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