Vancouver-based Bitcoin exchange QuadrigaCX, announced it will start to trade under the public company name "Quadriga Fintech Solutions" by early April 2015.
The company is set to become the first publicly traded Bitcoin exchange in the world, with approval and assignment of the Canadian Securities Exchange (CSE/CNSX) ticker symbol "XBT."
"We’re excited to be able to provide an unparalleled level of transparency by merging legacy financial audits with innovative Blockchain technology."
According to Michael Patryn, co-founder of QuadrigaCX and now adviser for Quadriga Fintech Solutions, a lot of people are purchasing Bitcoins "in an effort to invest in the blockchain technology." However, the adviser noted that "the value of Bitcoin is not tied to the value of the infrastructure."
With the news of Quadriga Fintech Solutions becoming a publicly traded company, investors now have the ability to purchase shares of the company's stock on the market.
"People investing in Quadriga Fintech Solutions are investing in our trading platform, merchant processing system, and remittance platform," said Patryn.
"They are investing in a team which has demonstrated growth, dedication, and the expertise to excel while others have collapsed."
Following the recent closure of two Canadian exchanges, namely Vault of Satoshi and Cavirtex, QuadrigaCX quickly grew its market share to now being the leading exchange in the country.
"We’ve definitely seen an increase in new accounts over the past few days," Cotten told Bitcoin Magazine.
Cavirtex, once the country's leading Bitcoin exchange, announced on February 17, it will "cease carrying on an active Bitcoin business and will be winding down its operations," following the compromise of sensitive security information.
While Cotten had been aware of the difficulties that were faced by Cavirtex, the exchange's closure came to him as a "total surprise."
Although the CEO is confident in his company's security system, Cotten still noted:
"Total security is incredibly hard to achieve. You make one little mistake and a hacker can and will exploit it. Banks can’t guarantee they won’t get robbed; exchanges can’t guarantee they won’t get hacked. That’s why we keep as little [Bitcoin] online as possible."
Launched in December 2013, QuadrigaCX is a Canadian Bitcoin trading platform, known to be the very first exchange in Canada to be licensed by FINTRAC, the country's financial regulator.
The exchange currently supports BTC, CAD, USD and Gold, but due to regulatory uncertainties, QuadrigaCX does not accept US clients.
Patryn further added that Quadriga Fintech Solutions was also looking to be listed in Frankfurt's stock exchange.
CoinTelegraph reached out to QuadrigaCX for comments, but did not receive respond at the time of this writing.
Did you enjoy this article? You may also be interested in reading these ones:
Follow us on Facebook