James Ju, former Chief Technical Officer (CTO) at Huobi cryptocurrency exchange, announced his plans for opening a crypto exchange of his own in Singapore before the end of this year.
It would seem that tech entrepreneurs like James Ju aren’t put off by the current state of the cryptocurrency market, so much so that he has rounded up a group of investors to fund his latest venture of opening a crypto exchange.
Dubbed Blue Helix Exchange (BHEX), the new venture enterprise has already attracted $15 million of investment. Ju mentioned OKEx and, surprisingly enough, Huobi among the main investors in the project. BHEX is also up for running a token round, which is supposed to attract such crypto funds as DHVC, Dfund, BlockVC and Genesis Capital.
The founding team boasts of experienced staff members from “first-tier technology and financial companies” including Google, Alibaba and few others.
According to Ju, the technology behind BHEX will rely on an open source code, which will be made publicly available immediately after the development process is complete. Thanks to the said technology, the platform will be able to create community-managed custody services and clearing systems.
BHEX sees itself as a next-generation digital asset trading platform, featuring decentralized asset custody and clearing system. The exchange will open its offices in Singapore, the UK, and the U.S..
The platform will reportedly support both crypto- and fiat currency trading pairs, while running an OTC trading desk as well.
It is also worth noting, that Q1 2019 will see the emergence of yet another next-generation cryptocurrency exchange platform, namely, Binance Chain. As noted by Binance back in March 2018, Binance Chain “will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets”. The exchange will supposedly support Binance Coin (BNB) cryptocurrency, while allowing its users to create, list and trade tokens of their own.
Last week, Huobi announced the beta launch of its bitcoin futures trading platform which offers weekly, bi-weekly and quarterly contracts nominated in USD. The face value of a BTC contract is $100 and for other contract varieties, unless stated, it is $10.