A new cryptocurrency exchange backed by some of Wall Street’s biggest players is seeking to dramatically reduce how much traders pay for digital assets. It plans to initially focus on a handful of tokens, including bitcoin (BTC), that its lawyers believe aren’t securities.
The firm is aiming to become a major player in the crypto market. It has already poured a lot of money into its venture and has secured the backing of some of the biggest exchanges in the world.
It is backed by some of the biggest exchanges in the world
Whether you’re a newbie or an experienced trader, it’s important to pick the right cryptocurrency exchange for you. Cryptocurrency exchanges, also known as Centralized Exchanges (CEXs), allow traders to buy, sell and transfer cryptocurrencies like Bitcoin.
Aside from providing a convenient way to trade, global crypto exchanges also adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to ensure you are dealing with a legitimate business. These rules are designed to prevent fraud and protect the interests of users and the market as a whole.
OKex, one of the biggest exchanges in China, is backed by significant capital and is keen to build an international trading platform. This includes offering a professional trading platform with the features and formats normally found on financial exchanges in traditional markets. It also has a low trading fee, which should appeal to more experienced traders.
It is a stable coin
Stablecoins are a popular way to store and trade value in the crypto ecosystem. They offer the advantages of cryptocurrencies, including instant transfers and low fees, without the volatility.
They are typically pegged to a currency or another asset, such as gold, which provides a safe place to park money and reduces the risk of losing money on wild swings in the price. This can be achieved using a variety of mechanisms, from maintaining a pool of reserve assets as collateral to controlling supply via an algorithmic process.
In addition to traditional fiat-backed stablecoins, there are also crypto-backed stablecoins, which are issued with cryptocurrencies as collateral. They are conceptually similar to fiat-backed stablecoins, but they operate on the blockchain and use smart contracts instead of traditional collateralization. These algorithms are used to control the supply of stablecoins and stabilize their prices. This makes them more appealing to institutional investors, who like the idea of a stable coin that trades at a fixed price rather than fluctuating in value.
It is a multi-chain platform
An ambitious new cryptocurrency exchange https://www.bybit.com/en-US/ is a multi-chain platform that aims to create a seamless interoperability for decentralized assets. The company explains that it has developed a unique two-step security system that generates cryptographic zero-knowledge proofs to ensure the authenticity of transactions on connected chains.
This is a first-of-its-kind ‘checks and balances’ approach, which makes sure that no single party controls asset security. It also ensures that the details of each transaction are private.
The first step of the security process uses cryptographic zero-knowledge proofs to verify that a ‘final root’ is generated on each connected chain. The second step involves an independent network of oracles who judge the consistency of these ‘final roots’, giving users peace of mind.
The company has raised over a billion dollars in capital so far, and it plans to hold a private sale soon to add more capital. The team consists of experts with experience in cybersecurity, cloud computing, and cryptography.
It is a platform for third-party development
The best way to make the most of your nifty new fintech is to let others do the heavy lifting. Using a team of experts will ensure you end up with a well-engineered platform that will serve you and your customers for years to come. The best part is you will be able to choose which technology stacks you want to incorporate into your platform of choice. It is not uncommon to find companies offering a full stack of development services – from web to mobile and everything in between.