It is time to add another name to the list of cryptocurrency exchanges available in the market. Chicago-based Beaxy launched yesterday with 60,000 pre-registered users and 26 crypto trading pairs. Users in 43 U.S. states and 185 countries can trade on Beaxy.
According to a press release, Beaxy has partnered with OneMarketData, a provider of trading technology services to the likes of NASDAQ, for the exchange. “Our implementation of OneMarketData’s OneTick technology has yielded impressive results, out-performing most engines in traditional financial markets and the cryptocurrency markets,” stated Artak Hamazaspyan, Beaxy CEO. Specifically, the exchange claims to have speeds of 225,000 per second per trading pair, “an order of magnitude faster than any other current digital asset exchange,” the release states. Kingdom Trust will be responsible for custody of Beaxy’s digital assets. Beaxy also announced that it had raised eight million dollars in its release.
The crypto exchange had to postpone its launch after a hack attack on an employee during the last week of May. The hack was a SIM attack, a type of attack in which perpetrators of the crime gain access to credentials and private information of an employee by taking control of his or her phone SIM through social engineering. Hamazaspyan said hackers were unable to steal useful information. In a Twitter note, he said the attack had “improved security” across their systems.
In a conversation with online publication The Block, Hamazaspyan said Beaxy intended to become a “full-service cryptocurrency trading platform”. This description includes offering traders the facility to trade on margin and futures trading. The exchange is “preparing” an application for permission to trade futures but Hamazaspyan discounted the possibility that CFTC would approve it quickly.