A publicly traded company called Riot Blockchain have reportedly filed with the SEC (Securities and Exchanges Commission) in order to launch a brand new regulated curptocurrency exchange that will be traded under the name RiotX.
It’s expected the currency will be ready by the summer of 2019
The company declares in the filing that its subsidiary, RiotX Holdings Inc, would operate the new exchange. Furthermore, the exchange’s banking services would be handled by an Application Programming Interface (API) created by software company SynapseFi.
The use of exchange in the U.S. is open to most States, however it is restricted from Wyoming and Hawaii.
It’s reported that all RiotX users will have the option to create an account connected to accredited banking institutions in the U.S. whilst having the option to transfer and hold fiat and cryptocurrencies.
Their software provider are a team of FinTech electronic trading specialists based in New York City who go by the name of Shift Markets.
The API will also track the location and identity of users “in order to prevent fraud and improper use of its RiotX exchange”, as explained by the company. This includes the use of the service in U.S. states where crypto exchanges are not legalized, which points to a restricted range of customers to begin with.