Cryptocurrency and investment company Trade.io recently acquired the British brokerage firm Primus Capital Markets Ltd in order to start offering trading in foreign exchange backed by Bitcoin (BTC).
The company will become a subsidiary of Trade.io and change its name to TIO Markets. In addition to Bitcoin, customers will be able to make deposits and withdrawals in Ethereum (ETH) and Litecoin (LTC), as well as the company’s own token, TIOX.
Since Primus Capital is registered with UK financial regulator the Financial Conduct Authority (FCA), the acquisition will give Trade.io the chance to make serious inroads into the UK and European markets.
Announcing the acquisition, Trade.io CEO Jim Preissler spoke of his companies enthusiasm towards proper regulation and conformance with government requirements. He believes that the similarities that exist between crypto and forex trading make them ideal for such a company partnership.
“..we are striving for a higher standard and welcoming regulation instead of avoiding it,” he stated.
Managing Director of Primus Capital Markets, Damian McDowell, is equally optimistic about the new developments. As a Trade.io board member and advisor to the companies $30 million initial coin offering (ICO) earlier this year he sees the coming together of the two firms as “a natural fit”.
New rules imposed by the Markets in Financial Instruments Directive (Mifid) are making it harder for brokers to secure a decent commission. It estimated that commission paid out to brokers in the first quarter of 2018 fell by as much as 28 percent in the UK and 30 percent across Europe.