The exchange token sale is available globally, but US residents are excluded from the ICO. The reasons behind that were not revealed but may have to do with the SEC’s view of initial coin offerings as QuakeCoin could be interpreted as a security.
BlockQuake has announced a Zero Fees Crypto Trading promotional offer, part of the lifetime membership available for the first million purchasers of the platform’s native token, QuakeCoin (QUAKE).
The firm boasts more than 50 trading pairs consisting of top cryptos and fiats. The exchange plans to offer over 250 trading pairs by December 2022, signaling a rapid expansion of the product offering.
The trading platform will add Ripple (XRP), Cardano (ADA), Stellar Lumens (XLM), ChainLink (LINK), Bitcoin Cash (BCH), and USD Coin (USDC) to the existing crypto offering: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Tether (USDT).
As to fiat currencies, BlockQuake will continue to fully support the US Dollar (USD) and will add the Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), Australian Dollar (AUD) and Great British Pound (GBP).
BlockQuake is also working on enabling deposit and withdrawal capabilities for non-USD fiats and credit and debit card purchase options.
The New York-based cryptocurrency exchange is registered with FinCEN (US Financial Crimes Enforcement Network) and will re-launch the venue globally once it completes enhancements to the KYC flow and market-making services.
BlockQuake is currently pursuing its New York State BitLicense, and voluntarily undergoing an audit as scrutiny over the crypto ecosystem intensifies.
The firm is offering zero-commission trading up to $100,000 USD annually to those who purchase the exchange’s token, QuakeCoin. The token sale is expected to fund further scaling to include more fiat on & off ramps and additional trading pairs, as well as increased compliance efforts. The exchange intends to file for regulatory approval from FINTRAC in Canada, FCA in the UK, AUSTRAC in Australia, and FSA in Japan.
In addition, the funding is expected to help the firm expand the exchange to include a derivatives trading platform (futures & options), esports and gaming guild projects, and yield farming and staking.
Additional fiat currencies available on the exchange could include Mexican Peso (MXN), Brazilian Real (BRL), Korean Won (KRW), Nigerian Naira (NGN), Indian Rupee (INR), South African Rand (ZAR), United Arab Emirates Dirham (AED), Saudi Riyal (SAR), Qatari Rial (QAR), Vietnamese Dong (VND), and Chinese Yuan (CNY).
Antonio Brasse, CEO and Co-Founder of BlockQuake, said: “We want to reward the growing crypto trading community. Traders investing a minimum of $100 USD in QuakeCoin will enjoy free trading for life on the BlockQuake exchange. Anyone from any background can take advantage of this opportunity, from the retail person to family offices and institutions.
“We wanted to make this investment decision an easy one without factoring in any potential price appreciation of our token or any of the other perks. The QuakeCoin exchange token is similar in features to other well-known exchange tokens that have seen over 10,000+% market capitalization increases from their inception in some cases.”