Crypto is here to stay, and with the help of companies like Ekta, digital currencies are quickly gaining mainstream adoption from individual investors to large corporations. This crypto industry boom brings a mixed bag of innovative developments and financial sinkholes. One particular area that seems to hold potential for innovation is crypto exchanges.
Crypto exchanges are platforms that facilitate the buying and selling of cryptocurrencies. In simple terms, it’s a marketplace that allows you to exchange one coin, like Bitcoin, for another, like $EKTA, as well as purchase coins using fiat currencies like USD. Until recently, two types of exchanges have been available to the public; decentralized exchanges (DEX) and centralized exchanges (CEX).
Each exchange comes with various advantages and disadvantages. However, the Ekta team believed that neither DEXs nor CEXs represent the optimal version of exchange technology. They saw an opportunity to combine the best features of the two exchanges, creating a hybrid exchange that would deliver a safer and more intuitive user experience. The resulting product was HYBEX.
Before we can explain exactly what HYBEX is, let first break down DEXs and CEXs.
Centralized exchanges — CEX
Centralized exchanges are organizations that facilitate and manage large-scale cryptocurrency trading. The business model functions in a similar way to traditional financial exchanges (think New York Stock exchange).
These CEXs generally function as a type of mediator or middle-man for crypto trades and include features such as order books (lists of open buy and sell orders). Buyers and sellers can match up via CEXs as well as view market prices based on the last selling price of an asset.
There are numerous CEXs available today, including Binance and Coinbase, all of which are regulated platforms that provide secure features for users.
Decentralized exchanges — DEX
Unlike centralized exchanges, decentralized exchanges are blockchain-based, peer-to-peer platforms, meaning that there is no intermediary involved in the buying or selling of digital assets. With DEXs, trades are facilitated via smart contracts and incur both transaction fees and trade fees. These fees are often high and are a key factor to consider when deciding which DEX you prefer.
However, one of the primary advantages of DEXs is their non-custodial features and their ability to facilitate anonymous trades. Users generally don’t need to submit any personal information, only requiring a compatible crypto wallet.
Hybrid exchange — HYBEX
A hybrid exchange, or HYBEX, is the latest evolutionary version of cryptocurrency exchanges. A HYBEX leverages all the best features of DEXs and CEXs to deliver a safer trading environment, allow more people to access crypto via fiat purchases through credit card purchase options, and provide a better user experience. Ekta’s HYBEX also includes Chainlink price feed integration, fast order book fulfillment, low transaction fees, and cross-chain compatibility.
HYBEX decentralized features:
- Non-custodial
- Users provide liquidity
- No KYC requirements for day-to-day transactions
HYBEX centralized features:
- Order books
- Purchase crypto via credit card
- KYB for users starting liquidity pools
- KYC for orders and swaps above a certain threshold
Ekta’s HYBEX launch
In March of this year, the E-HYX Swap DApp with the IDO for $HYX (HYBEX’s native token) planned for Q3, 2022. Users who previously staked with Ekta will get early access and a 40% discount on $HYX in the form of $E-HYX. Users will be able to swap $E-HYX for $HYX 1:1 during the presale period and see immediate returns. To stake, go to staking.ekta.io to view all available pools.
Are HYBEXs the future of cryptocurrency?
With Ekta’s HYBEX newly launched, it’s still too soon to say how quickly users will adopt the new blockchain development. However, by combining the top features from existing exchange technology and creating something new, it’s clear that Ekta’s drive for innovation will continue to inspire change.
If you’re interested in to learn more about Ekta’s HYBEX, visit www.hybex.io