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ByteX, a Canadian headquarters CeDeFi Platform, Gains 1 Million Crypto Users From the insolventt GokuMarket, a European central stock exchange.
After the cryptocurrency market crash, GokuMarket found itself with the dark reality of insolvency and eventual bankruptcy. ByteX has lent a helping hand by providing an alternative solution that will ultimately protect and safeguard the interests of users.
Recent market conditions that have seen the downfall of several giants have also led to significant turbulence for GokuMarket. The decision to acquire the custodians of the users of the platform is for the purpose of safeguarding and protecting 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. Being a verified KYC platform with a compliant DeFi architecture, ByteX aims to bridge the best of both worlds and redefine crypto credit infrastructure with transparency.
The platform will soon offer zero-secured crypto loans to institutional and individual borrowers using a mix of machine learning-based credit rating systems that include several DeFi lending protocols such as Aave, Compound and Venus. as well as a traditional approval process. The goal is to address some of the prevalent issues in the existing lending-lending ecosystem, such as over-collateralization with crypto assets, which prevent many creditworthy borrowers from participating.
The unique DeFi protocol called “ZERO”, will overcome these barriers and provide a secure and transparent process for lending and borrowing to KYC verified users with NFT UIDs.
To enhance platform liquidity and provide users with a safe, live and stable environment, ByteX has partnered with OKX and Binance as liquidity partners, SumSub for KYC, Chainalysis for KYT with Phantom AML, Armanino for compliance and proof of funds, as well as Copper and BitGo for secure custody and Seracle for blockchain & Web3 infrastructure.
Robert Balazs, Co-Founder and CEO of ByteX, regarding the acquisition decision, said: “Our primary goal is to create stability based on ByteX’s guiding principles of trust, customer service, risk management and security. Unexpected challenges and financial difficulties arise in any business, but it is our duty to ensure that the decisions we make take into account these risks and that the products and services we offer provide a safety net should these conditions arise.”
“We have now started the fundraising process and are currently in talks with several venture capital firms to complete the creation of the ZERO protocol and take care of the GokuMarket shortfall.”
Through the enthusiasm and foresight of visionary cryptocurrency founders, cryptography has begun to revolutionize the entire financial system. The faith, hard work and persistence of many contributors has grown the industry to over $3 trillion at the top of the market. Despite the recent correction, ByteX’s founders believe that crypto is a new industry that has barely scratched the surface. Innovation and real-world cases will open it up paving the way for an exciting future as both retail and institutional adoption increases.
Contact info: info@bytex.io
Disclaimer: This is a paid post and should not be treated as news/advice.
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