Blockchain Launches New Buy And Sell Features For US Consumers
Blockchain, the UK-based software platform for digital assets, announced last week that its buying and selling features are now available for US residents. The move, an important part of the company’s worldwide expansion plan, will enable Blockchain Wallet users from 22 states to sell bitcoin using the wallet interface.
Initially, users will only be able to sell from their bitcoin holdings until the “buy” option is also introduced a few days later. The company plans on extending the advantage of the buy and sell features to other cryptocurrencies like Ethereum’s ether and bitcoin cash in the near future.
The move holds significance considering that Blockchain happens to be one of the oldest and most popular brands in the cryptocurrency market. The company has more than registered 22 million accounts.
As per Blockchain chief executive Peter Smith’s estimate, nearly 30 to 40 percent of the company’s user-base is from the United States. On January 18, Blockchain announced that it entered an agreement with SFOX under which the latter will be tasked with “laying the groundwork for our Blockchain users in the U.S. to seamlessly buy and sell digital assets.”
“We are on a mission to build an open, accessible, and fair financial future, one piece of software at a time. This announcement brings us one step closer to realizing that mission by making the exchange of digital assets fast, easy, and inexpensive for millions of users across the US,” says Blockchain’s announcement.
Given Blockchain’s popularity and user-base in the US, the new move is destined to position the company as a serious challenger to the likes of Coinbase.
In a conversation with the CNBC regarding the partnership with SFOX, the company’s CEO Peter Smith expressed his optimism about the future of cryptoassets.
Explaining the decision to go with the “sell” option first, Smith said that it was made with the objective of carefully controlling the initial launch.
“If we are prioritizing short-term gains, we would prioritize buy, that is what most people have done. But it’s really time to make sure we nail that experience,” he added.
For further information on how to trade crypto assets using Blockchain’s built-in interface, users can visit the official US support page. The process is relatively simple and requires only a basic identity verification along with a bank account. Once the user links a bank account with their Blockchain wallet, SFOX will send two small deposits to the linked account to verify the authenticity of the information.
Upon successful completion of the verification process, the user will be able to sell their bitcoin holdings using the wallet.