CySEC-regulated FX broker TeleTrade has partnered with blockchain-based escrow service provider Serenity, which taps the emerging technology to manage the relationships between traders and brokers.
Serenity’s platform aims to secure the safety of trading through blockchain-based capabilities that enable trade participants to check the validity of transactions and whether clients’ trades were reasonably priced and executed.
The startup has recently managed to raise as much as $4 million in a single round of funding through an initial coin offering (ICO) for its SRNT token.
Serenity’s system also offers an independent arbitration platform. Thanks to the blockchain technology, all trade operations can be recorded, which allows traders to check the accuracy of trade executions by brokers. The brokers, on the other hand, will be able to demonstrate the speed and accuracy of their service to traders at all times.
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Commenting on the news, Serenity’s founder Stanislav Vaneev said: “The partnership with the global FX company TeleTrade will give us a great opportunity to adapt our solutions in local markets around the world. Without any doubt, the partnership with TeleTrade Group of Companies will help Serenity grow in numbers and achieve its goals in the nearer future.”
Stanovoy also added that “Brokers that join Serenity demonstrate the will to be transparent and open to traders and the financial industry as well.”
In an exclusive interview last month, Vaneev told Finance Magnates: “Serenity will protect participants with a smart contract which will ensure trading and other activities are conducted according to the market rules and practices and at fair prices so that nobody is hurt or cheated.”