Ex-Executive at NYSE and Huobi to Launch BHEX Crypto Exchange with Fiat and OTC Trading
Former CTO at Huobi is going to launch a crypto exchange by the end of 2018. The exchange, called BHEX managed to garner $15 million in equity from institutions such as OKEx and Huobi. The exchange will launch at the end of the week. It has attracted over 70 tokens funds and 40 institutions in its token round.
The bear market does not appear to be putting offer entrepreneurs like James Ju.
Ju is a blockchain tech expert that was the leader of a team, which upgraded and rebuilt the Huobi crypto trading platform. In the process, they turned it into a leading global exchange in volumes.
Upon leaving Huobi, Ju went to the NYSE’s X Financial where he worked as VP of tech. In early 2018, he created Blue Helix, which wants to create the next stage in crypto trading and asset custody platform.
Tyler Wu is the Global MD for BHEX and was part of the team at Huobi where he worked as an MD in Singapore. According to a press release from BHEX the founding members are from top tech and finance firms such as Google, Baidu, Tencent, Societe General, and Barclays Capital. They have expertise in blockchain, technology, and finance.
About the BHEX Exchange
The BHEX platform sees itself as the future of crypto exchange. It is powered by decentralized clearing and custody tech created by BHEX. This exchange will offer users crypto-crypto trading, fiat pairs, and even OTC options. The current site offers Yuan trading already. This will be a huge benefit to traders in China, who are banned from crypto markets within China.
Ju said that the Bluehelix tech will be open source once development is completed. With the technology, BHEX will be able to create custody and clearing system managed by the community. BHOP, which is a SaaS platform product, will be developed to having independent trading tech too.
The Super Guild community offers a learning ecosystem where members gain bonus points similar to what occurs on Binance. Huobi is part of a growing list of crypto exchanges being attracted by Singapore’s crypto-friendly laws.
Regulation in Singapore
Following a recent fintech festival, the financial regulator in Singapore signed off on a regulatory framework for payment services. According to a recent report, the bill will regulate the sale and purchase of crypto within Singapore.
According to the Monetary Authority of Singapore’s MD, the bill will enhance the payment services environment in Singapore. It will also improve confidence in the use of e-payments. The bill was necessitated by the changing payment landscape in Singapore. It will streamline payment services under a single law. It will combine all existing legislation while examining recent developments in payment services.
The MAS believes that this bill will also be good for crypto. It will create a framework for retail payments while mitigating risk. Thus, customers and merchants will all be safeguarded. It will also reduce the risk of money laundering and terrorist funding.