Cryptocurrency exchange and mining company, Bcause LLC, is about to launch its spot market.
In anticipation of the launch, the company has obtained money transmitter licenses in eight states. Also, 20 more applications are pending, said co-founder and chief marketing officer Thomas Flake.
The first set of states where Bcause will be available are Illinois, Virginia, Washington and Texas.
The company has also applied for New York’s BitLicense. But, the team doesn’t expect to launch in the state of New York any time soon as the process may take up to two years, Flake added.
Bcause is registered as a money services business with the Financial Crimes Enforcement Network (FinCEN).
Earlier this year, the firm announced that it would be using Nasdaq’s matching engine, clearing and market surveillance tech when it launches trading.
Bcause also has plans to engage a one-stop shop for crypto mining and trading, this would also include derivative contracts.
It would also be applied to the Commodity Futures Trading Commission (CFTC) to become a registered designated contracts market and a designated clearing organization. These plans are expected to take some time, so the futures market will be launched later.
Bcause’s Chief Financial Officer
The company took advantage of the Prairie State’s substantial history in the derivatives market, as well as a good pool of talent.
In December, George Sladoje was quietly hired. Sladoje is a former executive vice president of the Chicago Board of Trade and Chicago Stock Exchange. He was later the COO of a Nasdaq subsidiary, OMX Commodities Clearing Company. Sladoje is now Bcause’s chief financial officer.