BlockQuake has launched its digital asset exchange with the aim of offering a variety of order options existing in trading in traditional financial markets.
Accessible worldwide, the crypto trading venue is led by a team of former executives in blue-chip financial services firms who banded together to create a true “one-stop-shop” that eliminates the need for traders to open accounts across multiple platforms by soon permitting a wider variety of order types and currency options.
BlockQuake is open to both institutions and individuals as it supports corporate entities, trusts, and retirement accounts.
Antonio Brasse, CEO and Co-Founder of BlockQuake, said: “As more people than ever enter the cryptocurrency space, there is an increasing demand to address issues in security and choice that many traders face. “Using our team’s deep breadth of experience as traders in both cryptocurrency and traditional financial markets, we created a unique platform that gives anyone, from the first-time individual investor to a top-tier financial institution, a better trading experience and the ability to trade digital assets in a safe and regulated way.”
The exchange will start by offering access to major cryptocurrencies and stable coins, including BTC, ETH, LTC, and USDT as it plans to scale by continuously onboarding fiat currencies, cryptocurrencies, and stable coins to accommodate over 100 pairings within four months.
Soon, the operator will add USDC, LINK, BCH, XLM, ETC, BAT, TUSD, and PAX, and fiat additions include CAD, EUR, GBP, AUD, and JPY.
Having applied for a New York State BitLicense, the exchange has already registered with the Financial Crimes Enforcement Network (FinCEN), a requirement for the BitLicense and companies serving US Customers.
Forward-thinking on domestic and international regulations, BlockQuake will also be pursuing SEC and CFTC registrations and licenses and is actively seeking to address compliance with FATCA, FATF, and other international regulations.
For institutional-grade platform security, the venue offers app-based 2FA for logins and mandates 2FA for withdrawals.
In regard to custody, the operator has partnered with qualified custodian Prime Trust, which requires all users to go through a rigorous verification process which includes a Know Your Customer (“KYC”) verification in compliance with banking and securities laws, Anti-Money Laundering (“AML”) checks on domestic and international persons in compliance with the PATRIOT Act and Treasury regulations.
Prime Trust takes care of custody of fiat deposits. The Fireblocks institutional-grade Hot Vault is in charge of crypto storage.
Chainalysis provides real-time Know Your Transaction (“KYT”) monitoring. Solidus Labs detects and investigates manipulation and compliance threats.
Friedman CyZen employs automated and human safeguards to help protect BlockQuake from cyber risks, such as security breaches, by performing various services such as continual security log auditing, penetration tests, cybersecurity control, processing audits, and compliance consulting.
CyZen has recently performed a penetration test on BlockQuake in which it did not identify critical vulnerabilities or cybersecurity issues ripe for exploitation.
BlockQuake Exchange offers access to various investor order types–including market, stop, limit, and time in force options. Transactions are subject to a flat trading fee of 0.2%.
The matching engine is proprietary and handles more than 10,000,000 transactions per second, with capabilities to scale to accommodate peak trading volume and reduce downtime.
In regard to liquidity, the digital asset exchange has partnered with Secure Digital Markets and Blockfills as liquidity providers, which will allow BlockQuake to scale while maintaining liquidity.
Quality LPs allow the operator to ensure consistent and accurate market prices and a single point-of-entry, combating disjointed liquidity and discrepancies in pricing data.