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Swiss blockchain specialist Cryptix acquires digital asset exchange platform

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Swiss blockchain specialist Cryptix acquires digital asset exchange platform

Swiss blockchain service provider Cryptix AG said Aug. 27 that it completed the acquisition of Liechtenstein-based digital asset exchange platform Blocktrade.com.

Financial terms of the deal were not disclosed.

The Swiss firm also said Cryptix Group will apply for a license as an investment firm authorized in accordance with the second Markets in Financial Instruments Directive, or MiFID II, with which it will be able to operate as a multilateral trading facility. This will enable its partners to utilize Blocktrade's services without having to apply for their own licenses.

Cryptix aims to begin the license application by 2019-end.

"The additional funding will allow us to not only drive the development of our platform but also complete the licensing process," Blocktrade CEO Luka Gubo said.

Bernhard Koch, chairman of the board of directors of Cryptix, said the firm aims to offer new financial services to small and medium-sized enterprises and help them raise funds, in addition to the regulated trading of securities.

Both financial technology firms will work with the existing structure and features of the digital asset exchange and plan to increase their headcounts in the coming months. They have already started collaborating on an internal project that is in the development phase.

The acquisition will not affect services provided to Blocktrade's customers.