The world’s only automated white label digital currency exchange platform, Crypto Next , is powering no less than 10 new exchanges. All of these have been opened to the public and currently in beta stage. Whereas Crypto Next had set a goal of powering ten new exchanges by the end of 2014, they achieved that milestone six weeks in advance. As a result of this early success, the team is now raising the bar by looking to launch a total of 20 new exchanges before the end of the year.
“The beauty of our platform is that it is quick, simple, cheap, and open to almost anyone, provided they pass KYC of course. We have signed up exchanges from all over the world – from local communities that are looking for a specific language, to groups wishing to revive pre-Euro currencies via digital coins. Anyone with an idea for an exchange can now set one up in a matter of hours, to their own specifications.”
-Crypto Next CEO & Co-Founder Sharon Greenberg
Crypto Next launched their white label exchange services at the Inside Bitcoins Conference in Tel Aviv, which took place October 19-20 2014. By achieving their first milestone in just over a month of being in business, Crypto Next has definitely gained the attention of the digital currency world.
One of the key features of Crypto Next’s platform is multilingual support. Being able to set your platform in your native language helps exchange operators tremendously. As a result, exchanges are being created for local communities, such as Russia, Spain, Africa and others. More languages and countries will be added over time,
Because Crypto Next is registered in the Isle of Man, they not only offer the white label digital currency exchange platform itself, but they also provide a regulatory framework for exchanges to use the platform for their own communities. The Isle of Man’s jurisdiction is openly friendly towards digital currency companies.
Additional features provided by Crypto Next include ATM integration and payment systems for its white label clients’ use. Coincloudex.com, a Spanish digital currency exchange using the Crypto Next platform, is currently integrating a Lamassu ATM in Spain, which is expected to be operational in December of this year.
Not only does Crypto Next provide support for multiple languages and currencies, banking facilities and a regulatory framework, but they offer the complete package thanks to vertical decentralization. All exchanges in the network share the same order book, allowing them to mutually benefit from joint liquidity instead of competing with one another.
“Our platform provides a certain safety in numbers to end users in the network – if for whatever reason one exchange should fall over, the funds in the network remain unaffected”, Crypto Next CTO & Co-Founder Asaf Azulay told us. Furthermore, fiat currencies in the network are secured by an independent third party, thanks to Isle of Man regulations stating that funds in an exchange are controlled by the Corporate Service Provider.
As all the exchanges in the network share Crypto Next’s unique tokenized fee system, transaction fees can be paid for with CXC (Crypto Next Coin), which could potentially save digital currency traders a great deal in fees. In addition to the currencies selected by the exchange operator, CXC will be traded on all the exchanges in the network.
(Note: The creation of a white label exchange is subject to rigorous KYC procedures. The system is automated so an exchange can be set up in one hour, once KYC requirements have been met.)