Australian cryptocurrency exchange Blockbid has secured a licence from the country’s financial intelligence agency AUSTRAC.

Blockbid will allow users to trade with a variety of cryptocurrencies, for a fixed transaction fee of 0.1%.

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In the coming six to 12 months, the exchange will enable users to trade with at least seven fiat currencies. Moreover, it will also insure users against potential cyber attacks.

The authorisation of Blockbid comes close on the heels of the exchange’s beta launch, which is scheduled on 16 April 2018.

The exchange will initially be trialled with a limited number of users, who will be allowed to trade without using real currencies.  The trial will continue till users and developers are satisfied with the outcome.

Following the initial testing phase, the beta version of the exchange will be released to the public, with users allowed to trade Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, and Ripple; fiat currencies USD, AUD, JPY, Euro; and a variety of altcoins.

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The exchange is expected to have a full launch in 2019.

Blockbid COO David Sapper said: “Inline with Blockbid’s vision since launching in August, we are proud to announce that we are fully registered and approved with Australia’s regulatory financial oversight body AUSTRAC to operate as a digital currency exchange.

“Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well.”