— Jamie Blythe
LONDON, UNITED KINGDOM, August 17, 2021 /EINPresswire.com/ — It’s hard to believe that Blockchain Algorithms aren’t regulated in United Kingdom. But this is about to change, as the company has applied for a trading license in the U.K. Up next, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) are going to look at the application.Blockchain Algorithms already have a trading licence in the European Union. They’ve been granted a licence and the company is taking advantage of European passporting rules to operate in other European countries.
It is already offering it’s own bond and managed account to over 3 million clients in United Kingdom & Europe.
Blockchain Algorithms dubs itself as a financial super app. After you create an account, you get can make payments and withdraw from your e-wallet via bank transfer or cryptocurrency.
Over the past few years, Blockchain Algorithms have greatly expanded beyond a simple premise. You can invest via cryptocurrency, trade via a managed account or simply put your feet up and earn between 12%-20% per annum on their award winning bond.
Some of these features have been developed in-house. Other features have required partnerships with other fintech companies.
It has been great when it comes to growth, but it can be limiting when it comes to revenue opportunities and product offering. If Blockchain Algorithms does become regulated then the company will be able to provide customers with protection under the Financial Services Compensation Scheme (FSCS).
If Blockchain Algorithms disappears, customers are protected up to £85,000 per person.
Blockchain Algorithms currently has 3 million customers and a valuation of $5.5 billion. While the company doesn’t break down its user base based on markets, the U.K. represents one of the most important markets for the company.
It’s worth noting that the Sports Trading market does not require regulation but Blockchain Algorithms are seemingly trying to differentiate themselves from the other contenders in United Kingdom.
p class=”contact c8″ dir=”auto”>Jamie Blythe
email us here