Israel-based Cryptocurrency Exchange Bits of Gold Receives Capital Markets License
- Bits of Gold takes pride in over 150,000 registered customers, including private investors, financial companies, and hedge funds.
- The crypto trading company offers services for Bitcoin and Ethereum in exchange for ILS, USD and EUR via bank transfers, cash and credit cards.
- Led by Youval Rouach as the company’s CEO, Bits of Gold has existed since 2013.
Bits of Gold, a cryptocurrency exchange based in Israel, has announced that it can now work with local banks and financial institutions in the country after receiving a license for crypto operation from a top regulator. Henceforth, cryptocurrency enthusiasts in Tel Aviv, among other Israeli cities, can now access digital assets trading services legally via Bits of Gold.
The Israeli government has been moving toward the digital market to keep its economy growing. Furthermore, the country has a significant percentage of computer-literate people; thus, digital assets are a better source of employment.
Bits of Gold takes pride in over 150,000 registered customers, including private investors, financial companies, and hedge funds. The crypto trading company offers services for Bitcoin and Ethereum in exchange for ILS, USD and EUR via bank transfers, cash and credit cards.
Notably, the company operates a high-volume brokerage desk for over-the-counter transactions (OTC) for liquidating digital assets of private investors and investment houses and develops financial SaaS products and payment solutions for businesses.
Bits of Gold and the Israel Cryptocurrency Market Outlook
Led by Youval Rouach as the company’s CEO, Bits of Gold has existed since 2013. Reportedly, the company applied for the just-approved license in 2018, after the cryptocurrency bull market in 2017.
As the crypto market grows exponentially due to the immense demand, Bits of Gold intends to venture into the European market. Reportedly, the company plans to offer cryptocurrency custody services to institutional investors next month through its new digital wallet.
The company has been focused on the regulatory framework, especially laws dealing with money laundering claims. Furthermore, Banks in Israel play a crucial role in onboarding cryptocurrency investors by providing cash for liquidation.
Earlier this year, the Central Bank of Israel passed a law that requires local banks to clarify the source of the money used to purchase crypto. As a result, the Israel central bank can track the movement path of virtual currencies as they pass through different hands “from the time of its purchase until its conversion to fiat currency and deposit into an account with the banking corporation.”
The cryptocurrency market has recorded significant hacking in the recent past, at this moment prompting an exodus of investors running away. The multi-chain sector has been identified as a hotspot for hackers due to its weak security design.
Nevertheless, a few golden hands like MicroStrategy Inc. (NASDAQ: MSTR) continues purchasing more sats during the near market. The company acquired 301 more Bitcoins at an average price of $19.8 k. Thereby bringing the total Btc holding to 130k units.
The cryptocurrency market has lost more than $2 trillion in the past year. Billions of dollars are liquidated in the cryptocurrency market due to the high volatility.