Beaxy Exchange Finally Launches
After fighting off a hacking attempt, Beaxy finally launched its exchange platform. Founded in 2017, the new exchange launched its platform in 2019 after going through a tough bear market. Nonetheless, it remained resilient and it’s now celebrating an operational platform.
More Exchange Options
Beaxy joins a long list of established players in the crypto exchange industry each trying to outdo each other.
With 60,000 pre-registered members, the new crypto exchange has a head start. It is currently offering crypto to crypto trading options only. The trading pairs currently available on Beaxy include popular coins such as ETH, BTC and EOS. Guidelines on the trading pairs are explained in detail here.
The entrance into the exchange market means that traders now have more exchanges to choose from, depending on their preferred trading services. Beaxy’s entrance into the market will help improve the quality of service traders get in the exchange market through healthy competition.
The existing and potential cryptocurrency market still doubts the authenticity of some of the services offered by crypto companies. This is expected considering the type of press cryptocurrency gets and comments from financial regulators concerning crypto operations. Cryptocurrencies are not yet fully accepted by the financial world.
Beaxy partnered with OneMarketData to solidify their credibility to their target market and regulators. OneMarketData software is well-known and trusted in the financial world. Its software is employed in tracking irregular or fraudulent activity within an exchange. Concerning OneMarketData, Hamazaspyan said:
“When we talked to government regulators they like it that we use tools from [OneMarketData] because they know each other. They have worked for decades together.”
The decision to partner with OneMarketData is a strategic one and will likely by advantageous in the long run.
Initial Hack Attempts Delayed Launch
Beaxy’s scheduled launch was postponed after a sim attack on one of its employees; this is according to a report by The Block quoting the CEO of the company, Hamazaspyan. He further stated:
“Our security practices have improved across the company as a result.”
It is clear that security is still a significant concern in the crypto industry. The financial damage caused by these practices hampers the growth and acceptance of crypto. Infiltration of several exchanges disrupted crypto activities and lost over $1.7 billion for the industry via theft. Therefore, Beaxy’s attempted breach was an eye-opener and arguably productive to the platform as it resulted in better overall security practices.
Learning from Beaxy’s experience, upcoming crypto companies are likely to employ stricter security system and practices to avoid a similar incidence.
In our effort to build Beaxy we went through the worst crypto bear market in history, and multiple attacks from various angles. We survived and improved. We’re proud of our journey 👍🏼 https://t.co/T13GCJCRAn
— Beaxy (@BeaxyExchange) June 11, 2019
To keep their members connected, Beaxy developed the Discord application where its users can exchange messages freely. The application creates an opportunity for Beaxy to establish an active user base and community. With over 4,000 members connected, it seems the idea is taking shape.
Having secured funding worth $ 8 million, Beaxy plans to expand its operations in the U.S and Europe. There is stiff competition in the exchange industry and without a global presence; Beaxy may find itself lagging. Therefore, expanding and establishing a global presence is crucial for its success.
Currently, the platform is only carrying out crypto to crypto trading. However, through its expansion, a fiat trading option will be integrated.
Beaxy is now operational and has an uphill task proving its relevance in the crypto exchange industry.