ByteX, a CeDeFi platform headquartered in Canada, is acquiring 1 million crypto users from insolvent GokuMarket, a centralized European exchange.
After the crypto market crash, GokuMarket found itself with the stark reality of default and ultimate bankruptcy. ByteX lent a helping hand by providing an alternative solution that would ultimately safeguard and protect users’ interests.
Recent market conditions that have seen the demise of several giants have also created significant turmoil for GokuMarket. The decision to acquire the custodial users of the platform is made with the intention of protecting and protecting GokuMarket’s assets as well as its customers.
ByteX is a licensed and regulated CeDeFi platform operating in Canada, the European Economic Area and India. As a KYC verified platform with compliant DeFi architecture, ByteX aims to combine the best of both worlds and redefine crypto lending infrastructure with transparency.
The platform will soon offer institutional and individual borrowers no-collateral crypto lending using a mix of machine learning-based credit scoring systems that include multiple DeFi lending protocols such as Aave, Compound, and Venus, along with a traditional approval process. The aim is to address some of the prevailing issues within the existing lending-borrowing ecosystem, such as: B. Over-collateralization with crypto assets, which discourages many creditworthy borrowers from participating.
The unique DeFi protocol called “ZERO” will break these barriers and provide a secure and transparent process for KYC verified users with NFT UID to borrow and lend.
To improve platform liquidity and provide users with a safe, vibrant and stable environment, ByteX has teamed up with OKX and Binance as its liquidity partners, SumSub for KYC, Chainalysis for KYT with Phantom AML, Armanino for compliance and proof of funds, and Copper and BitGo for insured custody and Seracle for Blockchain & Web3…
