Beaxy has launched a cryptocurrency exchange that attempts to leverage customization and efficiency features usually only found in traditional market offerings.
Forging Strategic Partnerships
Beaxy announced that it has partnered with OneMarketData, a leading provider of software solutions for the financial sector. Its trading technology powers some of the world’s largest stock markets and trading firms.
“Our partnership with OneMarketData helps us process transactions faster,” Beaxy CEO Artak Hamazaspyan told Bitcoin Magazine. “They power some of the largest stock markets in the world. NASDAQ can process 225,000 transactions per second. Our integration with their technology means Beaxy can process as much as 250,000 transactions per second.”
Why would a new crypto exchange like Beaxy require so much processing speed or a high-profile partner? For Beaxy, providing traders with a scalable, seamless trading functionality that has fully compliant security measures was crucial.
With OneMarketData, it can significantly minimize costs and run on a high-end matching engine recognized by institutional partners. According to Hamazaspyan, OneMarketData’s tech is hosted in the cloud, optimizing costs and scalability as it grows beyond its current capacity.
Slow but Steady Development
Beaxy was founded in 2017 by Hamazaspyan and CTO Mittal Patel. The duo have taken the platform from its humble beginnings to a robust workforce of 25 full-time employees, with a development team in Armenia.
Fresh off of an $8 million funding round raised in the bear market, Beaxy is on a mission to “bridge the gap between cryptocurrency enthusiasts and part-time speculators, to retail and institutional investors,” per a press release on the integration. The secured funding will now be used for U.S.-focused expansion, as well as integrating fiat deposits and withdrawals into its platform.
“Our implementation of OneMarketData’s OneTick technology has yielded impressive results, out-performing most engines in traditional financial markets and the cryptocurrency markets,” Hamazaspyan says in the release. “We’re looking forward to providing every trader out there with a one-stop shop solution that will significantly erase the barriers to alternative asset adoption.”
The exchange has gone through a two-year development phase, onboarding 60,000 preregistered users during that period. Postlaunch, Beaxy will target retail users, not institutions. The move is logical, as Beaxy’s still finding its feet and could struggle to convince legacy institutions to trade on its platform. Still, there are plans to launch an over-the-counter (OTC) trading desk before 2021.
For now, the exchange will be launching as a crypto-to-crypto exchange, but there are plans to offer fiat payment methods on the platform. This should be ready before December 2019, Hamazaspyan says.
The exchange will initially start with nine order types, including the usual market orders, limit orders, stop-loss limits and a multitude of others. In addition to these, users can run TradingView charting within the platform and manage multiple wallets per currency.
For a digital asset platform operating in the U.S., three key variables often determine success; know-your-customer (KYC) measures, anti-money laundering (AML) processes and the custody of assets.
Beaxy has partnered with SaaS company Mati for KYC and U.S.-based alternative asset custodian Kingdom Trust for AML.
Regarding KYC, Hamazaspyan told Bitcoin Magazine that “it’s a must to pass KYC to trade on Beaxy.”
Passing KYC on Beaxy is relatively straightforward. You register with your details, provide a form of identification, get verified and then you can start trading. For U.S. customers, a driver’s license is the only acceptable proof of ID. Using this ID, Beaxy can check the user’s registered state, a key criterion in determining whether Beaxy’s services are available for the user or not.
Beaxy handles the custody of crypto assets in-house with a series of multisig cold wallets. The exchange decided to operate and manage its custody solution for security and convenience. Hamazaspyan stated that the third-party custody providers currently available don’t support some of the tokens available on the platform, making it difficult to find a one-size-fits-all solution.
Beyond a multisig fund-storing wallet, Beaxy offers the standard bells and whistles for providing optimal security on a crypto exchange. These include two-factor authentication (2FA), Google Authenticator, UB keys, IP whitelisting and others.
Beaxy will operate in 43 states in the U.S. (with one notable exclusions being New York) through a money transmitting license it acquired with its partner, Kingdom Trust.
- Source: First Appeared Here
- Published Time: 2019-06-19 17:33:18
The views and opinions expressed in the article New Crypto Exchange Platform Launches With OneMarketData Integration do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
⚡️ Explore Our Cheap Efficient Cryptocurrency Advertising Services
We offer a variety of cryptocurrency advertising options including: Facebook posts, Twitter Tweets, Pinterest Pins, Web Banners, STO listings, Exchanges, Casino Banners, ICO listings, Article Links and Conference Landing Page Links!
Aren’t You Curious How’s Your Favorite Cryptocurrency Performing Today April 18, 2021?
Check out our price index page! Pick your favorite cryptocurrency to see its data; crypto prices, crypto market capitalization, trading pairs, buy or sell, analytics, charts, FIAT calculator, social media links, latest tweets and much more!
|#||Coin||Price||Price Graph (7D)|