Earlier this month, a transaction analytics system was integrated with Serenity Escrow. The system was developed by the tech solutions provider Tradefora that specializes in big data and machine learning in the field of fintech.
The independent company Tradefora PLC was founded in 2015, with the goal of improving transparency in OTC and cryptocurrency markets using trading cost and execution analytics.
Now clients of Serenity Escrow can use this system to compare their broker’s prices with those of other dealing services. Opening and closing prices, upper and average values on the market are available in the Personal Area on Serenity website.
Furthermore, traders can use charts to compare the quality of trade execution to the rest of the market and examine an instrument’s tick-by-tick price behavior for a certain time period. Now all data necessary for trading is always near at hand, a client only needs to open the analytics section on the desired account’s page and click on ‘Request report’ button.
Thanks to the patent-pending Tradefora technology, traders can always be aware of whether the prices offered by their broker are viable. The system is capable of processing enormous amounts of data from over 80 brokers in real time with millisecond precision currently covering 140 trading instruments.
Vasily Alexeev, Serenity CTO:
“Tradefora is a unique system, which fully matches Serenity’s philosophy: protect traders on over-the-counter markets using bleeding edge technology. This partnership is the next logical step for us on our mission to provide an all-embracing solution for safer trading. The system of trade analysis will take brokers to a whole new level of integrity with clients. It will become easier for them to make trading decisions and always be aware of how favorable the prices offered by their broker are”.
Pavel Khizhnyak, Tradefora co-founder:
“We are extremely excited to see Serenity complete live integration of their Trading Platform with Tradefora’s Automated TradeGuard API. This marks a very important new milestone on the road to greater transparency in OTC markets. We are constantly pushing the envelope for more innovation and happy to work together with Serenity’s team to pursue higher execution and transparency standards in the FX, CFD and crypto markets”.
For those who need refreshing, the first arbitration platform for traders and brokers Serenity was presented in October of 2017 along with the software company UpTrader, and a year later the first release was launched. The platform was designed to solve the problem of fraud in the OTC markets.
The idea is to use escrow as an intermediary between traders and brokers to build mutual trust, make the whole industry more transparent and improve its public image. By the time of the platform’s launch, it had been equipped with a number of additional features that make it even more useful for traders.
Thanks to the use of blockchain and crypto-technology, Serenity can ensure the security of withdrawal transactions. For instance, both deposit and withdrawal operations require confirmation by at least two parties. Any activity must be approved by the trader, the broker or Serenity.
What is more, Serenity acts as a regulatory body that resolves disputes between brokers and traders. If a trader thinks that their funds have been wrongfully deducted from their account, they can file a complaint to Serenity, and if the decision is made in their favor, Serenity guarantees that the trader’s initial deposit will be fully returned.
Now that the Tradefora system is integrated with the platform, there are even more resources to control the validity of transactions. As part of a series of efforts to enhance the customer experience, the project’s team is currently working on a cryptocurrency exchange, expected to launch later this year.
As of now, one broker already adopted the platform – Grand Capital. Trading through the escrow is available on their Standard type of account, which can be denominated in USD or ETH and uses Market Execution. Clients can deposit in ETH and USD-backed stablecoins: TUSD and USDT.
Stanislav Vaneev, Grand Capital CEO explained: “Our company has always striven for transparency in Forex. It’s not a secret, there’s a lot of distrust of brokers in the trading community. For a long time, attempts have been made to solve this problem with legislation, more specifically, by licensing. However, due to a number of factors, license is not always a guarantee of quality of services and security of funds.”
“Now, thanks to the modern technology, there’s a global solution that works for the whole market, for both brokers and traders, worldwide. Serenity is a wonderful project driven by young and talented people. Grand Capital has become the first broker to start testing Serenity Escrow that makes trader-broker interaction secure and transparent.”
“The idea of the smart contract-based Escrow was supported by a large number of companies, among them our friends and partners. We believe that all these companies, like us, will work together with this young project. After all, most of us share the same values: transparency and integrity in all activities,” he added.
Serenity is rapidly evolving and expanding. Even at the stage of initial development, many brokerage companies voiced their approval of the project, and most of them are currently in talks to adopt Serenity Escrow.
Moreover, among the project’s many supporters are prominent personalities in the fintech industry: Dmitry Rannev (founder of AMTS Solutions), Dmitry Orlov (creator of PAMM/LAMM technology), Peter Tatarnikov (Chairman of the Financial Commission) and others. Earlier this year, Serenity was licensed by the regulator in Estonia to conduct fiat-cryptocurrency conversion (FVR000504) and to create cryptokeys that are used to store and transfer clients’ cryptocurrency funds (FRK000420).
Most recently, on December 3rd, 2018, Serenity joined the Financial Commission’s Blockchain Associatoin. You can check out Serenity’s Telegram channel and follow it for news and updates.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.