Nov 9, 2018 at 04:30
Nov 15, 2018 at 08:01 UTC
Trade.io Acquired Primus Capital Markets
Cryptocurrency exchange Trade.io has acquired FCA brokerage firm Primus Capital Markt Ltd. With the new subsidiary, Trade.io will start trading foreign currency using cryptocurrencies as base currency under a new name, TIO Markets.
Primus Capital Market holds an IFPRU 125K matched principal license from United Kingdom regulators. The licence allows the company to in investments as principal with some degree of stringent capital and governance requirements. The company was founded in 2008 and became a market leader in FX and Metal Trading. Primus Capital is authorized and regulated by the Financial Conduct Authority (FCA).
According to the Chief Executive Officer of Trade.io, Jim Preissler the acquisition of Primus Capital is a strategic move taken by Trade.io which will solidify the regulatory status of the company in Europe. Preissler further said that
“With an FCA regulated business, it provides management the opportunity to display to our clients we are striving for a higher standard and welcoming regulation instead of avoiding it.”
Now the customers will be able to make deposit and withdrawals in Bitcoin Core, Litecoin, Ethereum, and TIOx on the forex platform. The TIOx token is issued by the cryptocurrency platform Trade.io. The clients who are using TIOx will get various incentives such as commission discount, tighter spread, and more. With the deal, Trade.io becomes a one-stop destination for multi-asset trading. The acquisition will help Trade.io to extend its product offering.
In a statement, Jim Preissler said that
“The acquisition of Primus Capital Markets will allow the company the opportunity to aggressively expand into the U.K. and the European region.”
Jim also spoke on the similarities which exist between cryptocurrency and forex trading. Jim said that with the acquisition the company would be able to offer the digital assets trading under the most respected regulatory regimes in the world.
Commenting on the acquisition the managing director of Primus Capital Markets, Damian McDowell said that
“Primus Capital Markets has extensive experience in the foreign currency industry and (we have) built a significant database of traders that will benefit from this relationship. This was a natural fit for both firms.”
Trade.io is a Hong Kong-based cryptocurrency exchange which also offers initial coin offerings (ICOs) advisory and cryptocurrency related investments.