Digital asset exchange BlockQuake has announced that BSV trading would soon be available on its global platform available in over 150 countries. The year 2022 is off to a good start for both BlockQuake and BSV as both seek to benefit from the agreement.
While BSV users and those interested in the digital currency that runs on the original Bitcoin protocol will gain another platform on which they can onboard BSV, BlockQuake takes another step in becoming a global financial hub by adding a sustainable digital currency on its roster.
“We announced that we will support BSV trading. And the reason we did that was because it is a legitimate project and it’s got an amazing community that’s growing. I was very thoroughly impressed with the people behind the community, their savviness, professionalism and technical expertise, and all that played a role into us wanting to list BSV,” Antonio Brasse , co-founder and CEO of BlockQuake, said.
Why Onboard BSV
BlockQuake does not just onboard any digital currency in order to expand its roster. According to Brasse, the exchange even commissions third-party entities that investigates digital currencies before making a decision to list them.
“At the end of the day, the concern is ‘Is this a legitimate project, does it have a solid community behind it that will ensure it will be around for a while, and are there any regulatory concerns?’ That’s kind of the high-level gist of what we need to check the boxes for,” Brasse explained.
BlockQuake was able to check all the boxes for BSV, which is known for having the largest scalable public blockchain and has actually been found to be the Bitcoin implementation closest to what was originally envisioned by Bitcoin creator Satoshi Nakamoto.
Having a blockchain that has the ability for limitless scaling translates to continuously increasing data blocks and throughput, while being able to offer transaction fees that only become lower as the network scales.
Compared to popular digital currencies BTC and ETH, which have current average transaction fees of $1.34 and $36.66, respectively, BSV cost only small fractions of a penny per transaction due to its 2GB block—this figure will only get higher as scaling continues—and throughput of over 5,000 transactions per second (tps).
The pending release of the Teranode update in the first quarter of 2022 will bring throughput to up to 100,000 tps, which will surpass the VISA network in transaction capacity. Again, it is literally the sky is the limit for these figures as limitless scaling is already enabled for the BSV blockchain.
All of these numbers mean that BSV is sustainable and stable—digital currency and blockchain that BlockQuake can put its trust in and confidently support. BSV trading is something that consumers would want to enter in.
Why BlockQuake and BSV Match
Brasse has stated that BlockQuake’s founding principle is “to bring out something that consumers can feel confident in” by providing a digital asset exchange that spans the globe and lasts more than a lifetime.
“We came to start BlockQuake because of the pain points we experienced. To take you back, myself and many other team members were from financial services—we’ve experienced trading stocks, options, affects commodities, et cetera, before we got into crypto. And when we started trading cryptocurrencies, there were a lot of problems with many crypto exchanges crashing and disappearing. You didn’t know who owned what, nobody was regulated and there was very little concern for consumer protection,” Brasse revealed.
And this is why BlockQuake is fully invested in being regulatory compliant—not ignoring regulations and wishing they would go away as others do. This is its form of protecting both the exchange and its customers. Evidence of this is BlockQuake’s registration with the Financial Crimes Enforcement Network (FinCEN) and application for a New York State BitLicence.
“Regarding regulations for companies like ours, BlockQuake, where we have exchange services and we’ll have institutional and retail traders on the platform, I think there needs to be better regulatory clarity. We’re taking initiative by assuming all existing regulations that apply in regular financial services will apply to us, so we fully believe in KYC, AML, KYC protocols,” Brasse pointed out.
Being regulatory compliant is also something that BSV fully believes in. In fact, fostering a regulation-friendly mindset is one of the four core principles of BSV since it was founded in 2018.
“Whether we agree with them or not, we cannot ignore regulations that govern how a company operates on the Bitcoin blockchain. That is why the BSV ecosystem attracts businesses and applications who want to build in a regulation-friendly environment,” Jimmy Nguyen, founding president of Bitcoin Association, the global industry organization that advances the adoption of the BSV blockchain, stated on its website.
Because BlockQuake has a vision of becoming a global financial hub and BSV, likewise, has the ultimate goal of global adoption, both agree on being regulatory compliant and promoting a platform and digital currency that can safely be used by everyone.
“As people see more options to be in and out of fiat with different cryptocurrencies, I think people will become more comfortable actually using cryptocurrencies for their daily life, even for buying something at the store. You’ll see more people taking control of their money over the next five years and beyond, and being more involved in trying to make better yields and take more ownership of their decisions,” Brasse concluded.
Fostering honest and secure digital currency trading at highly competitive prices is the start of people trusting BlockQuake. And supporting BSV trading—a digital currency that aims to be used by everyone and not just the privileged few who can afford to play with their money—is a step in the right direction.
