A former biotech firm that turned into a bitcoin mining company, Riot Blockchain, is planning to launch into something better – a cryptocurrency exchange company that is legally regulated. It is planning to do this by the second quarter of 2019 or by June 30. Currently, the company has invested a total of $250,000 that should make this happen.
Since March 2018, Riot Blockchain has hinted on launching a regulated cryptocurrency exchange. In fact, according to information from CCN, Riot Blockchain was a biotech firm named Bioptix before it decided to become a bitcoin-mining company. When the bitcoin price reached $20,000 in October 2017, Bioptix shifted its operations. It went from the manufacture of diagnostic machinery intended for use in the biotechnology industry to bitcoin mining.
Mining to Exchange
As it transformed into a bitcoin mining company, Riot Blockchain has since cultivated and nurtured the Bitcoin dream. Now, on March 14, Riot Blockchain filed its permit with the Securities and Exchange Commission. Its subsidiary called RiotX Holdings would be in charge of the exchange operations. Along with software developer Shift Markets, RiotX will handle all exchanges. RiotX is expected to go live in 2019, and Riot Blockchain believes it will reach $2 million in terms of operational budget.
Riot Blockchain is hoping to open its cryptocurrency exchange service to all American customers in 50 U.S. states except Wyoming and Hawaii. In fact, in order for this Colorado-based company to meet its June 30 deadline, it is hiring new employees while revising its procedures in order to comply with regulations. However, if the company turns out to be unsuccessful with RiotX, then it risks losing almost all of its capital. Nonetheless, it is a gamble that Riot CEO John O’Rourke is willing to take.