Investment-trading company trade.io has acquired a brokerage firm Primus Capital Markets. The institution will be reformed in the Forex exchange with cryptocurrencies as underlying assets and will start work under a new name — the TIO Markets. About this trade.io announced on Thursday in his blog on Medium.
Initially, the Markets TIO customers will be able to Deposit and withdraw funds in BTC, ETH, LTC and TIOX, the native token of the exchange.
The acquisition of Primus Capital Markets will allow trade.io to work legally in the British market: the company is registered in the Office of financial regulation and supervision of the UK (FCA) and is licensed broker-principal, that is maybe in the same transaction to act as a broker and dealer.
CEO trade.io Jim Preissler (Jim Preissler) said:
“Acquisitions Primus Capital Market gives our company the opportunity to implement an aggressive expansion strategy in the British and European markets. And the fact that the business is under the supervision of the FCA, will allow our managers to convince customers that we strive for higher standards of service and welcome the financial regulation, not away from him.”
Managing Director Primus Capital Markets Damian McDowell (Damian McDowell) is already a member of the Board of trade.io, and also worked as Advisor to the company during the ICO. Commenting on the deal, he said:
“Primus Capital Markets has a huge experience in the Forex industry and a broad base of traders which this cooperation will bring benefits. It was a natural decision for both companies.”
The amount of the transaction, the company has not declared, as well as possible cooperation with other projects where trade.io took part. So, the company has helped Forbes develop their own cryptocurrency tracker; platform started last month.