By
Anisha Pandey
June 28th, 2024
Blocktrade has announced that it has been acquired by a group of “seasoned fintech investors from Estonia”, adding that it aims to grow exponentially with the help of the new investors.
Fred Kaasik has been confirmed as the new CEO of Blocktrade, a digital asset platform allowing seamless purchase and sale of virtual currencies, as per a press statement shared with Coinspeaker. Kaasik has over 20 years of experience in the finance sector and with consumer relations and “leads an accomplished team and investor group renowned for devising and implementing successful strategies across both traditional and emerging financial ecosystems, cryptocurrency mining, and regulatory compliance,” read the release.
Kaasik expressed his excitement on “guiding Blocktrade through the next expansion phase”, adding that the new management’s “expertise in traditional finance, capital markets, and compliance” will help the crypto firm achieve new heights and appeal to a user base.
“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,” said Kaasik.
Blocktrade is set to roll out a comprehensive two-phase strategy starting immediately. Initially, the plan involves adding more trading pairs, lowering transaction fees, enhancing the onboarding process, and gearing up for the impending MiCA regulations in Europe. On the other hand, the second phase will concentrate on merging current and future services with traditional finance systems. This includes expanding crypto payment options and investment products to offer real, tangible benefits to users.
Kaasik also added that in 2024, significant efforts will be directed towards developing crypto payment services, POS devices, and launching the Blocktrade credit card. The release further stated that Blocktrade will also focus on improving user experience and
“Blocktrade’s existing customers can expect a seamless transition, with continued access to their current services and the addition of new, enhanced features in the near future. The teams are dedicated to ensuring that this transition is smooth and beneficial for all stakeholders,” said Blocktrade.
About Blocktrade
Blocktrade was established in 2018 as a “state-of-the-art digital asset platform” and offers “a wide range of assets, a user-friendly interface, multiple payment options, saving plans, and exceptional customer support”. The platform works on transparency and has over 5,000 class-B shareholders.
The firm also complies with the EU standards and has secured registrations in key regions and is licensed as a virtual asset service provider (VASP) with the Estonian, Italian, and Slovenian regulators. Blocktrade offers full compliance with the EU Anti-Money Laundering (AML) Directives and MiCA regulation.
It is important to note that just a few hours ago, Blocktrade also announced its partnership with Brillion Finance via a post on social media platform X (previously known as Twitter). The partnership is focused on “providing valuable insights into potential WaaS (Wallet as a Service) solutions and facilitate new user acquisition channels for both projects.”
The chief executive of Brillion Finance, Nibras Stiebar-Bang, also took to X to express her excitement regarding the partnership as Blocktrade joins her firm as its new smart wallet partner.