Lykke, a Swiss blockchain company founded by former OANDA CEO Richard Olsen, has announced the addition of limit order capability to the Lykke Exchange.
“We are pleased to offer limit orders to the members of our community,” said Mikhail Nikulin, co-founder and CTO of Lykke. “This feature has topped the wish list for many of our most passionate users, but before we could implement it correctly, we needed to make other enhancements to our exchange. Limit orders are the first of many new developments to come from our commitment to keep Lykke moving forward.”
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A limit order is a standing offer to buy or sell an asset at a specific price. In other words, a limit order waits for a corresponding order to meet its stated price. As soon as such an offer reaches the market, the Lykke Exchange settles the limit order on behalf of the user who submitted the order – even if the user is not currently online. Depending on the size of the offer, there may be only a partial fill; the user must wait for additional orders to fill his or her entire offer.
“We are building a semi-centralized exchange, and limit orders were a big challenge, because we did not want to compromise the security of the user,” added Richard Olsen, Lykke founder and CEO. “Every limit order is backed by collateral. These transactions are as safe and secure as anything on the Lykke Exchange.”
Lykke is also working to roll out limit orders for Ethereum and API users, who perform high-frequency trading.