MultiBank Group has, in a recent statement, confirmed unveiling the regulated crypto exchange – MultiBank.io. The newly launched crypto exchange is set to offer top-tier security and swift trade facilitation involving major cryptocurrencies accompanied by free fiat deposits.
The crypto ecosystem is volatile at a time when users are prioritizing trust and security.
MultiBank Group Bringing Financial Expertise to Digital Assets Space
MultiBank Group is utilizing its experience in the financial sector to bring changes to the global crypto market. The decision by MultiBank Group to throw its hat in the digital asset ring seeks to alter the perception regarding cryptocurrencies as volatile investment instruments. The traditional finance giant aims to leverage its know-how and financial expertise that spans over two decades.
MultiBank Group, in its statement, acknowledges that the crypto world identifies with an elusive stability and reliability. In particular, trust levels in digital assets dipped further following the sudden implosion of the crypto exchange FTX.
The collapse of Sam Bankman-Fried’s FTX exchange plunged multiple firms in the crypto industry into bankruptcy, raising concerns about the centralized exchanges. Trust and security would emerge as the highly sought-after elements in crypto exchange, particularly with the revelation that Bankman-Fried oversaw the commingling of users’ deposits.
The digital assets sector has seen a year since the crypto Lehman Brothers. The resulting cold winter took several crypto firms into bankruptcy. The bearish moment increased concerns regarding the cryptocurrency market going concern. The FTX collapse triggered the need for heightened regulatory scrutiny and enforcement action by the US Securities and Exchange Commission (SEC).
Consequently, most countries would suspend the capability to execute multiple fiat withdrawal options. The move inspired a sudden uptick in fees charged for deposits and withdrawals besides trading.
MultiBank.io Resolves Desire for Robust and Trusted Digital Assets Exchange
Cryptocurrency users desire a robust and trusted digital assets market with guaranteed fairness in fees and fiat on-ramp options. MultiBank considers the ecosystem as deserving of a regulated crypto exchange.
With this awareness, the bank unveiled MultiBank.io, a crypto exchange platform. The newly launched exchange is a regulated platform by the Australian Securities and Investment Commission (ASIC). Besides ASIC, the Australian Transaction Reports and Analysis Centre (AUSTRAC) will audit MultiBank.io.
MultiBank.io targets reintroducing trust and restoring reliability to the digital assets market. The TradFi giant acknowledged replicating the best practices in maintaining the parent company – The MultiBank Group. The principle-based governance has enabled the Group to run under an untarnished record since unveiling its services in 2005.
MultiBank.io unveiled its services in 2022, offering to support over forty crypto-fiat trading pairs to guarantee robust liquidity. The trading pairs supported include the dollar (USD), dirham (AED), and euro (EUR).
The MultiBank.io platform imposes no fee for crypto and fiat deposits while guaranteeing the lowest fees for all withdrawals. By doing so, it makes the fiat on-ramp and off-ramp easier for the newcomers.
MultiBank.io yields benefits to crypto traders of varying experience levels. Besides, it guarantees a user-friendly experience besides top-tier security, and swift trade execution. Also, users can execute instant SEPA deposits and withdrawal transactions on MultiBank.io.
Multibank Group has, over the years, emerged as an expert in traditional finance (TradFi), with its paid-up capital exceeding $322 million. As among the titans in the regulated financial sectors, MultiBank Group realizes $12.1 billion daily volume and millions of traders across 90 nations.
MultiBank Group Eyes Prosperity and Stability in Crypto Assets Trading
The MultiBank Group runs a regulated operation guided by over 13 licenses. Besides the authorization by ASIC, MultiBank Group is regulated by the German Federal Financial Supervisory Authority (BaFin) and the Securities and Commodities Authority of the UAE (ESCA), among others.
The unveiling of MultiBank.io seeks to replicate the TradFi expertise in the crypto space. In particular, the Group intends to transform the crypto exchange into a platform where individuals can genuinely regain trust in the safety of depositing and trading crypto assets.
MultiBank.io chief executive Zak Taher reiterated that the Group was not entering the crypto space to seize opportunities. Instead, the entry aligns with its goal of contributing to the vision of guaranteeing stability, trust, and prosperity.
Taher added that MultiBank.io is devoted to driving innovation by empowering individuals to seize opportunities offered by the digital age. Also, it targets fostering financial inclusion in the belief of collective delivery towards bringing meaningful impact on the sector.
Taher admitted that the MultiBank Group recognizes the increased desire for a crypto exchange with the capacity to cater to clients seeking a regulated and safe environment for executing crypto trades. The Group responds to the demand via MultiBank.io, signifying the growing interest in crypto trading. As more TradFi institutions embrace cryptocurrencies, the process will help nurture trust and stability, given their decades of expertise in an equally volatile finance sector.
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