Crypto Next plc today announced the first ten digital currency exchanges powered by the only automated white label digital currency exchange platform. Since launching its white label exchange services on the 19th October, Crypto Next plc aimed to sign up ten active exchanges by the end of 2014. Having reached this milestone nearly six weeks ahead of time, it is now aiming for a new target of 20 exchanges to be live by the end of the year!
“The beauty of our platform is that it is quick, simple, cheap, and open to almost anyone, provided they pass KYC of course,” says CEO and Co-Founder Sharon Greenberg. “We have signed up exchanges from all over the world – from local communities that are looking for a specific language, to groups wishing to revive pre-Euro currencies via digital coins. Anyone with an idea for an exchange can now set one up in a matter of hours, to their own specifications.”
Crypto Next’s platform offers a variety of languages from which exchange operators can select when setting up their platform. This has resulted in exchanges being created for communities in Russia (Birjamonet.com), Greece (Bitcoinsgreece.com), Spain (Coincloudex.com), Austria (Eschilling.org), Africa (Coinrafic.com) and the Czech & Slovak Republics (Koruna.in), with more languages and countries being added.
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Crypto Next is registered in the Isle of Man, a jurisdiction that is openly friendly towards digital currency companies, and this provides a regulatory framework for exchanges to use the platform for their own communities. Crypto Next’s platform offers additional features such as ATM integration and payment systems for its white label clients’ use; Coincloudex.com is currently integrating a Lamassu ATM in Spain, expected to be operational in December of this year.
In addition to providing multiple languages, multiple currencies, banking facilities and a regulatory framework, the Crypto Next platform adds security through vertical decentralisation; the exchanges in the network share an order book, thus rather than competing with each other, they mutually benefit from joint liquidity.
“Our platform provides a certain safety in numbers to end users in the network – if for whatever reason one exchange should fall over, the funds in the network remain unaffected”, says Crypto Next CTO and Co-Founder Asaf Azulay. Moreover, Isle of Man regulations state that funds in the exchange are controlled by the Corporate Service Provider, such that fiat currencies in the network are secured by an independent third party.
All the exchanges in the network share Crypto Next’s unique tokenised fee system, whereby transaction fees can be paid for with the Crypto Next Coin (CXC), potentially saving savvy digital currency traders a great deal in fees. CXC is traded on all the exchanges in the network in addition to the currencies selected by the exchange operator, a factor that Crypto Next believes will make its coin highly desirable in its own right.