Vancouver, CA, Aug. 04, 2022 (GLOBE NEWSWIRE) — ByteX, a Canada-headquartered CeDeFi platform, is acquiring 1 million crypto users from insolvent GokuMarket, a European centralized exchange.
After the crypto market crash, GokuMarket found itself with the stark realities of insolvency and eventual bankruptcy. ByteX lent a helping hand by offering an alternative solution that would ultimately safeguard and protect users’ interests.
The recent market conditions that saw the fall of several giants also resulted in significant turbulence for GokuMarket. The decision to acquire the platform’s custodial users is with the intention of protecting and safeguarding GokuMarket’s assets, as well as its customers.
ByteX is a licensed and regulated CeDeFi platform operating in Canada, the European Economic Area and India. As a KYC verified platform with compliant DeFi architecture, ByteX aims to bridge the best of both worlds and redefine the crypto credit infrastructure with transparency.
The platform will soon offer zero-collateral 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 aim is to address some of the widespread problems within the existing lending-lending ecosystem, such as over-collateralisation with crypto-assets, which prevent many creditworthy borrowers from participating.
The unique DeFi protocol called “ZERO”, will overcome these barriers and provide a safe and transparent process for KYC verified users with NFT UID to borrow and borrow.
To improve platform liquidity and offer users a safe, vibrant and stable environment, ByteX has partnered with OKX and Binance as their 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 insured custody and Seracle for blockchain & Web3 infrastructure.
Regarding the acquisition decision, Robert Balazs, co-founder and CEO of ByteX, stated: “Our primary goal is to establish 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 these risks into account and that the products and services we offer provide a safety net should these circumstances arise.”
“We have now begun the process of raising capital and are currently in talks with several venture capital firms to complete the development of our ZERO protocol and to take care of the GokuMarket deficit.”
Through the enthusiasm and foresight of the founding cryptocurrency visionaries, crypto has begun to revolutionize the entire financial system. Faith, hard work and persistence from 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 young industry that has barely scratched the surface. Innovation and real-life use cases will pave the way for an exciting future, as both retail and institutional use increase.
Disclaimer: There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or other product or service in this article. This is not investment advice. Readers are encouraged to do their own research.
Contact information: Team Bytex, email: [email protected]
Company: Bytex
Location: Vancouver, Canada
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