Later this year, Evermarkets will roll out its crypto exchange, called the Evermarkets Exchange (EMX). The platform will concern itself in futures exchanges and houses clearing, listing both virtual currencies and conventional futures contracts. EMX, built on blockchain technology, will be viable to clients residing outside the United States.
By definition, futures contracts are transactions involving two parties (seller and buyer) in which financial instruments are sold at a predetermined price with cash or delivery being made at a later date. Notably, the price remains constant, regardless of any fluctuations in between the two dates.
This move is aimed at bridging the gap between the past and the present, connecting digital currencies to the traditional financial markets. Jim Bai, CEO of Evermarkets, lauded EMX saying that the platform will create a fair marketplace for all stakeholders as well as providing more transparency and effectiveness. Also, the exchange will allow traders to seamlessly transform their crypto assets into traditional asset classes, a process that is currently wearisome.
Additionally, the EMX platform will enable virtual currency holders to access conventional futures contracts for indices, stocks and bonds using proprietary EMX tokens validated using blockchain-based smart contracts. Moreover, members will easily transfer the tokens to their digital wallets without necessarily waiting for lengthy approval procedures.
The EMX exchange seeks to capitalize on the growing need to diversify investment amongst investors. According to Bai, the platform avails feasible means of diversifying these assets in innovative ways. EMX will combine creativity with experience in the financial markets to revolutionize the way crypto and traditional assets are cleared and traded. Furthermore, the EMX token will eliminate the need of converting cryptocurrencies into fiat currency during trading.
Before the inauguration of the EMX exchange, traders will participate in an ICO as well as a futures trading competition. As per the project’s whitepaper, the platform will run on the Ethereum blockchain. While everybody is eagerly waiting for the launch, Evermarkets will keep interested parties updated on their blog, Twitter, Telegram and Reddit accounts.
Ultimately, EMX will modernize trading and enhance the acceptance of digital currencies by utilizing smart contracts and the capabilities of the EMX token.