PRESS RELEASE. Vancouver, Canada – AUGUST 4, 2022 – ByteXa Canada-based CeDeFi platform, acquires 1 million crypto users from GokuMarket, an insolvent European centralized exchange.
After the crypto market crash, GokuMarket was left with the harsh realities of insolvency and ultimate bankruptcy. ByteX reached out by providing an alternative solution that would ultimately safeguard and protect users’ interests.
Recent market conditions, which have seen the downfall of several giants, have also caused considerable turmoil for GokuMarket. The decision to acquire the platform’s custodian users is with the intention of safeguarding and protecting the assets of GokuMarket, as well as its customers.
ByteX is an authorized and regulated CeDeFi platform operating in Canada, the European Economic Area and India. As a KYC verified platform with a compliant DeFi architecture, ByteX aims to bring the best of both worlds together and redefine crypto credit infrastructure with transparency.
The platform will soon offer unsecured crypto lending to institutional and individual borrowers using a mix of machine learning-based credit scoring systems that encompasses multiple DeFi lending protocols such as Aave, Compound, and Venus, as well as a traditional approval process. The goal is to address some of the common issues within the existing lending-borrowing ecosystem, such as over-collateralization with crypto assets, which prevents many creditworthy borrowers from participating.
The unique DeFi protocol called “ZERO”, will overcome these hurdles and provide a safe and transparent process for KYC verified users with NFT UID to borrow and lend.
To improve platform liquidity and provide users with a safe, dynamic and stable environment, ByteX has partnered with OKX and Binance as 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 and Web3 infrastructure.
Robert Balazs, Co-Founder and CEO of ByteX, regarding the acquisition decision, said, “Our primary goal is to establish stability based on ByteX’s guiding principles of trust, customer service, risks and safety. Unexpected challenges and financial difficulties arise in any business, but it is our duty to ensure that the decisions we make take these risks into account and that the products and services we offer provide a safety net in case of occurrence of these circumstances.
“We have now started the process of raising capital and are currently in talks with several venture capitalists to finalize the implementation of our ZERO protocol and support the GokuMarket deficit.”
Thanks to the enthusiasm and foresight of the founding visionaries of cryptocurrency, crypto began to revolutionize the entire financial system. The belief, hard work and perseverance of many contributors grew the industry to over $3 trillion at the height of the market. Despite the recent correction, the founders of ByteX believe that crypto is a young industry that has barely scratched the surface. Innovation and real-world use cases will pave the way for an exciting future as adoption by retailers and institutions increases.
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