Amsterdam-based cryptocurrency exchange Blockport has just released the public beta of its platform, now allowing users in Europe to buy, sell and trade five cryptocurrencies including Bitcoin, Ethereum and Litecoin, against the EUR. The startup is already planning to enter the US market and compete against the market leader Coinbase, Blockport said on Thursday.
“Given the rapid growth of Blockport and high demand from the US market for an alternative to the largest cryptocurrency exchange Coinbase, the company is planning to expand its European operations to the US,” Blockport said.
In the six years since its founding, San Francisco-based exchange Coinbase has established itself as one of the largest cryptocurrency trading platforms in the country, but in recent months, the US leader has been under heavy criticism by its users.
134 pages of complaints filed to the Securities and Exchange Commission and the California Department of Business Oversight obtained by Mashable drew the picture of a company overwhelmed by and unprepared for its own success.
Among the most egregious allegations, Coinbase’s discontented customers claim that the company has stolen funds from its users, repeatedly ignored customer complaints regarding missing funds and systematically defrauded its customers.
Blockport claims more than half a million of crypto-traders, among which 20% located in the US. In the coming months, new features will be added to the platform including USD pairs, social trading features and more cryptocurrencies.
Sebastiaan Lichter, founder and chief of products at Blockport, said that interest in cryptocurrency trading was particular strong in the US but the market was still lacking a user-friendly solution that appeals to newcomers.
“We launched Blockport based on a vision that everyone should be able to join the new digital economy that has developed along with the emergence of cryptocurrencies. Participation should be secure and transparent,” Lichter said.
“Security on current trading platforms and a lack of user-friendly solutions and hands-on information are important reasons for many people not to start trading in cryptocurrencies. That’s a missed opportunity.”
Founded in 2017, Blockport is developing an intuitive, user-friendly trading platform that connects social with trading. The company aims to “create a completely new crypto trading experience,” according to its whitepaper, by including social trading features such as the ability to follow more advanced crypto-traders and copy their trades. To use this option, users must pay Blockport tokens to the traders they follow and copy.
An Ethereum-based (ERC20) token, the Blockport token acts as a functional token for users to pay for additional services and discounted trading fees on the Blockport platform. Blockport raised EUR 14 million in its token sale earlier this year to fund the development of its platform and ecosystem.
The US cryptocurrency trading industry is getting more and more crowded as an increasing number of domestic and foreign players are entering the market to challenge the country’s well established platform operators including Gemini and Coinbase.
Robinhood, an American stock brokerage that allows customers to buy and sell US listed stocks and ETFs with zero commission, recently launched its free cryptocurrency trading offering called Robinhood Crypto.
The company has been reportedly looking to expand its foothold in the cryptocurrency world with more cryptocurrencies to be supported and a cryptocurrency wallet service in the making, according to a report by Business Insider.
In late-2017, Japanese cryptocurrency exchange BitFlyer officially launched in the US after receiving regulatory approval to operate in 42 states.