Riot Blockchain to launch new United States-based cryptocurrency exchange

16 Mar, 2019
by Joeri Cant
Riot Blockchain to launch new United States-based cryptocurrency exchange

Riot Blockchain, a publicly traded United States-based company, has filed with the Securities and Exchanges Commission to launch a new regulated cryptocurrency exchange called RiotX in the US by the end of Q2 2019.

According to the filing with the Securities and Exchanges Commission, RiotX Holdings Inc, would operate the new crypto currency exchange, called RiotX, while its banking services would be handled by an Application Programming Interface created by software company SynapseFi.

Read more: US SEC chairman Clayton still woried over possible Bitcoin ETF manipulation

The filing further explains that it is the intention of Riot Blockchain to launch RiotX for the exchange of Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. They apparently have selected these cryptocurrencies for exchange on RiotX based on internal and external reviews, and will only include those currencies for which it has full regulatory and legal authorization to include.

RiotX exchange will be comprised of three core services, being banking services, a trading engine; and providing digital wallet services.

As Chepicap previously reported in August last year, the SEC had intensified its investigation into crypto mining firm Blockchain Riot.

Founded in Colorado back in 2000 as Bioptix Inc, the company was renamed Riot Blockchain in September of 2017. This was when it started its cryptocurrency mining operations.

The company moved to Nevada from Colorado, and is currently mining crypto at a large facility in Oklahoma city, where approximately 8,000 miners are installed and operating. Its revenue for the second quarter of 2018 was double that of the previous quarter, and its stock price skyrocketed from $8 to $40 after its name was changed.

The suspicions of the SEC were based on this surge in the stock price as a result of the name change and said that firms that changed their name to include blockchain would face increased scrutiny.

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