Cryptocurrency DeFi News

Bytex Helps 1 Million Crypto Users Midst Crypto Winter

Bytex Helps 1 Million Crypto Users Midst Crypto Winter
ByteX, a Canadian headquartered CeDeFi platform, acquires 1 million crypto users from the insolvent GokuMarket, a European centralized exchange.

ByteX, a Canadian headquartered CeDeFi platform, acquires 1 million crypto users from the insolvent GokuMarket, a European centralized exchange.

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Following the crypto market crash, GokuMarket found itself with the stark realities of insolvency and ultimate bankruptcy. ByteX extended a helping hand by providing an alternative solution that would ultimately safeguard and protect the users’ interests.

The recent market conditions which saw the fall of several giants, also resulted in considerable turbulence for GokuMarket. The decision to acquire the platform’s custodial users is with the intention to safeguard and protect the GokuMarket assets, as well as its customers.

ByteX is a licensed & regulated CeDeFi platform operating in Canada, the European Economic Area and India. Being a KYC verified platform with compliant DeFi architecture, ByteX aims to bridge the best of both worlds and redefine the crypto credit infrastructure with transparency.

The platform will soon be offering zero collateral crypto loans to institutional & individual borrowers using a blend of machine learning-based Credit Rating Systems that encompasses several DeFi lending protocols such as Aave, Compound, and Venus, as well as a traditional approval process. The aim is to address some of the prevalent issues within the existing lending-borrowing ecosystem, such as over-collateralization with crypto assets, which keeps a lot of credit-worthy borrowers from participating.

The unique DeFi protocol called “ZERO”, will overcome these barriers and provide a safe and transparent process for KYC verified users with NFT UID to borrow & lend.

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To enhance the platform’s liquidity and offer users a safe, vibrant and stable environment, ByteX has partnered with OKX and Binance as their liquidity partners, SumSub for KYC, Chainalysis for KYT with Phantom AML, Armanino for compliance and proof of funds, as well as Copper and BitGo for insured custody and Seracle for blockchain & Web3 infrastructure.

Robert Balazs, Co-Founder, and CEO of ByteX, regarding the acquisition decision, stated, “Our primary goal is to establish stability based on ByteX’s guiding principles of trust, customer service, risk management, and security. Unexpected challenges and financial difficulties do arise in any business, but it is our duty to ensure that the decisions we make account for these risks and that the products and services we offer provide a safety net in the event that these circumstances arise.”

“We have now begun the process of raising capital, and are currently in talks with several venture capital firms to finalize the build-out of our ZERO protocol and to take care of the GokuMarket deficit.”

Through the enthusiasm and foresight of the founding cryptocurrency visionaries, crypto has begun to revolutionize the entire financial system. Belief, hard work and persistence from many contributors, has grown the industry to over 3 trillion dollars at the peak of the market. Despite the recent correction, ByteX’s founders believe that crypto is a young industry that has barely scratched the surface. Innovation and real life use cases will pave the way to an exciting future, as both retail and institutional adoption increases.

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