Cryptocurrency exchange Blocktrade announced its acquisition by fintech investors based in Estonia.
“The acquisition represents an opportunity for us to help Blocktrade expand its offering and innovate at a faster pace,” said Fred Kaasik, CEO of Blocktrade, to MPost. “We are confident about the potential this partnership holds for Blocktrade’s future,” he added.
Fred Kaasik leads a skilled team and investor group known for developing and executing effective strategies in traditional and emerging financial ecosystems, cryptocurrency mining, and regulatory compliance.
Under the new leadership, Blocktrade aims to transform into a user-friendly modern financial hub serving both B2B and B2C customers. This evolution reflects Blocktrade’s dedication to delivering sustained value and services to its clients, shareholders, and partners. Additionally, the expertise and resources brought by the new investor group will empower Blocktrade to improve and broaden its services, offering comprehensive financial solutions and fostering a dynamic environment for businesses and consumers.
“We are excited to be part of the journey and take the lead on guiding Blocktrade through the next expansion phase. By leveraging our expertise in traditional finance, capital markets, and compliance, we will execute our vision to shape the company into a modern financial institution,” said Fred Kaasik in a written statement.
Fred Kaasik Intends to implement a two-stage strategy with immediate effect. The first part will introduce more trading pairs, reduce fees, improve onboarding efficiency, and prepare for the upcoming MiCA regulations. The second stage will focus on integrating existing and upcoming services with traditional finance, including cryptocurrency payments and investing products, to deliver tangible user value. Cryptocurrency payment services and POS devices, along with the Blocktrade credit card, will be a significant focus for the team in 2024, he noted.
Blocktrade’s current customers can anticipate a smooth transition, maintaining ongoing access to their current services while also gaining access to new and improved features in the coming months. The teams are committed to ensuring that this transition is seamless and advantageous for all stakeholders involved.
Blocktrade Eyes Expansion And Enhanced User Experience Following Acquisition
Founded in 2018, Blocktrade represents an advanced digital asset platform designed for effortless trading of various cryptocurrencies. It boasts a diverse array of assets, a user-friendly interface, a variety of payment options, savings plans, and advanced customer support.
With more than 5,000 class-B shareholders, it adheres to European Union standards and is registered as a virtual asset service provider (VASP) with regulators in Estonia, Italy, and Slovenia. Furthermore, it operates fully compliant with European Union Anti-Money Laundering Directives and MiCA regulations.
Expressing enthusiasm about the acquisition, Christian Niedermüller, the former CEO of Blocktrade, highlighted: “We developed Blocktrade from a pretty average platform into a top-notch market standard platform with lots of special features in the last 2.5 years, which has led to significant user growth. Security, regulatory compliance, and the convenience of navigating the platform improved significantly. The ownership change now is another chance for Blocktrade, its investors, and customers to develop Blocktrade even further. Expertise and resources from the new leadership will undoubtedly enhance our platform, and I am confident this acquisition will lead to even greater innovation and an improved user experience for all our users.”
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