Sometime this week, Trade.io recently purchased British Brokerage Company called Primus Capital Ltd for a price that has been left disclosed.
Trade.io is a cryptocurrency exchange and investment firm. As the ownership of Primus Market Capital Ltd changes hands, it will begin trading foreign currency while using digital assets as base currency under a new name. TIO Markets is the new name it will take. Originally, clients will be able to make deposits and withdrawals in bitcoin core, Ethereum, litecoin and tiox, the exchange’s own token, to trade on the forex platform.
This past Thursday (November 8th), the chief executive officer Jim Preissler said online that “the acquisition of Primus Capital Markets will allow the company the opportunity to aggressively expand into the UK and the European region.”
Primus Capital Markets is currently registered with the independent UK financial regulator the Financial Conduct Authority (FCA). The company contains the IFPRU 125K matched principal license that enables it to deal in investments as principal, with some degree of stringent capital and governance requirements.
Mr. Preissler noted, “With an FCA regulated business, it provides management the opportunity to display to our clients we are striving for a higher standard and welcoming regulation instead of avoiding it.”
In addition, he spoke of the “similarities” that exist between cryptocurrency and forex trading and how “by marrying the two and offering it under one of the most respected regulatory regimes in the world, makes for the perfect acquisition.”
In recent months, after the introduction of new rules under the Markets in Financial Instruments Directive (Mifid), European broker-dealers have got through a difficult time.
According to a report by the Financial Times, in the UK, commissions paid to brokers fell 28 percent during the first quarter of this year compared to the same period a year earlier, and by 30 percent across Europe. Damian McDowell, the managing director of Primus Capital markets had something to say about the deal.
He stated “Primus Capital Markets has extensive experience in the foreign currency industry and we have built a significant database of traders that will benefit from this relationship. This was a natural fit for both firms.”
McDowell sits on the Trade.io board and advised on the company’s $30 million initial coin offering earlier this year. Trade.io is a Hong Kong-registered company that offers investors the option to trade cryptocurrency through an exchange. It also provides initial coin offerings advisory as well as digital currency-related investments.