Globitex Subsidiary NexPay UAB Receives E-Money License

ICO News, Regulation | November 24, 2017 By:

NexPay UAB, a subsidiary of UK-based bitcoin exchange platform Globitex, has received an Authorised Electronic Money Institution (EMI) license form the Central Bank of Lithuania.

The EMI license, which is fully ‘passportable’ to all other European Union member states, will allow the company to enable cash placement and withdrawals, execute both secured and unsecured payment transactions, issue payment instruments and acquire payment transactions across all 28 EU countries.

The license will also enable NexPay UAB to integrate the SEPA (Single Euro Payments Area) euro payments system directly through the Central Bank of Lithuania. This will allow the company to clear euro payments directly, without the involvement of commercial banks, and to issue IBAN (International Bank Account Number) accounts to Globitex clients just like banks issue accounts to clients.

“I look forward to this evolution of digital currency trading platforms that ensure futures contracts with a physical delivery component,” said Globitex chairman and founding director of Bitcoin Foundation, Jon Matonis. “Strong connection to the spot markets, including contract limits and physical delivery that is linked to provisioned commodities, will serve as the market standard for price integrity.”

Globitex is a professional bitcoin marketplace that aims to fill the need for institutional grade exchange platform with advanced IT solutions, suitable for both individual and institutional bitcoin market participants. The company is holding an initial coin offering of its GBX utility token, which will be used to pay trading fees and reward exchange users and liquidity providers. The funds from the ICO will be used to scale its existing exchange infrastructure into a commodities spot and derivatives exchange for bitcoin.