Global digital asset exchange BlockQuake is set to add support for Bitcoin Satoshi’s Vision (BSV) in the near future, offering users around the world a simple and easy way to purchase BSV and get involved with the myriad applications and services being built on the BSV blockchain.
BlockQuake was launched in July 2021 and supports a range of digital assets and fiat currencies. It has applied for a New York State BitLicence and has registered with the Financial Crimes Enforcement Network (FinCEN). Unlike many other cryptocurrency exchanges, the team behind BlockQuake has extensive experience with financial regulation and is confident in its ability to grow while meeting all compliance requirements.
At the CoinGeek New York Conference 2021, BlockQuake announced that the platform would add support for BSV, offering BSV application users and retail investors an additional onboarding option to get involved with the blockchain.
The BSV blockchain is the most aligned with the original Bitcoin protocol as described by creator Satoshi Nakamoto. It offers unbounded scaling with no arbitrary block size limits, as well as complex smart contract support and ultra-low transaction fees.
To find out more about BlockQuake and its plans to add support for BSV trading, Bitcoin Association spoke to Blockquake Co-founder and CEO Antonio Brasse.
BSV support and building consumer confidence
Brasse explains that BlockQuake was designed from the beginning to be accessible and to quickly grow to accommodate as many users and legitimate digital assets as possible.
‘We founded BlockQuake in January 2018, did our incorporations and we spent the last three and a half years plus building, having just launched the exchange. We want to turn BlockQuake’s crypto exchange into a global financial hub by continually onboarding additional fiat rails to give more on- and off-ramp options to people around the globe into different cryptocurrency projects, including BSV,’ Brasse says.
‘We’re available in 150 something countries and people are able to get on board right now.’
The decision to add support for BSV trading was in line with the vision for Blockquake’s consistent growth, as well as a result of the exchange’s careful assessment of the BSV project and the applications being built on the platform.
‘We announced that we will support BSV trading, and the reason we did that was because it is a legitimate project and it’s got an amazing community that’s growing. I was very thoroughly impressed with the people behind the community, their savviness, professionalism and technical expertise, and all that played a role into us wanting to list BSV,’ he says.
‘We look at the technical aspects of crypto assets that we are going to list. We actually utilise independent third parties that will do this review and we can include that as part of our due diligence. At the end of the day, the concern is “is this a legitimate project, does it have a solid community behind it that will ensure it will be around for a while, and are there any regulatory concerns?” That’s kind of the high-level gist of what we need to check the boxes for.’
The addition of BSV trading support to BlockQuake is great news for those already invested in the BSV ecosystem, as they will be offered an exchange designed around a philosophy of accessibility and compliance without the friction points presented by many other services.
‘There are thousands of other exchanges out there… I feel like we could talk about the fact we have better liquidity, better pricing and better security than most other exchanges, or more fiat on- and off-ramps. But honestly, I think the main differentiator is our team. We’re a seasoned team of finance or tech professionals that worked in banking and insurance and really understand what the consumer is looking for. And we understand regulations, which is going to be coming into play more and more.’
Navigating regulation and the future of digital assets
The importance of regulatory compliance is central to BlockQuake’s operations, as they are cultivating a platform that engenders confidence and trust in their users through their transparency and legitimacy.
‘We came to start BlockQuake because of the pain points we experienced. To take you back, myself and many other team members were from financial services – we’ve experienced trading stocks, options, affects commodities, et cetera., before we got into crypto, and when we started trading cryptocurrencies there were a lot of problems with many crypto exchanges crashing and disappearing. You didn’t know who owned what, nobody was regulated and there was very little concern for consumer protection,’ Brasse explains.
‘That is essentially our founding principle – to bring out something that consumers can feel confident in.’
When it comes to navigating newly proposed regulation and how easy it is for exchanges and other blockchain-related companies to respond to these, Brasse notes that further clarity is needed to define precisely what level of adherence to new and existing regulation is required for each type of operation.
‘Regarding regulations for companies like ours, BlockQuake, where we have exchange services and we’ll have institutional and retail traders on the platform, I think there needs to be better regulatory clarity. We’re taking initiative by assuming all existing regulations that apply in regular financial services will apply to us, so we fully believe in KYC, AML, KYC protocols.’
‘Regulations around security should be in place because again it comes back to consumer protection. That’s how you get more people in. If you provide more safeguards, more people will participate and get involved. So, [with] more regulations are coming into play – that’s a good thing because that’s how we get to mass adoption,’ Brasse says.
BlockQuake offers a regulation-friendly, secure exchange that users can feel confident using to purchase BSV and other digital assets. Brasse believes this is only the beginning in terms of adoption, though, stating that as it becomes easier to move value through digital assets, people will be given more control over their money and be more involved in the growth of their investments.
‘I definitely see decentralised finance growing further. What we’re doing at BlockQuake, trying to merge traditional financial services with the crypto markets by creating multiple crypto-to-fiat on- and off-ramps, I think this will help make markets more efficient. People want to move money around faster, and we’ll be able to help facilitate that.’
‘As people see more options to be in and out of fiat with different cryptocurrencies, I think people will become more comfortable actually using cryptocurrencies for their daily life, even for buying something at the store. You’ll see more people taking control of their money over the next five years and beyond, and being more involved in trying to make better yields and take more ownership of their decisions,’ Brasse says.
To learn more about BlockQuake or sign up to the exchange, visit the company’s official website.