Blue Helix’s BHEX, a decentralized cryptocurrency exchange has raised $15 million in its new round of funding. The exchange is aimed to utilize the raised amount in the process of building a new security level regarding the crypto industry, through the next-generation digital asset trading platform.
The funding round was supported by some huge names in crypto space such as Huobi Global, OKCoin, Genesis Capital, Node Capital, City Holdings, Plum Ventures, and Yintai Investment. With that, the exchange claims to provide a more secure service because of its decentralized nature.
Additionally, it is also looking forward to reshaping the security and credibility issues of 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.”
On this, James Ju, founder, and CEO of BHEX 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 reveals that Blue Helix intends to offer a decentralized platform and states it has simplified one-off asset exchanges by executing an automatic trade upon price match.
Notably, BHEX’ investment subscription has attracted over 70 investment opportunities. The exchange will select 40 among them to take part. Also, BHEX is set to provide a custody and clearing product for crypto assets. It will be launched at the end of November.
Remarkably, the idea of decentralized exchanges is gaining popularity, as their offerings of security benefits and organizational structure are more suitable with the decentralized ethos of cryptocurrencies.
Moreover, OKCoin the leading global bitcoin exchange which backs BHEX’ funding round, has expanded token-to-token trading into 20 new U.S. states. Jim Nguyen, Vice-President of Marketing at OKCoin expressed that the exchange partnered with regulators in each state to comply with both federal and state laws.