Fintech company SpotOption, which is the provider of the most popular binary options platform, announced on Wednesday it intends to launch a blockchain-based solution, called SpotChain.
Considering the mind-blowing success of cryptocurrencies and decentralization trends in echnology and networks, SpotOption followed suit by introducing blockchain technology to their latest platform. According to the company, SpotChain is a peer to peer exchange focused on decentralization, offering traders smart contracts that automatically pay them out upon the meeting of set benchmarks for financial derivatives.
“Banks and governments are turning to blockchain technology to solve conflicts, and so shall we. This is the kind of real problem-solving technology that the industry has been waiting for,” said Pini Peter, founder of SpotOption. “SpotChain guarantees that the obligations of online operators will be automatically enforced, and this kind of irreplaceable trust between broker and trader will bring success and prosperity to the industry on a whole new, revolutionizing level,” he added.
Earlier this year the company upgraded its Spot5 platform with focus on automation, adding popular instruments such as CFDs and cryptocurrencies.
SpotOption was established in 2010. The company is headquartered in Israel and also has offices in Cyprus and Hong Kong. SpotOption, along with its market maker branch SpotOption Exchange, is regulated by the Cyprus Securities and Exchange Commission (CySEC). The company offers solutions for trading in One Touch, 60 Seconds, Option Builder, Algo Trading, Ladder binary options.
The company has more than 300 partners, holding about 65% of the binaries trading market in North America, Europe, Asia and the Middle East. SpotOption provides binary options trading technology to some of the largest brokerages in the online industry, such as Banc de Binary, Banc de Swisse, Itrader, OptionWeb, InteractiveOption, AAAFX, FXDD, RoboForex, etc.