itBit, which has locations in Singapore and New York, will initially work to introduce its BTC-USD currency pair as well as additional liquidity to BTC.sx. Further partnership activities and enhancements are planned following the successful completion of the first phase.
“We plan on releasing a more consumer friendly mass market product to accompany our current product,” BTC.sx COO George Samman told Cointelegraph via email. “We plan to stay unique by offering products we believe will benefit our customers and continue our tradition of strong and timely customer service.”
While the finer details of the business plan remain subject to speculation, the underlying faith in the Asian Bitcoin market highlighted by the deal is interesting to observe. While areas such as Hong Kong and Singapore are more welcoming to perpetual innovation in Bitcoin, China’s regulatory stance remains critical. However, with the Yuan still the most commonly traded fiat currency for Bitcoin, users in this environment particularly are showing little hesitance.
“The Chinese market and Asia in general is massive and will continue to grow,” Samman says. “With regulation, it always pays to be cautious and we will continue to monitor the situation and see how it develops. Right now this is a giant opportunity to grow market share and part of our original plans was always to expand into Asia.”
BTC.sx has paved the way for the partnership over the previous months with an expanded presence in Asia and diversified language localization; the service is now available in Mandarin and simplified Chinese among others.
“Recently it has been noted that China has become the most active Bitcoin trading market overtaking other world regions for the first time,” BTC.sx explains in a press release issued today regarding the latest move. “Partnering with itBit, with its well-established presence in Singapore, will further help BTC.sx to address markets in Asia.”
itBit itself highlighted BTC.sx’s business practices as a driving force behind its decision.
“We have a lot of respect for the way BTC.sx understands Bitcoin traders and serves their needs,” Director of Business Development Antony Lewis commented. “They offer a solid, feature-rich and easy-to-use platform and we are very glad to be working together.”
The stage appears to be set to continue working with the same formula in future, while consumer trends in China increasingly defy the wary stance of the central bank and government.
“We aim to provide products for individuals of all different risk profiles to benefit from the growing Bitcoin marketplace,” Samman concluded.
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