Cryptocurrency trading platform BitMax will integrate HARD protocol, the first cross-chain DeFi money market into its platform. The integration includes the listing of the USDX and HARD tokens, both for trading, as well as use in the interest earning pool services.
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Centralized Exchanges Explore DeFi Options
In recent months, various centralized exchanges have begun integrating DeFi protocols directly. BitMax is the first platform to do so where the HARD protocol is concerned. HARD’s money market provides interest earning opportunities for suppliers of BTC, XRP, BNB, BUSD, KAVA, USDX, and HARD cryptocurrencies. For many of these assets it will be the first time decentralized interest earning opportunities will be made available to their communities.
BitMax has confirmed it will officially list HARD and USDX on November 6th, at 10am EST and 11am EST respectively. The pool for USDX will open the same day, at 11:30am EST. For the HARD pool, users can expect that to become accessible on November 9, at 10am EST.
Competition among centralized exchanges has heated up over the past few years. It is an incredibly competitive space, yet the bigger and established platforms continue to note most of the growth. For smaller exchanges and trading platforms, competing is difficult. This is where the integration of DeFi solutions and protocols can make a difference.
Binance, currently the world’s leading cryptocurrency exchange, continues to note solid growth. It has the largest userbase, trading volumes, and provides access to innovative financial products. Binance has become synonymous with token offerings, integrating DeFi protocols, and so forth. That approach is now being followed by many other companies in the space.
Winning over customers is the end goal for any centralized exchange. Doing so requires innovative approaches to cater to users’ needs. Currently, the majority of users want exposure to decentralized finance. More specifically, they want to do so through the exchange itself. Keeping users locked into the same ecosystem is beneficial to all parties involved.
