Bitbuy to Launch Advanced Crypto Trading Platform, Bitbuy Pro

Bitbuy to Launch Advanced Crypto Trading Platform, Bitbuy Pro

Bitbuy is set to launch its advanced proprietary trading platform, Bitbuy Pro February 2019 this month.

Bitbuy is Canada’s leading cryptocurrency trading platform and only supports four digital (crypto) currencies namely Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

The announcement referred to Bitbuy's plan of hiring engineering talent to scale up the operations of the planned Bitbuy Pro trading platform.

This is a piece of great news for the crypto industry as the cryptocurrency industry is engulfed with the slowdown in terms of its overall crypto valuation as well as layoffs in recent months. Some of the recent layoff events specific to the crypto industry include,

  • ConsenSys, a known venture which is working with the blockchain technology, announced overhauling of their entire business model and cut off about 13% of the total staff. 
  • Steemit, a firm which runs a social network on a blockchain-based network, laid off almost 70% of its staff.
  • Coinsquare, a Toronto-based cryptocurrency trading platform recently laid off 40 staff members according to Betakit reports.
  • The Globe and Mail reported QuadrigaCX, a Canadian trading platform, has ceased operations, filed for creditor protection and owes its customers approximately 260 million dollars.

Executive Opinion

President, and Founder of Bitbuy, Adam Goldman, said, "These events highlight how the industry is still in its infancy and will need more time to develop. Nonetheless, we at Bitbuy are very bullish about the future of Bitcoin and digital currencies. We encourage everyone who has been recently affected to remain positive"

The Road Ahead

With this announcement, it seems that Bitbuy continues to thrive and confident in the long-term potential of their investments in the crypto space. In last October 2019, The Canadian crypto exchange, Bitbuy acquired CBIX, a Canadian Bitcoin Index to trade bitcoin with a fair understanding of Bitcoin market prices.

Bitbuy advised customers to be vigilant and educated about which platform they choose to trust. In their latest announcement, Bitbuy also said it conducts yearly financial audits with a top-five national accounting firm. In addition, it has rolled out extensive internal policies, procedures and security measures to protect its customer’s funds.

Bitbuy uses cold storage and multi-signature approvals from company executives before releasing those funds.

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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