Financial services provider Somexbit has announced plans to expand into emerging markets. In particular, the company intends to support local crypto-exchanges and then split the profit 50/50.
For example, a South African exchange is set to launch as early as May and will be one of 150 platforms under the Somexbit Cloud program.
“We will help them increase their trading volume and expand our business as the market matures,” the Somexbit chief commercial officer explained Somexbit motivation.
He added that about 80 trading platforms are now in line to participate in the new program.
Such a partnership could also help reduce the regulatory risks of Somexbit’s presence in emerging markets, which require local knowledge.
It should be noted that such markets do not yet have such strict regulation of cryptocurrency companies or prejudiced attitude of regulators to them, as in the European, American or Asian markets. For example, some experts emphasize that bitcoin trading is not banned in Nigeria, but that may soon change.