PRESS RELEASE. Vancouver, Canada – August 4, 2022 – ByteXCanadian-headquartered CeDeFi platform acquires 1 million cryptocurrency users from insolvent European centralized exchange GokuMarket.
After the collapse of the cryptocurrency market, GokuMarket faced the harsh reality of insolvency and eventual bankruptcy. ByteX extended a helping hand by providing an alternative solution that would ultimately protect the interests of users.
The recent market conditions that caused several giants to fall have also resulted in significant turmoil for GokuMarket. The decision to acquire the platform’s custodial users is made with the intent to protect and protect the assets of GokuMarket as well as its customers.
ByteX is a licensed and regulated CeDeFi platform operating in Canada, the European Economic Area and India. As a proven KYC platform with DeFi compliant architecture, ByteX aims to combine the best of both worlds and redefine crypto lending infrastructure with transparency.
The platform will soon offer unsecured crypto loans to institutional and individual borrowers using a combination of machine learning-based credit scoring systems that span multiple DeFi lending protocols such as Aave, Compound, and Venus, as well as a traditional approval process. The goal is to address some of the common problems within the existing lending ecosystem, such as over-collateralization of crypto assets, which keeps many creditworthy borrowers from participating.
A unique DeFi protocol called “ZERO” will overcome these barriers and provide a safe and transparent process for verified KYC users with NFT UIDs to borrow and lend.
To enhance the liquidity of the platform and offer users a safe, vibrant and stable environment, ByteX has partnered with OKX and Binance as liquidity partners, SumSub for KYC, Chainalysis for KYT with Phantom AML, Armanino for matching and confirming funds, and Copper and BitGo for insured storage and Seracle for blockchain and Web3 infrastructure.
Robert Balazs, Co-Founder and CEO of ByteX, regarding the acquisition decision, stated: “Our main goal is to ensure stability based on ByteX’s guiding principles of trust, customer service, risk management and security. Unexpected problems and financial difficulties arise in any business, but it is our responsibility to ensure that the decisions we make take into account these risks, and that the products and services we offer provide insurance against such circumstances.”
“We have now begun the process of raising capital and are currently in talks with several venture capital firms to finalize our ZERO protocol and take care of the GokuMarket deficit.”
Thanks to the enthusiasm and foresight of the founders of the cryptocurrency, the cryptocurrency began to revolutionize the entire financial system. The faith, hard work and perseverance of many involved has allowed the industry to grow to over $3 trillion at its peak. Despite the recent fix, the founders of ByteX believe that cryptocurrency is a young industry that has barely touched the surface. Innovations and real-life use cases will pave the way for an exciting future as adoption grows in both retail and institutions.
Contact information: [email protected]
This is a press release. Readers should exercise due diligence before taking any action related to the advertised company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Credit : news.bitcoin.com