Bitfineon GmbH, a German-based crypto financial services organization, has acquired seed funding of 1 million Euros to initiate its next-generation fiat and crypto exchange, Bitfineon, through a private equity deal with the US-based fund B.I.G. Fintech.
Moreover, Bitfineon will support fiat services, crypto-to-crypto exchanging, and intends to launch its futures platform. Besides, regulated and licensed by the BaFin, German financial regulatory authority, Bitfineon will give its products and services to EU-based nations through launch, with plans to extend to Asia and the US in the coming months. Precisely, Bitfineon’s launch is expected before the end of this year.
Bitfineon CEO Jared Grey stated more detail on the technology behind their platform,
Bitfineon is a fully custom platform, which has been in development for 13 months, and introduces a groundbreaking matching engine technology we call Neutrino.
Over and above, Neutrino uses the power of simultaneous GPU processing capacity to match the trades; aggressively expanding scalability over the business standard CPU based solutions utilized by its competitors. Succinctly, Neutrino will empower Bitfineon to scale rapidly and effectively and will help to deliver a consistent trading experience for clients on the platform.
Furthermore, to reward clients on its platform, Bitfineon will utilize the genuinely distributed cryptocurrency ALQO for various reward programs, most eminently its sharepool program. The shared pool gives members who lock their ALQO (XLQ) on the trade, share 50 percent of the exchanging charges gathered from qualified pairs. Members will certainly be able to secure their XLQ on Bitfineon every 24 hours for participating in the sharepool.
Nevertheless, the ALQO Blockchain is an accessible, open, and secure P2P digital currency framework for sending cash instantaneously around the planet, storing financial value, and paying for goods and services, in a cost-effective, simple way. ALQO utilizes an advanced Proof-of-Stake agreement system that accompanies built-in security confirmations to keep its distributed system flexible against destructive attacks.
Besides, the ALQO system upholds its internal agreement utilizing Proof-of-Stake, an energy-efficient protocol with negligible environmental footprint. Further, invading the system requires ownership of 51 percent of ALQO in presence, rendering it monetarily infeasible, and as a result, ALQO is safe and secure.