Sparkdex, a next-generation trading platform, plans to open shop in Hong Kong on the 30th of August, 2018 as the first of its kind as a decentralized exchange in that jurisdiction. It touts itself as the only decentralized exchange purpose-built for “pegged” cryptocurrencies, or “stablecoins”. Upon launching the platform, Sparkdex expects to trade in over 1,600 cryptocurrencies.
Cryptocurrency exchanges facilitate value exchange across the globe and open up opportunities to a wider market. With liquidity, security, and privacy-centricity being the most important features of all decentralized products, the lack thereof, as seen in compromising exchanges, can be appalling. This compromise results in less than efficient trading experiences.
As cryptocurrencies continue to gain traction around the world, it would seem that Hong Kong has the potential to encourage adoption through its commitment to being one of the world’s freest economies. With the current cryptocurrency exchanges in Hong Kong being centralized, the limitations of trading experiences have a profound impact on cryptocurrency adoption. As people are becoming more aware of the potentials in cryptocurrencies, so does the need for more user-centered optimized peer to peer (P2P) trading platforms, especially in terms of security and liquidity.
Spark, formerly known as Bitspark, is a company based in Hong Kong that was established in 2014. Its intention is to provide future bankless transactions with services like trading cash-in cash-out remittance. Transiting from the Bitcoin blockchain to Bitshares has enabled it to create a system for fiat-pegged cryptocurrency trading. One of the advantages of the Spark service chain includes easy access for the unbanked.
The overall objective with the Sparkdex platform is to provide a secure environment to trade cryptocurrencies with confidence. Additionally, businesses and consumers will be able to transfer money across country borders via these stablecoins.
What Spark Offers?
Sparkdex decentralized exchange introduces security solutions and efficient trading services to traders. As one of the first worldwide to allow traders to own their funds and trade P2P, the decentralized exchange empowers and protects traders, a rare quality among cryptocurrency exchange platforms. They will use Graphene, a technology which is used to power most blockchain transactions enabling up to 100,000 tps.
George Harrap, Co-founder, and CEO of Spark had this to say:
“Spark is proud to be debuting Sparkdex which enables traders to access the world’s largest, most active, most liquid and highest capacity exchange in the world.”
In the same vein, Maxine Ryan, Co-founder, and COO of Spark, buttressed the CEO’s view adding that:
“The Sparkdex is next generation trading available now. It’s the biggest advance in trading security from centralized risk since cryptocurrency exchanges went mainstream. We are excited to begin building Spark’s liquidity from our international markets directly on Sparkdex.”
Features of Sparkdex
The decentralized exchange’s design has been tailored to optimize business and trading activities. Some of the features include:
- Built on the technology of the BitShares blockchain.
- Made for stablecoins, cryptocurrencies, and tokens
- Access to over 180 pegged international currencies through its stablecoins
- No centralized storage of user’s funds
- No need for invasive documentation
- No imposed transaction limits on withdrawals or deposits
- Trading fees set at 0.2% to as low as 0% (depending on crypto asset traded)
- High-performance trading volume experience, on par with Nasdaq.
Learn more about Sparkdex on their website.
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