Banx Capital announced today that it will be partnering with BitShares and migrating its services onto the BitShares platform.
Since the end of 2013, Banx has launched a portfolio of cryptocurrency businesses including a cryptocurrency exchange, mining company, trading company, and others – spanning the whole industry.
This partnership illustrates two new trends that will change the landscape of the cryptocurrency industry this year:
Trend #1: Coins Upgrading to Shared Industrial Platforms
Why license BitShares technology when you can move onto the BitShares network itself for a small one time fee? BanxShares is the first top-ten cryptocurrency listed on CoinMarketCap that will migrate onto the BitShares platform as a user-issued asset. This strategy eliminates its blockchain maintenance and operating costs, and provides it with the industrial-grade performance of the platform, along with access to the shared network effect of the whole BitShares community. It will still be an independent cryptocurrency on the world stage, but beneath the surface it will be powered by BitShares.
Trend #2: Coins Upgrading to Shared Industrial Platforms
Banx.io is a cryptocurrency exchange that specializes in trading the shares of startup businesses, including its own. By migrating to the BitShares Exchange Network, Banx.io instantly gains access to all the other services on the platform, such as fiat on- and off-ramps or the NanoCard provided by CCEDK. Its customers can trade seamlessly with the combined customers and assets brought to the network by all other member exchanges. And, thanks to the BitShares referral program, Banx.io will still collect its fair share of network-wide transaction fees paid by every customer it brings to the table.
“Some of the biggest digital currency exchanges have been hacked and the rest are looking over their shoulders” says Banx Capital CEO and Founder Mark Lyford. “BitShares is offering their SmartChain as a safe, level playing field for use by the whole industry. It can serve as backbone network to all the exchanges as a way for them to trade with and against each other. With shared order books we will have deeper markets, tighter spreads, and greater liquidity. And since our customers keep their own keys while trading on this network, combined with hierarchical multi-sig capabilities – we can’t get hacked, and our customers can’t get hacked.”
Welcome aboard Banx!