bittrex International. The company, whose subsidiary is Bittrex Malta, will be in charge of promoting blockchain technology outside of the US, Shihara explained.
The latest announcement from Bittrex came a few days after the platform introduced USD pairings with Cardano (ADA) and ZCash (ZEC). Fiat-based trading has been allowed on Bittrex since March and includes also pairs with BTC, ETH, XRP, ETC, USDT and TUSD.
As far as the Maltese market is concerned, Bittrex appears to be making yet another step onto the blockchain scene on the island. The crypto exchange has reportedly acquired a 10% stake in Maltese blockchain company Palladium, which launched in July a pioneer Initial Convertible Coin Offering (ICCO) in co-operation with Bittrex and e-Sports platform Unikrn.