SHANGHAI--(BUSINESS WIRE)--DAEX Foundation recently launched DAEX (Digital Assets Exchanges), a new-generation distributed cryptocurrency clearing ecosystem. DAEX is committed to building a credible cryptocurrency clearing ecosystem that provides distributed and decentralized technology-based secure assets storage services for developers and investors of cryptocurrency trading platforms. DAEX has established partnerships with institutions such as 360 Capital and the Qtum Foundation.
As the price of Bitcoin and other cryptocurrencies went up so quickly starting 2017, both traditional financial institutions and Internet giants began to pay attention to blockchain technology and cryptocurrencies.
For average users, cryptocurrency exchanges are their first gateway to obtain digital assets. However, security problems of these exchanges have appeared frequently since 2011, causing huge losses for users. Recently, Japan's Coincheck suffered a hacker attack and lost as much as USD 530 million, surpassing Mt.Gox's USD 450 million to become the largest hacking incident in history. These issues revealed the technical, moral and credit risks resulting from the centralized model where customers' assets, transactions, and clearing are all handled by a single entity.
DAEX was created to solve the above problems, aiming to separate the transaction data from clearing, via the decentralized clearing chain and the distributed wallet. The transparency of all operations and assets is guaranteed by the blockchain technology, eliminating the distrust between the platform and the users. Meanwhile, the assets are controlled by customer themselves, reducing the systematic risk of being attacked.
Benjamin Gu, Chairman of the DAEX Foundation, worked at the US Options Clearing Corporation and was involved in the development and operation of the US options trading market's clearing system ENCORE. The team consists of professionals with rich experience in blockchain who previously worked for famous financial institutions and top IT companies.