Coinsetter Launches US-Based Bitcoin Forex Trading Platform
Coinsetter Targets Active, High Volume Traders with New Capabilities
In the race among Bitcoin exchanges, there is a new player: New York City-based Coinsetter. The company introduced its forex trading platform for Bitcoin to the public today.
“With this release,traders from around the world will have access to an institutional class platform that enables customers to execute bitcoin trades on a millisecond level with more reliability than any other option in the market,” said Coinsetter in a statement. “On top of its proprietary millisecond matching engine, Coinsetter platform will soon aggregate the order books of other bitcoin exchanges to provide more liquidity than any single exchange can alone.”
The company is marketing its platform to active traders, those familiar with existing trading paradigms. It provides a maker-taker pricing model for high volume traders, and institutional margin and financing for business customers.
For the month of November, Coinsetter is offering free trading and free SEPA deposits and withdrawals to celebrate the launch.
The company raised a venture capital round earlier this year of approximately $500K from the Bitcoin Opportunity Fund and Tribeca Venture Partners.
Embracing Regulatory Requirements
Coinsetter was founded by 28-year-old Jaron Lukasiewicz, who has worked in the financial services industry since graduating from Rice University in 2008. Mr. Lukasiewicz is using this experience to understand and embrace the regulatory requirements for operating a trading platform in the U.S.
Coinsetter CEO Jaron Lukasiewicz pictured second from right.
Several Bitcoin exchanges have run into troubles with regulation. For example, earlier this year, Tradehill suspended trading and Mt.Gox halted USD withdrawals. Later in the year, 22 Bitcoin companies were subpoenaed by the New York Department of Financial Services to answer critical questions about the digital currency.
In a statement, Coinsetter reported that it has secured a compliance-approved bank account with a U.S. banking institution, which will soon support ACH transfers for U.S. customers. For its international customers, Coinsetter has secured a compliance-approved bank account from Sparkasse Bank Malta plc, a subsidiary of Erste Group, one of Europe’s largest financial services providers.
“Coinsetter believes these relationships translate into a tangible value proposition for its customers, giving users confidence in timely bank deposits and withdrawals to and from Coinsetter,” said the company.
Excerpt from related story: Finding Business Model Opportunities in Bitcoin – Coinsetter CEO
Today, he proposes, Bitcoin is the dominant virtual currency. Not simply in terms of transactions and value, but based on awareness – including awareness outside current users of the market. The first mover advantage is significant and Mr. Lukasiewicz asks us to spend time thinking about how it has the potential to become an “IP address for money.”
Learn more or start trading at www.coinsetter.com.
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