April 18, 2024

Bitfinex Securities, a blockchain-based investment services provider, has released a statement concerning its recent expansion to Kazakhstan. To increase its foothold in the international cryptocurrency community, it has introduced the trading of cryptocurrency on BMN (Blockstream Mining Note).

The investment company, which operates as a licensed investment exchange in AIFC (Astana International Finance Center), stated that the recently released product would provide certified investors accessibility to BTC mining.

Bitfinex Securities intends to introduce revolutionary blockchain-based solutions in order to cut costs and boost efficiency in the investing sector. Paolo Ardoino, the Chief Technology Officer of the firm, revealed in a recent interview with Cointelegraph that Bitfinex Securities operates from an excluded economic region in Kazakhstan. The region has a separate judicial system that allows it to carry out mining activities in the area. This special region is due to the recent legislation in the country that has limited the power supply to mining companies.

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The Launch Of BMN Token

“We’re thrilled to start operation for the BMN token that will be used for trading. BMN exemplifies the sort of innovative, disruptive financial technology that will thrive on our trading platform,” Ardoino added.

Bitfinex has seen a rise in the demand for its exchange services as the global usage of digital assets has grown. The firm intends to promote the acceptance of tokenized products within a regulated environment. The BMN token is now live on the trading platform for users.

Blockstream Mining Note

“Authorized investors can capitalize on the growing potential in the Bitcoin community using BMN,” noted the Co-founder of Blockstream, Adam Back.

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“By encapsulating mining in a trading token, BMN offers investors a far more competitive instrument. This token has more value than a conventional investment in the existing mining technology, where investors have historically witnessed high speculative prices on public mining equities way beyond asset value. Increasing the involvement of the investor in BTC’s proof-of-work protocol will help the BMN to improve the security of Bitcoin and its resilience to censorship,” Back stated. He went on to add, “BMN benefits investors while simultaneously benefiting the larger bitcoin network.” BMN may be purchased using Bitcoin or US dollars. Traders will see the “BMN/USD” or “BMN/BTC” option on the platform. 

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Bitfinex has also released a version of the company’s website in Portuguese in order to better serve its clients in Portugal and remove the language barrier.

Kazakhstan used to be the home of several miners, but recent laws in the state have turned caused several investors to flee to neighboring countries where the regulations are more favorable. Power supply and environmental degradation are the major factors that changed the crypto climate in the country and turned people against crypto miners.

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