Blockstream Shakes Hand With Sevenlabs To Debut Decentralized Bitcoin Exchange
- Sevenlabs has recently joined hands with Poseidon Group to launch Switzerland’s first decentralized security token exchange for Bitcoin called XDEX.
- The new exchange will support digital assets within the Bitcoin ecosystem, allowing peer-to-peer trading, as per a press release.
Canada-based Adam Back’s blockchain technology company Blockstream and Bitcoin infrastructure service provider Sevenlabs has recently joined hands with Poseidon Group to launch Switzerland’s first decentralized security token exchange for Bitcoin called XDEX.
According to a recent press release, the new exchange will support digital assets within the Bitcoin ecosystem, allowing peer-to-peer trading. With this feature, the partnership aims to remove intermediaries from the transaction. XDEX General Counsel Lars Schlichting commented on the new launch by stating:
“The use of P2P infrastructure by current financial markets is inevitable.”
The new Bitcoin exchange’s launch is a milestone “during this transition to a more decentralized financial system made possible by Bitcoin,” according to Schlichting, who believes that it will “pave the way for other financial institutions and trading venues to evolve.”
Blockstream will provide access to the Liquid Network, which is a layer-two application that is used to scale Bitcoin. This will enable the trade of assets like bitcoin, Euro and Swiss Franc stablecoins, and other assets that are based on the Liquid protocol. At the time of launch, which is anticipated to occur in the fourth quarter of 2022, users will have the ability to trade Blockstream Mining Notes in addition to the Infinite Fleet equity token.
Blockstream will also be offering access to the Blockstream Asset Management Platform (AMP), which makes it possible to manage programmable assets on the Liquid Network, as per the statement.
Adam Back, renowned cryptographer and CEO of the company, said that “by leveraging the Blockstream Asset Management Platform AMP, TDEX’s decentralized protocol, and Liquid’s confidential transactions and speed, XDEX forms a full stack of Bitcoin technology that is a blueprint for future securities exchanges and leads to the further reformation of the traditional capital markets and disintermediation.”
Additionally, users will have constant transparent access to XDEX thanks to the joint venture’s adoption of the TDEX open source protocol, which Sevenlabs will oversee.
Initially, XDEX will debut as a mobile application on both Android and IOS; however, the team has plans to establish a web-based platform in the not-too-distant future, which will likely support a greater number of assets.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
