Amsterdam-based cryptocurrency exchangeBlockporthas just released the public beta of its platform, now allowing users in Europe to buy, sell and trade five cryptocurrencies including Bitcoin, Ethereum, and Litecoin, against the EUR. The startup is already planning to enter the US market and compete against the market leader Coinbase, Blockport said on Thursday.
“Given the rapid growth of Blockport and high demand from the US market for an alternative to the largest cryptocurrency exchange Coinbase, the company is planning to expand its European operations to the US,” Blockport said.
In the six years since its founding, San Francisco-based exchange Coinbase has established itself as one of the largest cryptocurrency trading platforms in the country, but in recent months, the US leader has been under heavy criticism by its users.
134 pages of complaints filed to the Securities and Exchange Commission and the California Department of Business Oversightobtained by Mashabledrew the picture of a company overwhelmed by and unprepared for its own success.
Blockport claims more than half a million of crypto-traders, among which 20% located in the US. In the coming months, new features will be added to the platform including USD pairs, social trading features and more cryptocurrencies.
Sebastiaan Lichter, founder and chief of products at Blockport, said that interest in cryptocurrency trading was particular strong in the US but the market was still lacking a user-friendly solution that appeals to newcomers.
An Ethereum-based (ERC20) token, the Blockport token acts as a functional token for users to pay for additional services and discounted trading fees on the Blockport platform. Blockport raised EUR 14 million in its token sale earlier this year to fund the development of its platform and ecosystem.
The US cryptocurrency trading industry is getting more and more crowded as an increasing number of domestic and foreign players are entering the market to challenge the country’s well-established platform operators including Gemini and Coinbase.
Robinhood, an American stock brokerage that allows customers to buy and sell US-listed stocks and ETFs with zero commission, recently launched its free cryptocurrency trading offering called Robinhood Crypto.