Blockforia, a Bulgarian cryptocurrency exchange, has announced the launch of its platform, Blockforia.com. The exchange will initially accept customers from selected EU jurisdictions, with plans to expand to additional regions in 2023. While the company will continue to be based in Bulgaria, it aims to reach a global audience.
Blockforia will require all new customers to undergo KYC and AML procedures. The main markets for the exchange are the EU, Canada, and certain parts of Asia. In addition to supporting major credit and debit cards, Blockforia also offers free crypto wallets to its users.
One unique feature of Blockforia is its use of official e-ID solutions for KYC, which allows users from supported jurisdictions to set up an account and start trading Bitcoin within five minutes. The exchange ensures the security of user funds by holding them in safeguarded hot and cold wallets on a 1-to-1 basis.
Although Bitcoin has been a popular topic in the financial world for over a decade, its value has been highly volatile. On January 8, 2021, Bitcoin reached a new high of $42,000, but its value has since dropped to around $17,000. Despite this volatility, exchanges like Blockforia can benefit from the frenzy of trading that often surrounds the cryptocurrency.
