Riot Blockchain, the US-based company that is already listed on the Stock Exchange, has expressed its intention to open a cryptographic exchange house in the country, which complies with all the rules established by the Exchange and Exchange Commission, better known as the SEC.
It is planned that the exchange, called RiotX, will open its doors during the second quarter of 2019 and will be operated by the company's subsidiary in the country, RiotX Holdings Inc. On the other hand, as regards the banking services of the exchange, these will be managed an Application Programming Interface (API) created by the software company SynapseFi.
One of the main functions of the API will be to improve security measures and ensure that the minimum standards required by the regulations imposed by the SEC are met.
For example, the location of the user can be traced to avoid using the crimes in the exchange house. It would also be classified as an improper use to use the service in states of the country where it is not allowed, specifically in Wyoming and Hawaii.
In addition, RiotX users will be allowed to have accounts connected to banking institutions authorized by the SEC, to make exchanges of fiduciary money to cryptocurrencies more easily and directly, and vice versa.
According to the information provided, the exchange office would also collaborate with the exchange software provider, Shift Markets.
Although Riot Blockchain has proposed the creation of a cryptographic change house that complies with all the regulations requested by the Exchange Exchange Commission, there is still no guarantee that the project will be approved.
This may be a particularly difficult task for the company, since the SEC warned that it would be much stricter with those companies that had changed their names to include the word "Blockchain" in them, as was the case with Riot.
It is important to remember that this company started with a focus on biotechnology, which then changed to cryptographic mining and included the word "Blockchain" in its name.
Another aspect that may be worrying the company about RiotX is that not many users are attracted to a house of exchange that can track their location each time they make a transaction. But it is a risk that they are willing to take.
Date update on 2019-03-18. Date published on 2019-03-18. Category: blockchain Author: Oscar olg Fuente: criptotendencia