The new license is a big feather in the cap, complimenting Ibinex’s current membership in The Financial Commission, which the firm has been a part of since August of 2017.
The new Estonian license allows Ibinex to provide a wide variety of services and solutions for traders in exchanging their cryptocurrencies. This means users can change their fiat to crypto, crypto to fiat and even crypto to another crypto.
Ibinex’s CEO, Simon Grunfeld revealed that exchange services aren’t all they have on the plate, as Ibinex will also be providing wallet services, both hot and cold wallets, which will be served within the regulatory framework. Ibinex will generate unique security keys for users or can keep the user’s encrypted keys safe and sound, and can store and transfer virtual currencies for their clients.
The CEO shared his thoughts on Ibinex gaining a license, saying that:
“This is the first of many licenses and registrations to come; Ibinex is excited to be one of the first licensed exchanges to be in accordance with Estonian legislation.”
“We’re seeing more formations of regulatory rulings for cryptos in the EU region, and due to this progressive stance, companies like ours can find a compliant framework, from which to operate under.”
The nation of Estonia, despite its small size and population, has a thriving economy and is certainly no stranger to technological innovation; after all, Skype was born there. Estonia was also the very first European country to propose the creation of a national cryptocurrency.
While plans for that did not materialize, Estonia is still very much on the map and eager to open its doors to crypto, with top officials showing a strong belief in the potential of blockchain technology.