American Mining Company Riot Blockchain To Launch Crypto Exchange In The USA
According to a SEC filing, U.S.-based Bitcoin mining company Riot Blockchain plans to launch a crypto exchange by the end of July 2019.
Exchange Details and Current SituationRiot Blockchain has partnered with SynapseFI, a major software company, and invested approx. $250,000 in the project. It has also form a special subsidiary to operate the exchange. The budget of the exchange is expected to be more than $2 million after its launch. The software company will take care of banking services of the exchange, the provided API will connect Riot Blockchain’s accounts to other American banking institutions. Moreover, SynapseFI will track locations and identities of customers to “prevent fraud and improper use of its RiotX exchange.” The SEC’s filing reads:
“SynapseFi’s API will enable to Company to know where the user is when accessing RiotX, thereby enabling the Company to prevent a user from Montana, a state where the exchange of digital currencies is permitted, from traveling to neighboring Wyoming, where the exchange of digital currencies is not permitted, and using RiotX in the prohibited jurisdiction.”The exchange will be available in 48 states (without Hawaii and Wyoming) by December 2019. RiotX has already been provided a license in five states.