Bitcoin has come down to Earth a little bit since its meteoric rise to near $20,000 last month, but has been holding fast to the $14,000-mark as we kick off a new trading year. Companies are still scrambling to fill the vacuum of a relatively new market sector, and COSTAS INC (OTCMKTS: CSSI) is one of them.
The company invests in early stage Digital Currency projects, and believes strongly in the growth of Distributed Asset Technology and its integration into Financial Technologies (FINtech) a market which has surpassed the one trillion dollar mark in the United States alone.
COSTAS INC (OTCMKTS: CSSI) recently announced that it has completed the acquisition of 100% of Authentatrade PTE, Ltd ., a fully functional cryptocoin exchange platform based in the Republic of Seychelles. Authentatrade management is finalizing various testing for security and client demand loads before launching in the next 30 days. Costas previously owned 48% of Authentatrade, Ltd.
Authentatrade has several leading-edge platform assets in pre-launch phase as well as an experienced team with expertise in business development of blockchain framed enterprise to deliver crypto financial services advanced in security and speed. Costas intends to leverage the technology of Authentatrade’s platform in vertical and horizontal markets to generate revenue by serving the burgeoning cryptocurrency customer base. In fact, several cryptocurrency exchanges are refusing new customers.
Market capitalization for crypto coins is approximately 600 billion dollars. Global cryptocurrency markets are now averaging the same daily trading volumes as the New York Stock Exchange. Twenty-four-hour trade volume in the cryptocurrency market passed the $50 billion mark before Christmas, according to CoinMarketCap.com. That is close to the average daily volume of trade on the New York Stock Exchange this year. Daily trading volumes on the London Stock Exchange hover at about 5 billion Euros, or $6.7 billion. Leading cryptocurrency trading firms such as Binance.com and Poloniex.com are exchanging more than $4 billion daily.
Ubiquitous media attention on Bitcoin’s (BTC) meteoric rise in value and the surge of other cryptocurrencies such as Ripple (XRP), which overtook Ethereum (ETH) to become the second largest capitalized coin last week, have helped generate the explosion in crypto coin trading, further stressing the need for responsible cryptocurrency exchanges with responsive and accountable customer service and government liaison. Blockchain is changing social trust parameters and demanding higher levels of response, especially when businesses, contracts and companies can gain hundreds of thousands of new customers in an unprecedented short time frame.
Costas does recognize the need for evolving regulations of crypto exchanges, cryptocurrencies and financial related business, especially the imposition of Know Your Customer and Anti-Money Laundering protocols, and the demand for standardization of such rules across multiple jurisdictions. The company has made its commitment to strict adherence to such rules and regulations known. (Source: Globe Newswire)
One truth in all of the crypto hype of late, is that no one truly knows where the space is headed, even over the relatively short-term. It has an air of potential about it, but also one of uncertainty. If we can be sure about one thing, however, is that it isn’t going anywhere anytime soon, but instead will likely grow, and change, and give rise to new facets of virtual currency, and blockchain related technologies. In acquiring an exchange to trade not just Bitcoin, but other cryptocurrencies that exist or may come into existence, CSSI has put itself in an advantageous position. Keep it locked to Street Register for updates, and we’ll deliver those important developments on CSSI to you as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in CSSI stock, short or long