Like marriages, any financial system needs trust. The rise of cryptocurrency as an emerging asset class is also anchored in trust — that the transactions are secure and accurate, and the exchanges are protected.
Which is why fintech firm DESTO has developed and recently launched DestoCX, a trustee-based crypto exchange inspired by the unbanked. The exchange is the first part of the DESTO fintech ecosystem to be launched. DestoCX aims to provide exceptional cryptocurrency exchange services to people around the world. The exchange went live on Oct 22.
What makes it stand out is its custodian feature, the Satoshi Trust, where DESTO created a firewall to segregate its clients’ funds, so that neither the company nor its staff can touch the coins on exchange or the clients’ money. And DESTO has outlined security on top of achieving customer satisfaction as its core values.
“The Satoshi Trust provides an added layer of security, so our clients can use our platform with confidence, knowing that their funds or digital assets are protected,” according to DESTO founder and CEO, Samuel Law, a Malaysian who has been in the offshore fintech industry for more than 10 years.
“DestoCX is integral to our development because it provides an avenue for traders, buyers or investors of crypto assets to interchange in a platform, a place to exchange and pool liquidity in a centralised manner. DestoCX is very important because it will provide the needed support to eventually flow the DEO coin,” said Samuel.
DestoCX essentially provides the platform for liquidity to be pooled, transactions to take place and be verified and accounted for accurately. “And their funds can be secured in a protected manner,” said Samuel.
The exchange runs on the distributed technology system which is similar to the ones used by Google, Twitter and Facebook. “We are capable of holding very high traffic and maintaining the system efficiency at a highly satisfactory level. It can execute up to 100,000 trade clearance a second, with the ability to reach one million per second, ,” said Samuel.
To Samuel, it is a matter of time before cryptocurrency markets powered by blockchain technology become the new standard in the world economy. “We are already witnessing the evolution now as current methods of payments are becoming redundant, before it becomes obsolete. It is with this simple reason that DestoCX exists and will continue to exist, to serve the needs of financial evolution,” he said.
He also updated that DEO is yet to be listed at this juncture, as DESTO builds the DEO chain explorer which is a web platform that allows information searches on blocks, addresses and transactions on the DEO COIN blockchain, with the source codes available on Github.
“We are also syncing up with the trading platform to make sure that the flow is accurate and things like that. It’ll take a month and a half, or a month at least. The earliest is November or December — we hope to float it as soon as possible,” Samuel said.
For more information on DESTO, DestoCX and its soon-to-be-listed coin DEO, check out http://www.destocx.com, or email email@example.com