Surge in Cryptocurrency Exchanges in Malta
The big step by the European Union’s smallest economy of committing itself to a benchmark technological makeover drew in many foreign blockchain companies and investors to park business operations there. HashCash has been one of the first software development companies to take advantage of the changing economic climate of the country and extend its services from California to this Mediterranean island, where the demand for its white label products has seen an unprecedented boom.
HashCash is actively collaborating with enterprises, small and big, to tokenize their services and products, list their native digital assets on global currency exchanges, and manage the transition of the core levels of operations from a traditional infrastructure to one running on a more organized, reliable, and streamlined blockchain network. An overwhelming number of companies, however, have shown an interest in setting up and managing their own cryptocurrency exchange, queuing to avail their white label products, mainly the currency exchanges HashCash has earned renown for worldwide.
These products are based on the hit model of PayBito – the currency exchange functioning on HC Net – and are characterized by quick transactions, low fee, easy tracking, and user friendly interface, among others. They also serve as a platform to come across the most promising coins, as these exchanges trade in any number of valid cryptocurrencies ranging from the good old Bitcoin to popular altcoins such as HCX, Ripple, Litecoin etc. IECX and QDAX are two such cryptocurrency exchanges operating in Malta set up by HashCash that are on their way to be listed among the top trading platforms in the region. Raj Chowdhury, MD of HashCash, says there are more projects of the same ilk in the pipeline.
The advent of the current generation of blockchain has had the technology diversify and make its way into almost every predominant industry like finance, medical research, space exploration, diamond mining, and the supply chain sector, among others. The decentralized distributed ledger is widely considered to be an unchallenged remedy to corruption and fraud, especially in finance. Its central feature of immutability guarantees security and permanence to transactional data added to the blockchain network.
Recently, Malta has become a pioneer in providing a solid legal framework for blockchain companies by passing three laws (the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act) that will regulate distributed ledger technology (DLT). This visionary step has instilled a sense of confidence in foreign investors, the involvement of who will further the economic growth of the nation.