EU Licensed Crypto Exchange BitForex Buys BitStar Ahead of Futures Trade LaunchJul 12, 2018, 5:58PM
Along with the acquisition, BitForex will soon issue its own BF Token as well as offer crypto derivatives and futures trading.
BitForex, one of the largest crypto exchanges, has announced the acquisition of BitStar, a digital currency derivatives exchange. The move is in preparation for the launch of Bitforex's futures contract trading service later this month and options trading later in the year.
BitForex undertook a complete brand upgrade in May 2018 at a time it was ranked number 63 among top exchanges according to CoinMarketCap. A month later, it had reached the top 10 exchange list and earned the tag of the fastest growing crypto asset exchange globally. It is currently number 6. BitForex also announced in June that it would issue its own coin in July and become a ‘one-stop-shop’ for crypto assets offering cryptocurrencies, tokens, and derivatives.
BitForex Promises a Seamless Migration Process for BitStar Users
Following the acquisition, original users of BitStar will be able to keep their benefits as Bitforex is in the process of working out a seamless account migration process. BitForex will also convert the BitStar coin STC to the upcoming BF Token at a ratio of 3:1. Once the transition is complete, BitStar will operate as a sub-brand of BitForex.
The current shrinking market conditions have seen leading exchanges suffering reduced revenues. By going for strategic partnerships, launching its own BF Token, and adding derivatives and futures on its trading platform, BitForex has a clear strategy for avoiding this fate.
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