On Friday, the US public company Riot submitted an application to the SEC Commission for renaming to RiotX. It will develop three main services: banking, shopping and digital wallet.
For more than 20 years, the company was engaged in biotechnology and was called Bioptix. Now she has shifted the focus to crypto mining. The SEC has sued RiotX for a sudden change in activity and a sharp rise in stock prices. During 2018 and 2019, the company changed the board of directors, starting with the resignation of the head of the company.
In a SEC statement issued on March 14, the company explains that the new exchange will become its subsidiary RiotX Holdings Inc. Bitcoin mining will remain the main focus.
The company said that for banking services RiotX will launch an API developed by the software provider SynapseFi. Users will be able to create accounts associated with accredited banking institutions in the United States, which will store and transfer both Fiat and cryptocurrency.
As for trading services, RiotX will work with software provider Shift Markets. This company previously worked with the Canadian Stock Exchange Coinsquare, with which it terminated the contract in 2018. RiotX now claims to have received approval in five US states.
