One of the the hugest Controversial binary options brokerages is recruiting talent to fulfill its ICO plans.
Binary.com is making preparations to start its initial coin offering. This was verified to Finance Magnates by a source who knew about the issue. The firm is already recruiting personnel to concentrate on setting up blockchain-founded solutions for the company.
The emergence of ICOs has motivated numerous firms to try to obtain funding for new ventures, mostly aimed at blockchain-focused solutions.
Binary.com is getting ready to change its cashier procedure and infrastructure to back the newest developments in blockchain technology. The firm is actively employing through an Asian subsidiary.
Binary.com has been offering binary options trading through numerous subsidiaries with the use of licenses for gambling and financial services. The company is in possession of a financial license from Malta Financial Service Authority and also an Isle of Man gaming license.
Investments that are connected to Cryptocurrency have presented another lease of life for firms that are linked to binary options. Brokers, as well as technology suppliers, are similarly organizing trading offerings that are linked to cryptocurrency. Some firms from the sector are now giving ICOs consideration.
The other day, the FCA stated that, companies for financial services need to be careful when making preparations for an ICO. The UK regulator said that firms like these should comprehensively go through their plans so as to ensure that they are adhering to present regulations and rules. Binary.com is using a UK Gambling Commission license to offer its services in the UK.
Binary options brokerages that are regulated have gone through a considerable drop in client trading activity after a rise in the analysis of the product all through the EU. The objective of Binary.com might be to extend its service to cryptocurrencies as it aims to operate in a business surrounding that is more amiable.
Data on Binary.com ICO Indicates Proceeds will exceed $20m in 2017
As indicated above, Finance Magnates provided information that Binary.com is making preparations for an ICO token.
These are now some specifics regarding this topic after more data was obtained from the firm:
Binary.com will provide a sum of 10 million digital tokens for trading through its ICO. This will be accessed via an open auction. The brokerage intends to offer purchasers two choices:
- Obtain payments that are equal to shareholder dividends or
- Change their tokens into regular shares in the firm.
Jean-Yves Sireau, the firm’s CEO told Finance Magnates, ‘the next action for a firm of our size is obviously to go public using an IPO (Initial Public Offering).
But, in itself, an IPO is a tiring procedure, which is still the same as it was decades ago; it has not changed. Some people might say it is ready to be disrupted.’
‘By choosing the ICO method, a type of ‘IPO on the blockchain’ we can exceed the restrictions of a conventional IPO. We obtain a larger access to prospective investors, reduced trading expenses and an indisputable audit route of transactions on the blockchain.
By using the ICO, we are also able to implement our trading services among the society of cryptocurrency, which is our platform’s major objective demographic,’ adds Sireau.
From when it was set up in 2000 as BetOnMarkets.com the firm has been recording continuous development in the last three years and Binary.com especially flourished in this regard.
Specifics in the availed documents, as well as ICO, indicated that the overall proceeds for the firm in 2017 are anticipated to go beyond $20 million and the trading dimensions will go beyond $900 million.
The documents issued by Binary.com show that the turnover of the firm was more than $750 million in 2015; the previous year, it was close to $850 million.
The shareholders of the company obtained nearly $14 million dividend payments the previous year and $12 in 2016. The documents indicate that this year about $13 million is anticipated.
According to the firm, the current year’s quantity of active clients who are utilizing its platform went beyond 100,000. The quantity is substantially higher compared to the previous year when the firm’s clients went up to nearly 80,000.
In 2015, the overall amount of transactions carried out by Binary.com clients nearly went to 140 million and reduced just a bit the previous year. This year, the firm anticipates that it will increase.
Binary.com will List Token on Lykke
As the ICO approaches, Binary.com improved its present cashier structure to back cryptocurrency denominated accounts. The firm’s clients shall be in a position to trade, deposit and withdraw money in Litecoin and Bitcoin with the incoming backing of Bitcoin Cash and Ethereum.
The previous year, the firm expanded to Forex and CFDs after the start of an offering for MetaTrader 5. The firm has included backing for numerous digital currencies to its latest product.
Tokens for Binary.com shall be listed on Lykke exchange, which is very famous, following the ICO.