Magnr

Magnr
Type of site
 Private
Headquarters London
Area served Worldwide
Founder(s) Joseph Lee
James Turner
Colin Kwan
Sergio Rodriguez
Kwok Man
CEO Colin Kwan
Products Bitcoin, Margin Trading, Derivative Trading, Wealth Management
Website Magnr
Launched July, 2015

Magnr is a multinational company that engages in bitcoin trading and wealth management for digital currencies. The company operates across two verticals offering a bitcoin leveraged trading platform for retail traders and a bitcoin interest bearing savings account.[1] It was founded in 2015 and is headquartered in London's Silicon Roundabout, the origin of its trading platform dates back to 2013 when the company operated as Btc.sx. At the time ZDNet reported Btc.sx to be one of the first bitcoin companies that voided the necessity of all other currencies other than Bitcoin.[2] The company was launched from Old Street, London and is run by CEO Colin Kwan a former Deutsche Bank VP. The founding team includes veterans with experience from Barclays, eBay and Jaguar Land Rover they are Joseph Lee, James Turner, Sergio Rodriguez and Kwok Man.[3]

Reception

Following the Mt. Gox collapse, Magnr diversified its counterparty risk by integrating with three new exchange partners Bitstamp, itBit and Bitfinex now placing its orders out to market.The trading platform announced in March 2014 the brokerage of over $40m in transactions.[4]

Capital investments

In April 2014, Magnr, then known as Btc.sx received 500 bitcoins from the seed accelerator, SeedCoin in its first fund raising round.[5] The company has received a total of US$0.45 million investment as a result of an initial capital injection and its equity fundraising activities.[6]

Regulation

Magnr operates in a climate of regulatory uncertainty with few compliance procedures enforced to provide protection to its clients globally. The New York State Department of Financial Services who is overseen by Superintendent Benjamin Lawsky hopes to be the first regulatory body to provide a full framework for virtual currency businesses.[7]

In the UK legislative plans have been announced by HM Treasury to seek the views of digital currency businesses.[8] This led to the government issuing a statement responding to a call for information on how to regulate the industry in the UK.[9]

References

  1. ↑ Blatchford, Josh (2015-06-17). "Magnr Launches World's First Blockchain Based Bitcoin Savings Accounts". PR Newswire.
  2. ↑ Lee, Michael (2013-08-22). "Startup opens Bitcoin-only margin trading platform". ZDNet.
  3. ↑ "Meet the founding team behind Magnr". Magnr. Retrieved 2015-12-18.
  4. ↑ Bradbury, Danny (2014-05-12). "Bitcoin Derivatives Platform BTC.SX Resumes Trading After Mt Gox-Induced Freeze". CoinDesk.
  5. ↑ Bradbury, Danny (2014-04-01). "Trading Site BTC.SX Receives 500 Bitcoins in Seedcoin Funding Round". CoinDesk.
  6. ↑ Lee, Michael (2013-08-22). "Startup opens Bitcoin-only margin trading platform". ZDNet.
  7. ↑ "NY DFS Releases Proposed Bitlicense Regulatory Framework For Virtual Currency Firms". New York State Department of Financial Services. Retrieved 2014-08-20.
  8. ↑ Ian Wong, Joon (2015-03-18). "UK's Plans to Regulate Bitcoin Revealed in Treasury Report". CoinDesk.
  9. ↑ "HM Treasury Digital currencies response to the call for information" (PDF). HM Treasury. Retrieved 2015-12-18.
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