It is more than likely that those of us who live in the crypto world have heard at least one occasion of the market Forex. And, the international money market is one of the most important in the world. Moving billions of dollars daily in transactions around the planet. And now, this market will be much more complemented by the world of cryptocurrencies. Well, a new Blockchain-based Forex exchange is close to coming out.
Forex and security
For several years now, the Forex market has been a favorite for traders worldwide. Those who take advantage of the speed in which it moves, to generate profits daily and in an accelerated way. Thousands of purchase and sale operations by investors from any country are executed every hour of the day.
Therefore, and in this sense, the Forex market would be similar to a certain extent, to the cryptocurrency market. Well, within the global financial market, Forex is one of the most decentralized you can find. With dozens of exchange platforms where you can carry out your operations.
Which, as in the world of Blockchain technology, generates significant security problems. Since, before starting to operate in the Forex market, we need to find an exchange that provides us with the security and technical capabilities, so that our investments are successful.
This is why the initiative of the company is so important Vanguard. Which, together with allied organizations Symbion, State Street, BNY Mellon, and the investment firm Franklin Templeton, would be preparing for the launch of its own Forex platform based on Blockchain technology.
A Blockchain-based exchange
The objective behind the creation of this exchange would be none other than to take advantage of the technical capabilities of Blockchain technology. In order to provide greater security and privacy to the users of the investment platform when carrying out operations on it. Which is expected to see the light for the third quarter of this year:
“The pilot has helped demonstrate some of the capabilities that address uncompensated risk areas in instruments linked to collaterals, such as currency futures contracts (…) In the next twelve months, we will continue to build our capabilities on the platform with our partners” Vanguard’s spokeswoman stated, Melissa Kennedy.
In accordance with Joe Ziccarelli, who heads Symbiont, the first tests carried out on the Assembly Blockchain, on which the new exchange will be built, have been positive. Running all Forex market operations, including swaps.
Thanks to this launch, the Forex market could begin to count on the flexibility and security of blockchains for the next quarter. Accelerating the speed of several of the basic operations within this market. As well as constituting a perfect example of how Blockchain technology, and in general the capabilities of the crypto world, can be integrated and improve other markets such as Forex.