James Wo, the founder of Huiyin Blockchain Venture has announced the launch of Exchange Union Coin (XUC) which is designed to be a cross-exchange trading token to improve functionality, efficiency, and service standards for the cryptocurrency community. XUC aims to bridge digital currency exchanges around the world to realize investors’ cross-exchange trading, cross-exchange clearing, deposit and withdrawal among different digital currencies and assets.
Digital Exchanges currently are isolated from one another despite the global and distributed nature of cryptocurrencies. Many exchanges still find themselves restricted by language barriers and geographical borders…this causes the price of digital currencies to vary by as much as 10% between different the trading platforms. Exchange Union Coin encourages the union of exchanges through the XUC token that allows inter-exchange trading to take place efficiently. XUC operates as a ‘universal coin’ that can be widely accepted and circulated. Exchanges do not have to list the same cryptocurrencies as each other in order to use XUC and can take advantage of additional revenue from transaction fees.
“Our trading solution will provide essential infrastructure for the growing digital currency market. Bridging the gap between exchanges maximizes the unique and decentralized nature of cryptocurrencies whilst delivering a fast, seamless experience for traders.”
“Digital currency is sought for its universal portability and bringing exchanges into a union is an essential step for the industry to progress.”
– James Wo, Founder, Exchange Union Coin
Phase two of its two-year roadmap will see the development of an Exchange Union consortium that will work to improve the credibility and reputation of exchanges across the industry. The consortium will further streamline inter-exchange transactions by eliminating transactions fees, setting up its own consensus algorithm and offering enhanced features to its members (KYC).
The leadership team is comprised of experts across the financial and blockchain industries. Exchange Union Founder, James Wo, is also Founder & Chairman of Board of Huiyin Blockchain Venture, a leading blockchain-focused venture capital fund. He is also Board member of Purse and Ripio.
He is joined by Mikael Wang, previously CTO of BTCC and former chief solutions architect of Ericsson, Terry Culver, Vice Dean for Development at Columbia University School of International and Public Affairs and William Hou, former vice president of AJ Securities, one of the earliest financial institutions in China.
Exchange Union’s white paper is now available with XUC tokens to be offered interested parties in a crowdsale beginning on August 7th.
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