Georgia-based smart contract platform Bixtrim just announced the launch of a new cryptocurrency exchange platform.
The company is describing its crypto exchange platform as “the one solution to all of blockchain issues.”
Bixtrim launched its BXM token earlier this year. The token is used to pay fees on the Bixtrim platform. The ICO for BXM tokens began in early June and is scheduled to end on August 31, 2018.
We already knew Bixtrim was planning to launch its own cryptocurrency exchange platform, but the company just made it official by issuing a press release earlier today.
In addition to a cryptocurrency exchange, Bixtrim plans to launch a complete ecosystem of financial instruments.
The goal of Bixtrim’s ecosystem, overall, is to solve “the main problems that are currently plaguing the industry,” according to a press release announcing the ICO back in April.
What problems does Bixtrim seek to solve? In the press release, the company mentions problems with long money transfers and inefficient transaction processes:
“BXM recognizes the main problems that are currently plaguing the industry. This includes the slow exchange of cryptos and in many cases the inability to exchange them to fiat money instantly. This process is still lengthy and can take upwards of several business days. Moreover, many coin holders are risking their investment and could potentially lose money.”
Bixtrim’s platform will solve these problems by making transfer methods like SEPA available.
Bixtrim also plans to launch a “crypto pawn shop”. At that pawn shop, cryptocurrency owners will be able to pawn their coin for a fixed period of time and then get them back after paying off the loan.
“This possibility is extremely beneficial as it affords customers the opportunity to keep coins, as well as obtaining the needed cash for a short-term and profit in a long-term.”
Today’s announcement doesn’t seem to reveal anything new for the Bixtrim ecosystem. Bixtrim’s core feature continues to be its cryptocurrency exchange. You can spend BXM tokens on that exchange to get a discount on transaction fees.
We don’t have a clear idea of how Bixtrim’s cryptocurrency exchange will work, nor do we know how it will be different from the dozens of other exchanges available online today. We know the exchange will have a pawn shop feature built into it, but it’s not totally clear how that pawn shop feature will work.
Bixtrim is based in the country of Georgia. In a press release, the company described its headquarters as “deliberately arranged amongst Europe and Asia.”