If you are looking at getting into cryptocurrency, your first port of call will most likely be an exchange or a brokerage platform. According to CoinMarketCap there are more than 3,000 cryptocurrencies in circulation today, with a combined market cap of over $220 billion.
Despite the 2018 bear market, the interest around cryptocurrency and blockchain keeps growing with new players entering the market everyday. Investors around the world are eager to trade in this rapidly-growing space, and a large number of cryptocurrency exchange platforms have emerged to meet the increasing demand from the crypto community.
Ideally, the majority of crypto exchanges allows you to trade, buy, or sell digital currencies. More often than not, seasoned investors look out for exchange platforms with a better security architecture and high liquidity. Conversely, newbies in the cryptocurrency space might be more concerned with user-friendly exchange.
The challenge is usually that, existing exchanges hasn’t been able to efficiently couple these three characteristics – security, liquidity and user-experience into one platform. This then creates a scenario where traders have to move from one platform to the next based on their needs.
However, the beauty of technology is innovation. New heights are being attained everyday, today it is possible to deploy an infrastructure that meets users in need of these three crucial areas with added functionalities. Burency is one such example of a modern day cryptocurrency exchange that addresses these needs.
The Burency exchange and its business functions
Burency is a global revolutionary cryptocurrency exchange based out of Dubai, headed by CEO and co-founder Mohammad Mazen. Burency exchange is a fully-insured cryptocurrency exchange that brings transparency, convenience and regulations for traders, investors and first-time users. In addition, it is dedicated to pioneering a widespread adoption of blockchain enabled smart contract that fosters global business transactions.
The design architecture of the platform is aimed at solving key challenges that prevents widespread adoption within the cryptocurrency and blockchain ecosystem. It is targeted at making cryptocurrency simple, accessible, transparent and a homely experience for both experienced and inexperienced traders while maintaining optimum security and liquidity on the exchange.
The entire ecosystem function of Burency could be summed in three units: a regulated fully-insured cryptocurrency exchange, a sustainable and reliable mining services that enables users to computational slot based on bargaining power and a blockchain research center solely dedicated to the deployment and implementation of smart contracts.
The state of the security layer deployed on the Burency exchange
Since the inception of cryptocurrency and blockchain, security has been a major concern across the industry, even though blockchain is said to be secured and immutable, however, many centralized exchanges have played victim of large-scale security attack. Security of trader’s fund is Burency first priority.
In an attempt to totally bring an abrupt end to digital asset losses on trading platform, Burency deploys the top security layer of the Nebbex protocol. Nebbex protocol, according to the company’s whitepaper is a patent pending state-of-the-art offline security system which focuses on reconciling assets out of a physical vault such as DMCC storage vault and the use of smart contract which then enables all assets to be secured in a deep cold storage.
This protocol ensures that there is no disconnect between the cold and hot wallet, thereby eliminating the possibility of funds being stolen through the internet.
The Nebbex solution, in addition gives privilege to insured users on the Burency platform to safely and securely store their asset in the DMCC storage vault which is a third-party insured blockchain-managed physical vault.
How Burency exchange provides liquidity for its users without compromising on security and ease of access.
The subject of liquidity cannot be overlooked while choosing an exchange to carry out a transaction. Liquidity ensures a fair value for a traded digital asset and a fast transaction as well.
Traders will naturally shy away from exchanges that makes it increasingly difficult to carry out an exchange because of lack of liquidity, this however isn’t a challenge for Burency as the platform architectural framework and business model is targeted at maintaining a healthy liquidity for traders without compromising in security and ease of access.
To achieve this, Burency is engaging in an outreach and extensive business development in order to attract liquidity and high volume of assets. The company is looking at becoming a first mover in the middle east and subsequently establishing itself in the kingdom of Bahrain – a technology hub with a top ranking in ICT infrastructural development and innovation.
In addition to crypto to crypto exchange, Burency will also provide fiat to crypto pairing for most top altcoin thereby solving the challenge of buying first before transacting in fiat.
Other business functions of the Burency ecosystem
To ensure continuous development, Burency is involved in the provision of a sustainable and reliable mining services that enables users to purchase computational slot based on bargaining bid model. The company is also involved in running a blockchain research center solely dedicated to the deployment and implementation of smart contracts and an R&D service for startups and established businesses.
The BUY token is an ERC20 standard token based on the Ethereum blockchain, it is the underlying economy that powers the Burency ecosystem. To speed up development, the company is on a mission to raising about $50 million in three rounds token-sale including an IEO. The official website reveals that private sales are currently ongoing at the moment.
According to its whitepaper, Burency will continue to expand development and adding more ventures to its ecosystem. This includes building of data centers, investing in blockchain applications, release of Burency credit card and as well deploy an IOS and Android application ahead of its exchange launch in the first quarter of 2020.
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