FinTech startup BFL has begun a bitcoin exchange service in Singapore, according to a report by the Wall Street Journal.
The startup said it has plans to offer trading on BFL’s Bitcoin exchange platform, the Bitcoin Exchange Market (BEM), which it plans to open by the end of the year.
BFL, which has a total market cap of around $300 million, currently serves as a virtual currency exchange platform for a number of bitcoin startups, including Coinbase, Circle and Bitfinex.
According to the report, BEM will offer a fully decentralized Bitcoin exchange.
BEM, like the BTC Exchange Market, is based on the Ethereum blockchain.
“BFL is pioneering the Bitcoin ecosystem and we are excited to bring a global platform to its members,” BFL CEO Mark Karpeles said in a statement.
The Bitcoin Exchange Marketplace (BEMS) is part of the BFL network and is currently limited to the United States and Hong Kong.
It will allow anyone in the United Kingdom and Australia to buy or sell Bitcoin on BEMS.
The BEMS is operated by Coinapult, which also operates the Bitcoin Cash (BCH) exchange, which was recently suspended in a massive hack.
The company also operates Bitcoin Baskets, an exchange for Bitcoin that offers a fixed exchange rate.
BEMS was launched in September 2017, and was recently named one of the top 10 exchange platforms in the world by Bloomberg.
The platform will be available to any member of the BeMS network by the time the exchange is fully operational.
Bail-in services for Bitcoin were also announced on BEM’s website.
BFA, which will be one of BFLs biggest partners in the Bitcoin exchange market, announced plans to launch a “virtual bank” on BEMs platform, BFA V. BFB, which is the parent company of BFCoin, said in an announcement that its plans to operate BEMS will begin by the middle of 2018.
The launch of BEMS comes amid the continued growth of the Bitcoin community.
The BFL exchange market was the second largest in the global cryptocurrency market in 2019, and is growing at an exponential rate.
Bitcoin Cash, which launched on January 11, surpassed BTC in market cap to reach $919 million.
Coinapult has said that it will be building out a full-service Bitcoin exchange service for members of its BFI network by early 2020.
The market is expected to grow to $1 billion by 2020.