Digitrade bitcoin asset exchange raises minimum trade value to $25,000
Digatrade, a publicly traded bitcoin exchange, and blockchain development services company today provided shareholders an update that it will no longer be providing online retail trading or liquidity services through its shared liquidity order-book with Hong Kong-based ANX Technologies. Notwithstanding, the Digatrade OTC Trade Desk launched in April 2017 will remain active for its institutional customers and accredited traders with a new minimum trade value of US$25,000.
As previously mentioned and currently on the Digatrade website dated October 1, 2018:
“Effective October 17, 2018, Digatrade will no longer be providing retail exchange trading services, retail customer fiat deposits or withdraws or any further retail live order-book trading or functionality. All Digatrade customers are required to withdraw their crypto-assets by the October 17, 2018 cut-off date. After October 17, 2018, the order-book will be disabled until further notice. In addition, no fiat withdraws are available effective immediately, please convert to crypto and withdraw before Oct 17, 2018.”
“The Digatrade OTC Trade Desk will remain active for its institutional customers and accredited traders with a new minimum trade value of US$25,000. The company’s shift away from the high administrative and compliance costs associated with operating a centralized coin exchange along with the low transaction volume has resulted in the decision.”
Digatrade reported they are currently evaluating and conducting due diligence on several acquisition targets within the Fintech sector and is hopeful that an event will materialize in the near future.
In addition, the update details that during fiscal 2017 and up to the Q3 reporting period ended September 30, 2018 funds raised via Convertible Promissory Notes “CPN” totaled approximately US$1.2m. All notes have a fixed interest rate ranging between 8%-12%, mature between 6-12 months and obtain a discount to market conversion terms and provisions agreed to by the parties.
In total, thirteen Notes were transacted amongst five third-party lenders who participated in funding the company. Of the thirteen Notes issued ten have been fully repaid and have a zero balance. The remaining 3 Notes that have achieved maturity, have a combined balance owing of approximately less than US$100,000.
It is anticipated that the remaining combined balance will be cleared from the company balance sheet during Q4 or sooner. Additional information will be provided as it materializes