WandX, a Singapore-based crypto token trading startup, today announced a strategic partnership with advisory and regtech venture Blockchain Worx for developing new crypto token products. Through this partnership, both firms will team up to create themed pick-and-trade ‘token baskets’ using WandX’s proprietary protocol.
The ‘Basket Protocol’, launched earlier in May 2018, enables the creation of a composite basket of tokens using an Ethereum smart contract; the basket itself tradable at one go. Apart from being cost-effective, this approach allows individuals as well as institutional users to balance crypto holdings, promotes seamless token portfolio creation and offers smart risk management.
Presently, two pilot token baskets are available comprising of a curated set of crypto exchange tokens and decentralized crypto exchange tokens.
What is particularly striking about WandX’s basket protocol is that it blends emerging digital assets on Blockchain technology with best practices from traditional financial instruments to create ready-to-invest crypto token portfolios on self-executing smart contracts.
“We are glad to partner with Blockchain Worx to create one of the first baskets which enable crypto users to buy into Crypto Exchange Tokens and Decentralized Exchange Tokens easily, hence making it easy for new users to participate the crypto market,” stated Abhinav Ramesh, CEO, WandX.
Floyd DCosta, Co-founder, and CEO, Blockchain Worx said, “interest in digital assets is rapidly growing. Individual and institutional investors are looking for ways to participate in the token economy. The token basket offers everyday folks as well as investment managers, a simple and structured approach to start building a portfolio of crypto tokens.”
Going forward, Blockchain Worx and WandX will explore curating baskets of security tokens, which will continue to evolve, thereby creating an ecosystem that supports new and smart instruments for crypto trading. Earlier this year, Blockchain Worx became an Approved Sponsor Firm of the Gibraltar Blockchain Exchange (GBX).