Blockbid an Australia company receives a license from Australian Transaction Reports and Analysis Centre (Austrac) to legally operate as cryptocurrency exchange. This is marked as a third company in the whole world to get official approval for cryptocurrency trade.

The highlighting aspect of this platform is that it will provide insurance for investors to guard them against cyber attack with a minimal access fee of about 0.1%.  Additionally, a provision to trade in seven different fiat currencies in coming 6-12 months

As quoted by COO of company David Sapper,

As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.

Furthermore, the company revealed the timeline and details of their beta release. According to which scheduled beta launch on coming April 16th will include the limited number of users who will initially explore the platform without trading real currency. This phase will likely be similar to User Acceptance Test wherein testing is done until the customer is satisfied.

Following which Blockbid will release phase one beta launch to the general public with chosen fiat currencies: Cryptos: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), Litecoin (LTC), Ripple (XRP). Fiats: USD, AUD, JPY, Euro.

Finally, phase two beta launch will conclude with an additional tokens being added.

This decision by AUSTRAC represents a huge change in cryptocurrency acceptance worldwide. Please let us know your thoughts about this article in below comment section.

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