Bust out your digital wallet: There’s a new crypto exchange in town.
Beaxy Digital’s full-service cryptocurrency trading platform launched today for customers in 43 states and 185 countries. Based in Chicago, the company boasts a platform that can allow nine trading order types and has an engine powered by OneMarketData, a tick data company whose technology is used by NASDAQ, Bloomberg and more.
We’re looking forward to providing every trader out there with a one-stop shop solution that will significantly erase the barriers to alternative asset adoption.”
That partnership enables the company to operate on the level of traditional financial markets, said Artak Hamazaspyan, Beaxy’s CEO, in a statement.
“Our implementation of OneMarketData’s OneTick technology has yielded impressive results, out-performing most engines in traditional financial markets and the cryptocurrency markets,” Hamazaspyan said. “We’re looking forward to providing every trader out there with a one-stop shop solution that will significantly erase the barriers to alternative asset adoption.”
Founded in 2017, Beaxy set out to create a licensed crypto exchange platform that bridged the gap between crypto enthusiasts and institutional investors. The team has spent the past two years building and fine-tuning the platform to reach that goal.
To do so, the company added onboarding tools to help traditional traders, retail investors and institutional investors alike use the platform. Then, in order to shake the Wild West label that cryptocurrency is known for, Beaxy partnered with Kingdom Trust, a cybersecurity firm, to enforce security measures that are compliant with stock market financial regulations and bank regulations, according to the company.
Those moves helped the company tackle the issues of hacks, liquidit, lack of order types and reputation that crypto exchanges typically suffer from, Hamazaspyan told Built In.
“We have a fundamentally more advanced engine than has ever been built, allowing us to have more speed and order types than any other exchange,” Hamazaspyan said. “We also have state of the art security practices, strong relationships with market makers, owing to our Chicago office, and have focused on transparency and reputation building in the crypto and fintech community.”
There’s also the speed component. Through its partnership with OneMarketData, Beaxy claims it can reach transaction speeds of 225,000 per second per trading pair, which is faster than any other digital exchange. Meanwhile, the platform also features profit/loss calculator, the ability to manage multiple wallets per currency and a portfolio management and tax reporting tool.
Prior to its launch, the company claimed to have more than 60,000 pre-registered users from around the world.
In addition to the launch, Beaxy also announced that it has raised $8 million in funding, which it plans to use to expand operations across U.S. and into Europe. The company currently has more than 25 full-time employees.