Blockbid – Australia’s Melbourne-based Cryptocurrency Exchange has been approved by the Australian Transaction Reports and Analysis Centre (AUSTRAC) to officially perform its crypto-trading operations in the country.

Blockbid is the third only digital currency exchange to receive the license from AUSTRAC under the new regulations that arrived last week starting April 3, 2018. In the wake of increased cyber crime and attacks on crypto exchanges, Blockbid differentiates itself from its competing counterparts in the marketplace by providing them with insurance against cyber-attacks.

With the AUSTRAC license, it is guaranteed that Blockbid will abide by all the safety and transparency rules, as well as comply with all the newly introduced regulatory rules. Blockbid has received the AUSTRAC license even before the beta launch that is scheduled next week on April 16.

The launch of the platform will commence with five digital currencies –  Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), Litecoin (LTC), Ripple (XRP) – and four fiat currencies – AUD, EUR, USD, and JPY. More additional tokens will be introduced during the phase-2 of the beta launch.

However, before the beta version, the exchange will be launching another MVP beta version with a  limited number of users allowing them to trade in demo digital currencies. This will be a testing session that will continue until all the Blockbid developers and its user base get completely satisfied.

David Sapper, COO at Blockbid said: “Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.”