25 November 2020

We are pleased to give this update from an announcement made today by Block Trade Exchange Limited (“BTX”) to provide more details on the workings of the Exchange and the proposed commencement date.

A spokesperson from BTX today said, “The Exchange project has been a very challenging and rewarding one with BTX built to be accessible through the Qoin wallet, creating a unique, bespoke product. We are happy with the progress of the development and are pleased to confirm that BTX should be open for trading in the week commencing 30 November 2020. BTX will make a further announcement soon as to the exact time of opening.”

Tony Wiese, Governor of the Qoin Association commented, “There has been so much achieved in such a short time. The Association has seen the  Qoin community grow to over 25,000 wallet holders including 15,000 validated merchants. After launching in Australia and New Zealand we have seen so many merchants and consumers already grasp the value of Qoin as a utility currency and transacting within the community. The development of the BTX exchange over the past 6 months has been a wonderful project and the Association is confident that it will present a great user experience for all who visit.”

A brief summary of the key information announced is:

  • BTX will be accessible by pressing the “Exchange” button in the Qoin Wallet
  • BTX “Users” that want to trade Qoin will select the Buy or Sell button and complete the AUSTRAC required KYC (Know Your Customer) and AML (Anti Money Laundering)
  • Buyers and Sellers may be limited to a maximum number of blocks or block sizes in a 24 hour period based on supply and demand volumes
  • The daily Buy and Sell prices will be determined based on supply and demand for Qoin
  • The average Qoin price will be stated as the average between the Buy and Sell price at any given time
  • BTX may provide an OTC (Over The Counter ) trading desk service for larger trades exceeding $50,000 blocks
  • Buyers and Sellers will be settled their Qoin or Cash within 2 to 3 business days of receipt into BTX escrow accounts
  • BTX Users will be able to view their private BTX accounts including Buy and Sell transactions
  • A more comprehensive BTX fact sheet is attached here for your convenience