On 16th August 2018, Bibox, a leading AI-enhanced digital asset trading platform, announced its acquisition of Chain Capital that owns Swiss VQF license. VQF itself is the largest cross-industry Self-Regulatory Organization (SRO) with the longest history that meets the standards established by the Financial Services Standards Association (FINMA). All the members of VQF also need to meet the most serious requirements in order to get a membership. Moreover, their membership means that all their operations are carried out in strict compliance with the Anti-Money Laundering Act in Switzerland. This acquisition enables Bibox to conduct digital currency business in Europe going forward.
Bibox was founded by Jeffery Lei, co-founder of OKCoin, and was officially launched in November 2017. Within a mere span of 6 months, Bibox has impressively climbed the ranks to become a Top-10 crypto exchange in the world in terms of transaction volume. Bibox has also established footprint across the world with operation centers in more than 10 countries and regions including Estonia, the United States, Switzerland, Singapore, Canada, China, Hong Kong, Japan and South Korea.
Bibox integrates AI technology into all aspects of its platform trading, carefully screening high-quality projects for users, and has received wide acclaim from both users and industry experts for its smooth trading experience and excellent customer service. As of August 2018, the number of Bibox users has exceeded 1 million. According to CoinMarketCap’s statistics, Bibox has a consistent average 24-hour trading volume of $200 million.
Bibox’s sponsor Jeffery Lei shared that the acquisition of Chain Capital in Switzerland will not only help Bibox to better develop its European business and serve more users, but also to provide more choices to its users hence greatly improving users’ convenience. At the same time, this acquisition also serves as an example to the rest of the industry to continually explore more opportunities to further develop their blockchain business as the industry grows towards maturity.
Chain Capital is headquartered in Zurich, Switzerland’s financial center, and is a digital asset fund management company. Just 2 months after its establishment in July 2017, Chain Capital received the first VQF license issued by Switzerland, which means that the company can engage in transactions of digital assets. This is of great significance to Bibox’s expansion of its global footprint and specifically European business.
“Attaining a license is an instrumental step in our global expansion. In the future, our main task at Bibox is to apply our technical knowledge accumulated in the blockchain field to other domains, and accelerate the development of blockchain technology.” Jeffery Lei exhibits great confidence in blockchain technology in terms of both its applications and development potential, and aims to invest even more funds and energy to aid the development of the blockchain industry. “I think this is the career I can invest my life in.”
Bibox’s feat of achieving its Top-10 ranking within half a year is a result of its co-founders’ years of technical knowledge and experience in the blockchain field. Technical expert Jeffery Lei, was the Marketing Operation Manager / Product Manager at Huawei, later co-founded OKCoin with Xu Mingxing, and also served as CEO of AI company Jixianyuan. Similarly, fellow Bibox co-founder Aries Wang, is the author of Crypto Economics, has gained many years of experience in the blockchain field and is based in North America.