Vancouver, Canada, Aug. 4, 2022 — Bytex, a Canadian headquartered centralized decentralized exchange (CeDeFi) platform, has acquired 1 million crypto users from the insolvent GokuMarket, a European centralized exchange.
Following the crypto market crash, GokuMarket found itself with the stark realities of insolvency and ultimate bankruptcy. Bytex extended a helping hand by providing an alternative solution that would ultimately safeguard and protect users’ interests.
Recent market conditions, which also saw the fall of several giants, resulted in considerable turbulence for GokuMarket. The decision to acquire the platform’s custodial users was with the intention to safeguard and protect GokuMarket assets as well as its customers.
Bytex is a licensed, regulated CeDeFi platform operating in Canada, the European Economic Area and India. As a Know Your Customer (KYC) verified platform with compliant decentralized finance (DeFi) architecture, Bytex aims to bridge the best of both worlds and redefine the crypto credit infrastructure with transparency.
The platform will soon be offering zero-collateral crypto loans to institutional and individual borrowers using a blend of machine learning-based credit rating systems that encompass 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 prevalent issues within the existing lending-borrowing ecosystem, such as over-collateralization with crypto assets, which keeps a lot of credit-worthy 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 nonfungible token unique identifiers to borrow and lend.
To enhance the platform’s liquidity and offer users a safe, vibrant and stable environment, Bytex has partnered with OKX and Binance as liquidity partners, Sumsub for KYC, Chainalysis for Know Your Transaction authentication, Phantom for Anti-Money Laundering, Armanino for compliance and proof of funds, Copper and BitGo for insured custody and Seracle for blockchain and Web3 infrastructure.
Robert Balazs, co-founder and CEO of Bytex, regarding the acquisition decision, 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 do arise in any business, but it is our duty to ensure that the decisions we make account for these risks and that the products and services we offer provide a safety net in the event that these circumstances arise.
“We have now begun the process of raising capital and are currently in talks with several venture capital firms to finalize the build-out of our Zero protocol and take care of the GokuMarket deficit.”
Through the enthusiasm and foresight of founding developers, crypto has begun to revolutionize the entire financial system. Belief, hard work and persistence from many contributors have grown the industry to over $3 trillion at the peak 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 to an exciting future as both retail and institutional adoption increases.
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