Business

Steve Kaaru

Beaxy crypto exchange launches one month after attempted hack

Beaxy cryptocurrency exchange has launched one month after cybercriminals attempted to hack the platform. Based in Chicago, the exchange has been in development for close to two years now, and it will now be available across 43 states in the U.S. and in over 180 countries globally.

According to a report by Chicago startup news site Built In Chicago, the exchange partnered with OneMarketData to power its platform. OneMarketData is a data management company whose platform is used by global giants such as Bloomberg and NASDAQ. The partnership allows Beaxy to offer a platform that allows nine trading order types.

The partnership will enable the exchange to offer the same convenience and speed that the traditional markets offers their users, Beaxy’s CEO Artak Hamazaspyan said.He added:

“Our implementation of OneMarketData’s OneTick technology has yielded impressive results, out-performing most engines in traditional financial markets and the cryptocurrency markets. We’re looking forward to providing every trader out there with a one-stop shop solution that will significantly erase the barriers to alternative asset adoption.”

Beaxy’s ultimate goal is to be the one-stop shop for all crypto traders, novices and professionals alike. It has therefore been working on various tools that one can customize to his level of expertise, Artak added.

Beaxy has also partnered with Kingdom Trust to enforce its security. With Kingdom’s experience in the crypto industry, Beaxy’s security is “compliant with stock market financial regulations and bank regulations,” Artak believes. With Kingdom also offering crypto custody solutions, Beaxy will have an advantage in regards to liquidity.Artak added:

“We have a fundamentally more advanced engine than has ever been built, allowing us to have more speed and order types than any other exchange. We also have state of the art security practices, strong relationships with market makers, owing to our Chicago office, and have focused on transparency and reputation building in the crypto and fintech community.”

Beaxy has launched less than a month after cybercriminals attempted to hack the platform just ahead of its intended launch date. The hackers attempted to access the exchange’s ‘valuable information’, the company shared on Twitter.

Its security team was able to ward off the attackers before they could do any damage. The hacking attempt wasn’t the first, with the exchange having suffered an attack on the first day it launched its platform in beta.

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