The blockchain and digital currency industry have proven to be somewhat fruitful over the past years. As a result, many that believe in the industry are clinging on to their fate. Many firms and investors still believe in the crypto space and they are not giving up anytime soon. Riot Blockchain is one firm that has shown its srong belief for the blockchain and crypto space.
Riot Blockchain is a former biotech company that turned to a Bitcoin (BTC) mining firm. The firm wants to launch a regulated digital currency trading platform by the end of Q2 this year or June 30. To make this happen, the firm wants to start with an initial investment of $250,000.
RiotX Holdings Will Be in Charge of the Exchange’s Operation – RiotX Crypto Exchange
The plan of the firm came to light after its recent meeting with the Securities and Exchange Commission. Riot Blockchain filed for the exchange with the SEC on the 14th of March. The firm has also created another division named RiotX Holdings to be in charge of the trading platform’s operations. The subsidiary has also secured a strategic partnership with Shift Markets – software provider.
The trading platform is expected to go live before the start of the third quarter of 2019. After the launch of the trading platform, the operational budget of the firm for this year is expected to reach $2M. The digital currency trading platform is also expected to go online in all the states in the US.
To meet its deadline, the firm wants to hire more staff. It also plans to restructure its compliance procedures in order to meet its regulatory guidelines. Riot Blockchain is based in Colorado, and the firm is aiming to cover all fifty states in the US before this year runs out. Wyoming and Hawaii are the only two states exempted.
Riot Blockchain Believes RiotX Crypto Exchange Will Launch before the Deadline
The firm believes in its potential to launch the trading platform before the stated deadline. However, it said the only things that might cause delays are capital restrictions and regulatory issues. At the moment, the trading platform is approved and licensed in five states. It has pending licenses in seventeen other states.
In its filing with the SEC, the Riot blockchain warned that the trading platform is a risky investment. A snippet of the filing states: “If the firm fails in the deployment of RiotX, it may lose the majority or all of the capital it has invested into the trading platform.”
How Riot Blockchain Came Into the Blockchain and Crypto Space
Riot Blockchain was initially a biotech company known as Bioptix until Oct. 2017. Bioptix manufactures diagnostic machinery for the biotech industry at that time. During the massive Bitcoin (BTC) bull run in late 2017, Bioptix quickly joined the moving trading became a Bitcoin (BTC) mining firm. Now, the firm is looking forward to having its own digital currency trading platform.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, the price of Bitcoin (BTC) is $4,090 after an increase of about one percent over the past twenty-four hours. The current market cap of the digital currency is $69.99 billion. The trading volume of the digital currency over the past day is $3.85 billion.