Cryptocurrency investor Costas Inc. has announced that it is in the final stages of negotiation with a firm to acquire their financial services clients. Costas then intends to strike a deal to provide them to AuthentaTrade Ltd., which it owns 48% of. It is hoped that the addition of these clients to AuthentaTrade’s Bitcoin exchange will greatly enhance its performance.
Its clients are located all over the globe, with a very high concentration in Asia, which is home to the majority of Bitcoin volume. The clients have already been vetted through a KYC process, enabling AT to streamline the KYC and AML procedures. This should be advantageous for AT as the company’s technology and trading platform, Authenta.Trade, is expected to be utilized in large part by Asian traders. According to a recent report by Goldman Sachs, more than 80% of Bitcoin trades originated involved the Chinese Yuan.
AuthentaTrade CEO, Gwyn Jones stated: “Many Chinese have flocked to Bitcoin as a platform for moving money safely and inexpensively anywhere in the world. While there has been some volatility in the value of the Bitcoin over the past 12 months, for many people this is offset by the ease with which Bitcoin transactions can be made, particularly in places where there is excessive government oversight, such as in China. What has been missing from the equation, however, is a reliable, platform that has both liquidity and security. That is what AuthentaTrade will provide with its proprietary Bitcoin Wallet Platform.”
Dennis Karenga, President of Costas Inc., stated Costas’ commitment to supporting AuthentaTrade as it moves toward becoming an integrated cryptocurrency exchange, saying: “We are very pleased with the progress Gwyn and the team are making both technically and also with respect to bringing new potential traders and volume to the AuthentaTrade platform. We continue to work closely with the team in Asia, the Middle East and in Europe to assist AT in meeting its growth targets. Also, we are pleased to be progressing in meeting our objectives to expanding in the Financial Technology (FinTech) space.”