Hong Kong-based cryptocurrency company Banx Capital plans to join the BitShares Exchange Network when its new platform version launches soon.
Since the end of 2013, Banx has set up a portfolio of cryptocurrency businesses including a cryptocurrency exchange, mining company, trading company, and others – spanning the whole industry.
Banx has its own cryptocurrency, BanxShares, which is ranked in the top 10 with a market cap of $9,605,931, according to CoinMarketCap.com . BanxShares will migrate onto the BitShares platform as a user-issued asset.
BitShares is a blockchain-based financial smart contract platform, which has been upgraded to its 2.0 version. The new platform was developed by a blockchain development firm founded by BitShares’ core developers, named Cryptonomex. With the new “SmartChain” technology developed by Cryptonomex, BitShares 2.0 allegedly will have the industrial performance and scalability to handle the trading volume of NASDAQ and more than 100,000 transactions per second.
By joining BitShares Exchange Network, Banx Capital management seeks to eliminate blockchain maintenance and operating costs, as well as gain the industrial-grade performance of the platform and the shared network effect of the BitShares community.
Banx Capital CEO Mark Lyford commented:
It just made too much business sense. What a way to cut costs, expand our available services and multiply our network effect. I’ve been watching BitShares for over a year now. But when I got a preview of what Cryptonomex.com had in store with BitShares 2.0 I knew I had to move fast. As a result of some pretty aggressive negotiations, both BanxShares and Banx.io will upgrade simultaneously when BitShares 2.0 launches this summer.
The Cryptonomex management blogged:
By migrating to the BitShares Exchange Network, Banx.io instantly gains access to all the other services on the platform, such as fiat on- and off-ramps or the NanoCard provided by CCEDK. Its customers can trade seamlessly with the combined customers and assets brought to the network by all other member exchanges. And, thanks to the BitShares referral program, Banx.io will still collect its fair share of network-wide transaction fees paid by every customer it brings to the table.
BitShares is offering their SmartChain as a safe, level playing field for use by the whole industry. It can serve as backbone network to all the exchanges as a way for them to trade with and against each other. With shared order books we will have deeper markets, tighter spreads, and greater liquidity. And since our customers keep their own keys while trading on this network, combined with hierarchical multi-sig capabilities – we can’t get hacked, and our customers can’t get hacked.