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Bibox Europe focuses on safety and community for users

A new exchange is launching to bridge the world of cryptocurrencies and traditional financial institutions
Aries Wang, co-founder, Bibox

The seemingly unstoppable rise of cryptocurrencies has attracted institutional and retail investors alike with hundreds of cryptocurrency exchanges opening up to cater for this growing demand. Yet many of these exchanges have major issues around usability and security, which can leave user assets vulnerable to theft.

A report from ICOrating.com found 54 per cent of cryptocurrency exchanges lacked comprehensive security in at least one area. Bibox, a leading digital asset exchange platform supported by artificial intelligence technology, is set to launch Bibox Europe to provide European customers with a service that offers a high-end user experience and advanced security.

“When Bibox first started in 2017, we were purely a centralised crypto-to-crypto exchange, but we have always wanted to be a regulated blockchain financial service company and create a real bridge between the world of cryptocurrencies and traditional financial institutions. Soon to be launched, Bibox Europe is fully compliant and is on track to revolutionise the crypto space,” says Aries Wang, co-founder of Bibox.

The purchase by Bibox of Chain Capital, a member of the Financial Services Standards Association (VQF), enables the exchange to expand into Europe with a fully regulated offering. Transparency and accountability are central to Bibox’s mission, as demonstrated by their recent joining of CoinMarketCap’s Data Accountability and Transparency Alliance (DATA). The alliance is committed to promoting high levels of transparency, and eliminating market manipulations and fake trading volumes.

Soon to be launched, Bibox Europe is fully compliant and is on track to revolutionise the crypto space

Not only will Bibox Europe be a fully comprehensive solution to buy and sell cryptocurrency, with customers able to purchase digital assets using fiat money, but its unrivalled links with Swiss and German banks will also give the exchange an edge over competitors.

Strong relationships with major over-the-counter (OTC) trading desks enable Bibox to facilitate large volumes and quickly execute orders in a secure way, while simultaneously supporting the use of multiple fiat currencies, including USD, EUR, GBP and CAD, to purchase digital assets.

Mr Wang explains that opening up the fiat channel has given Bibox a bridge to the traditional financial world. “We receive a lot of OTC requests, from both Asia and Europe. Some of these requests come from traditional family offices that want to invest in bitcoin, but they do not trust smaller institutions due to weak security and regulations. While there may be many ways to buy crypto, some of these services are lacking when it comes to protection,” he says.

As investors who intend to purchase large amounts of bitcoin or other cryptocurrencies do not want their money to influence the market too much, many consider purchasing OTC. In practice, this means customers pay the other party using a transaction, between two bank accounts, that is monitored and regulated.

The launch of Bibox Europe will provide customers there with a service that continually keeps up to date with changing regulations and security considerations, as well as offering a superior experience for users. For example, due to the strong relationships Bibox Europe has built with major credit card service providers, credit cards can be issued which facilitates easy access to payments using digital assets.

“We are a community-driven exchange, we value the opinion of our community members and use their insights to evolve. Bi-monthly suggestions allow us to listen to our many stockholders and, in 2018, we purchased Dex.top to offer a decentralised option to users based on feedback,” says Mr Wang.

Dex.top is a decentralised exchange that offers a complimentary service to Bibox. More than 20 ETH and EOS related trading pairs are supported by Dex.top and dozens of digital wallets are able to access it.

After the acquisition, Bibox made improvements to Dex.top security and the decentralised exchange now counts more than 80,000 active users and has partnered with a number of top-100 public chains. Dex.top plans to support ten public chains in dual-
trading zones by the end of 2019.

“Our community also expressed a desire for the ability to buy back tokens and when our community votes, we are keen to respect their opinion. This differs from other exchanges that don’t regularly implement user ideas into their service and instead focus solely on regulatory issues, but Bibox Europe wants to do both,” says Mr Wang.

Another central goal of Bibox is to highlight the Bibox BIX token economy evolution. The exchange is working to implement the token as a solution to real-world challenges and expand what this innovative token economy can offer to customers. As part of this process, Bibox introduced the first crypto bonds last year, called BIX1901, for investors to purchase, with a BIX-litecoin crypto debit card recently launched in partnership with the Litecoin Foundation. The next step for the exchange will be to open BIX to fiat currency trading pairs.

Over the next few years, Bibox plans to continue the evolution and play a major role in innovative solutions across the cryptocurrency ecosystem. After the announcement by J.P. Morgan that they will issue the JPM coin and Facebook’s recent plan to issue the libra cryptocurrency, the entire cryptocurrency market has received a renewed boost in interest, with Bibox involved in conversations with Facebook about applying to be libra’s node.

Bibox is in an ideal position to capitalise on the burgeoning crypto ecosystem as they are already well recognised by a number of traditional financial institutions, not only in the Western world but also in Asia.
A top-ten global bank by revenue has also invested in Bibox, signifying the growing recognition that crypto assets can be a genuine alternative investment opportunity.

“We have a number of innovations and significant changes in the pipeline, based on valuable feedback  from our community. We are proud of the confidence the community has in the Bibox exchange and the fact that they are satisfied with the speed and efficiency of the improvements being made. We believe the evolution is going to have an extremely positive impact on our position as a community-driven exchange,” Mr Wang concludes.

 For more information please visit www.bibox.com

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