It’s no secret that digital currencies are garnering immense attention worldwide, with over 900 in existence at a total market cap of over $100 billion.
This growth pattern, however, has resulted in an increasingly fragmented and isolated ecosystem of currency exchanges, many of which find themselves restricted by language barriers and geographical borders.
The result? Price variations of as much as 10 percent between different global trading platforms.
Exchange Union, an online platform that improves the functionality, efficiency and service environment for digital currency traders, seeks to change this trajectory by reforming the whole digital currency market, serving as a bridge for digital currency exchanges globally.
Its aim is to deliver a point of integration among the many digital currency exchanges around the world, enabling cross-exchange trading, clearing, deposits and withdrawals between various digital currencies and assets.
A new trading token, known as Exchange Union Coin (XUC), will be used to drive this highly-efficient clearing house for exchanges, allowing traders to move funds seamlessly between platforms while enjoying price savings.
XUC will facilitate transactions across the exchange union chain, creating a consensus algorithm that reduces confirmation times to less than a second, removes transactional fees along the chain and ensures that transactions are not validated unless there is 80 percent consensus within the union.
Exchange Union has already captured the attention of key exchanges that support the circulation and wide acceptance of XUC for cross-platform trading.
Exchanges are not required to list a common set of cryptocurrencies in order to use XUC and can benefit from additional revenues and transaction fees.
This global project is being fueled by Huiyin Blockchain Venture, a firm that partners with innovative startups and entrepreneurs to help them grow and define the future of the blockchain.
Huiyin currently has $80 million in funds and over 20 portfolio companies around the world, including digital currency exchanges, blockchain initiatives and infrastructures.
Exchange Union is also partnered with Jinsheng Capital, one of the largest private equity management institutions in China, managing over $4 billion in assets.
“Our trading solution will provide essential infrastructure for the growing digital currency market,” said James Wo, founder of Exchange Union. “Bridging the gap between exchanges maximises the unique and decentralized nature of cryptocurrencies whilst delivering a fast, seamless experience for traders.
“Bridging the gap between exchanges maximises the unique and decentralized nature of cryptocurrencies whilst delivering a fast, seamless experience for traders.
Digital currency is sought for its universal portability and bringing exchanges into a union is an essential step for the industry to progress.”
The leadership team at Exchange Union is comprised of a group of experts collaborating across the highest levels of the financial and blockchain industry space.
Wo, who is also a board member of Purse and Ripio, is joined by Mikael Wang, the former CTO of BTCC and chief solutions architect of Ericsson; Terry Culver, vice dean for development at Columbia University School of International and Public Affairs; and William Hou, former vice president of AJ Securities, one of the first financial institutions in China.
Beginning on August 7, Exchange Union will offer XUC tokens to interested parties via a crowdsale. Funds raised from this campaign, which will be overseen by the ICO platform Token Market, will be utilized for technique development, strategic investment (acquisitions and subscriptions of digital currency exchanges, related shares and tokens), operational marketing and launch fees. Token sale participants will benefit from discounted trading fees as well as deals on credit and margin trading.
The initial coin offering (ICO) will begin at 9 a.m. Eastern Standard Time. Exchange Union can be contacted at firstname.lastname@example.org.