Singapore-based AlphaBit Cryptocurrency Exchange has announced that it will be opening up a new office in Malta, a move aimed at cementing its presence in Europe.

Malta remains one of the most favorable destinations for blockchain and cryptocurrency companies owing to the many firms setting up their bases in the country. The move by AlphaBit follows a number of other exchanges planning to set up bases in the country including DQR, OKEx, and Binance. Earlier on, there were also announcements that a new cryptocurrency-based bank called Founders Bank will also begin its operations in Malta come 2019.

The new AlphaBit office in Malta will be the platform’s first step to expanding its coverage in the European cryptocurrency scene. It has been operating in Singapore since April, and currently ranks 11th globally when it comes to trading volume.

“We are delighted to announce the opening of our first expansion into Europe and our partnership with Delta Summit. Indeed, we look forward to working closely with the Government of Malta and to support its transition into a digital innovation Centre of excellence,”

said Calvin Cheng, the AlphaBit’s CEO.

Moreover, AlphaBit has agreed to be one of the official sponsors of a blockchain-focused summit to be held at St. Julian’s from October 3rd to 5th. The summit is being promoted vigorously by the government of Malta, with big names such as Tim Drapper expected to be among those who will address the delegates.

Malta Chamber of Commerce has been actively promoting cryptocurrencies and blockchain technology, something that’s evident with the many seminars it organizes led by Silvio Schembri, Digital Innovation and Finance’s junior minister.

Addressing one of the organized seminars, Silvio Schembri stated that the country became the very first word jurisdiction to provide a holistic approach to regulate blockchain technology.

“The establishment of the Malta Digital Innovation Authority will focus on innovative technology arrangements and their use cases. At initial stage, the Authority will only focus on DLT and related Smart Contracts. At the moment, the Authority is working on the rules and procedures to be issued for public consultation and gather the feedback of the industry,”

said Schembri.

Currently AlphaBit offers crypto trading with more than 50 virtual coins, with the base cryptos being ETH, BTC and USDT.

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