A $1.1 billion crypto exchange company called EliteGroup announced Monday it will launch a new cryptocurrency exchange company to take over trading on the $50 billion Bitcoin, Ethereum and Litecoin markets.
EliteGroup said the new company will be called CryptoX and will operate on the same technology and processes as its existing business, which includes the $1 trillion crypto-currency trading market.
CryptoX, like its existing Bitcoin exchange, will offer trading in cryptocurrencies, and it will have a separate trading platform that will allow traders to trade in other crypto-currencies and fiat currencies.
Elie Group chief executive officer Brian Johnson said he expects the new crypto-exchange company to have a “large percentage” of its trading and sales revenue coming from Bitcoin and other cryptocurrencies.
Cryptocurrency is a decentralized digital currency.
It is used to pay for goods and services and is not backed by any government or central bank.
It has become the hottest new asset class in the financial services industry.