Trade.io Launches Its Community-Led Crypto-to-Crypto Exchange

  • Trade.io has launched its community-led crypto-to-crypto exchange, with support for Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Trade.io's TIO token.
  • The platform is initially available for 1,000 pre-selected users.

Swiss blockchain company trade.io has opened the doors on a new crypto-to-crypto exchange, adding one thousand pre-selected users to the service.

The exchange will initially support trading for Bitcoin, Bitcoin Cash, Ethereum, Litecoin and trade.io’s own token - TIO (TradeToken). Other asset classes such as forex and commodities are set to follow, along with other crypto tokens, with the aim being to make the exchange a ‘one-stop-shop’ for traders of various experience levels.

Trade.io raised $31 million in its ICO earlier this year and recently sponsored a Bloomberg event where it described its vision for the exchange

Trade.io’s CEO Jim Preissler said:

The trade.io Exchange gives power back to customers by democratising and disrupting the financial industry. We are recapturing revenue and distributing it back to customers. With the help of our team of experts in the FinTech and blockchain sectors, we have created the future of crypto exchange here today.

Jim Preissler

Trade.io bills the new exchange as a community led project, built with significant input from the trade.io community of TIO holders during the exchange’s June beta launch. In addition to stress testing the exchange, the community has actively contributed towards the development of the platform, leading to the creation of a fully customisable user interface.

A key differentiator for the exchange is the elimination of downtime during system updates which trade.io attributes to its modular, widget-based architecture. In addition, its use of a liquidity pool as a revenue distribution mechanism will reportedly allow holders of TIO tokens to profit from the success of the trade.io platform.

However, those looking to get involved in this system will have to wait. The platform is currently limited to the initial 1,000 pre-selected users, with more to be added from the waiting list in stages via a registration process.

U.S. Treasury Secretary Steve Mnuchin 'Fine' With Launch of Facebook’s Libra

The secretary of the U.S. Treasury, Steve Mnuchin, has revealed he is “fine” with the launch of the Facebook-led cryptocurrency Libra, as long as the project follows strict financial rules.

According to a report published by Bloomberg, Mnuchin revealed his thoughts on the Libra cryptocurrency while speaking in a Washington, D.C. hearing of the House Financial Services Committee, responding to a question from a lawmaker. He was quoted as saying:

I’m fine if Facebook wants to create a digital currency, but they need to be fully compliant. In no way can this be used for terrorist financing.

Since Libra was announced back in June of this year, Mnuchin revealed he has met with Facebook various times to discuss regulatory concerns, something that slowed the cryptocurrency’s pace towards its launch, expected in 2020.

The cryptocurrency is set to be governed by the Libra Association, and is reportedly going to be backed by fiat currencies and short-term U.S. Treasury bonds. Its backing in terms of fiat is set to consist of the European euro (18%), the Japanese yen (14%), the British pound (11%) and the Singaporean dollar (7%).

During the hearing, Mnuchin also addressed the U.S. potentially developing its own digital currency, and noted that both he and Federal Reserve Chairman Jerome Powell don’t see a need for it in the near future. Mnuchin stated:

Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency.

The European central bank, according to a report, may launch its own digital currency if cash usage drops and is the private sector fails to create an efficient solution for cross-border payments, which the financial institution deemed too expensive.

Featured image via Unsplash.