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byte X, Canada based CeDeFi platform gains 1 million crypto users insolventt GokuMarket, a European centralized exchange.

After the crypto market crashed, GokuMarket found itself facing the stark reality of bankruptcy and eventual bankruptcy. ByteX has reached out to provide an alternative solution that will ultimately safeguard and protect the interests of users.

The recent market situation where several giants have fallen has also brought considerable volatility to GokuMarket. The decision to acquire the platform’s hosting users was made to protect and protect GokuMarket assets and its customers.

ByteX is a licensed and regulated CeDeFi platform operating in Canada, the European Economic Area and India. As a KYC verification platform with a DeFi-compatible architecture, ByteX aims to bridge the best of both worlds and redefine cryptocurrency credit infrastructure in a transparent manner.

The platform will soon offer zero-collateralized crypto loans to institutional and individual borrowers using a machine learning-based credit rating system with multiple DeFi lending protocols such as Aave, Compound, and Venus, as well as the traditional approval process.the goal is Solve some common problems in the existing lending ecosystem, such as over-collateralization of cryptocurrencies assets, which prevents many creditworthy borrowers from participating.

A unique DeFi protocol called Zero will overcome these barriers and provide a secure and transparent lending process for KYC verified users with NFT UIDs.

To enhance the liquidity of the platform and provide users with a safe, vibrant and stable environment, ByteX works with OKX and Binance as liquidity partners, SumSub for KYC, Chainalysis for KYT and Phantom AML, Armanino for compliance and proof of funds, and Copper and BitGo are used for insurance custody, and Seracle is used for blockchain and Web3 infrastructure.

Commenting on the acquisition decision, ByteX co-founder and CEO Robert Balazs said: “Our primary goal is to build stability based on ByteX’s guiding principles of trust, customer service, risk management and security. Unexpected challenges arise in any business. and financial hardship, but we have a responsibility 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 the event of these circumstances.”

“We have now started raising capital and are currently in talks with several venture capital firms to finalize the construction of our Zero Protocol and address GokuMarket’s deficit.”

Through the passion and vision of the founding crypto visionaries, cryptocurrencies have begun to revolutionize the entire financial system. The belief, hard work and persistence of many contributors allowed the industry to grow to over $3 trillion at the peak of the market. Despite the recent correction, the founders of ByteX believe that crypto is a young industry that is just getting started.Innovation and real-life use cases will be The road to an exciting future as retail and institutional adoption increases.

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Disclaimer: This is a paid post and should not be considered news/advice.

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