Prominent cryptocurrency trader hit by 'perfect storm'

A leading local crypto currency trading platform, BitPrime, says a "perfect storm" has hit its finances, forcing it to put a halt on operations.

The firm is a crypto retailer with its own stock of assets, such as BitCoin, that customers are sent after they have been purchased.

But BitPrime chief executive Ross Carter-Brown told RNZ its trading capital had come under pressure due to a fall in business, rising costs and volatile markets - which prompted its liquidity provider to reduce support.

He said deficits had not been a problem when it first started because it was a growth company, and had been looking to raise new investment before the current problems.

Carter-Brown said when he woke up this morning he thought there was a 30 percent chance the company would survive but the situation had now improved.

"There's been a number of conversations and negotiations that have happened throughout the day and I am now more at 80 percent."

Leave a Comment