Blue Helix’s decentralized cryptocurrency exchange, BHEX, has raised $15 million in funding. The exchange is aimed at using the raised amount in the process of building a new security level about the crypto industry, via the next-gen digital asset trading platform.
The funding round was backed by a few big names in the cryptosphere like OKCoin, Huobi Global, Node Capital, Genesis Capital, Plum Ventures, City Holdings, and Yintai Investment. With this, BHEX claims to offer a more secure service since it’s decentralized.
It is also finding ways to reshape the security as well as credibility issues of the centralized crypto trading platforms.
The exchange says,
“More specifically, storing transactions onto blockchains, cold/hot wallet segmentations, multi-layer signatures, and community asset clearing consensus mechanisms. The solution it is providing will enable the distributed management and supervision of asset custody while allowing for peer to peer settlements.”
Founder and CEO of BHEX, James Ju stated –
“Bluehelix technology will be an open source project after it has been completely developed, it will be supported by decentralized cryptographic algorithms, blockchain technology, and the innovative Bluehelix technology.”
The announcement further explains that Blue Helix is aimed at offering a decentralized platform, saying that it has simplified one-off asset exchanges by doing an automatic trade upon price match.
The investment subscription of BHEX, notably, has attracted over 70 investment opportunities. The exchange will choose 40 among them to partake. In addition, BHEX is ready to offer custody and clear the product for crypto assets, which will be launched shortly.
The idea of decentralized exchange is remarkably gaining popularity since its offerings of security advantages, and organizational structure is quite suitable with the decentralized ethos of cryptocurrencies.
Furthermore, OKCoin has expanded token-to-token trading into 20 new US states. The vice-president of Marketing at OKCoin, Jim Nguyen expressed that the exchange partnered with regulators in each state to comply with both federal and state laws.