Saturday, January 27, 2018

Gold backed cryptocurrency partners with trading platform to more easily trade between cryptocurrencies without an exchange

In light of yesterday's news of another exchange being hacked and over $400 million worth of cryptocurrency was stolen, it continues to appear more and more that trading digital currencies through these third party exchanges is becoming a risky proposition.

So with this in mind, an interesting new development is taking place between a gold backed cryptocurrency company called Digix, and a trading platform known as Republic Protocol.  And that is a partnership in which holders of the DGX gold backed token can soon trade in and out of other cryptocurrencies through a 'Dark Pool' that would run under Republic Protocol's platform.

Republic Protocol, a new anticipated decentralized ‘dark pool’ for cryptocurrency trading, has partnered with Digix, the first company to conduct an ICO on the Ethereum blockchain and the maker of gold-backed DGX tokens.  Republic customers will be able to trade BTC, ETH or ERC20 based digital assets on a hidden order book directly with DGX tokens, which are redeemable for 1 gram of 99.99 per cent LBMA standard gold per token. 
 “It’s an honor for Republic Protocol to partner with a such a prestigious, veteran company such as Digix,” said Taiyang Zhang, CEO of Republic Protocol. “Our goal is to allow the customers on our platform the flexibility to easily move their digital assets without adversely affecting the overall stability of the markets.  By partnering with 
Digix, we will now be providing them with the opportunity to transfer their assets to the one of the most stable storages of wealth throughout history: traditional gold.” 
A dark pool is a private exchange where financial assets and instruments are traded and matched by an engine running on a hidden order book. These exchanges are primarily created to serve institutional or HNW retail investors who require a system where significant volumes of assets can be block traded with minimal price slippage. Dark pools are estimated to represent approximately 10-15 per cent of the trading volume of all US stock trades. 
Republic Protocol is building a decentralized open-source dark pool protocol for the trading of cryptocurrency pairs across the Bitcoin and Ethereum blockchains. Trades on Republic will be placed on a hidden order book and are matched through an engine built on a multi-party computation protocol. - Banklesstimes

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