Decentralized Crypto Exchange Singularity launches its Beta Testing

Global Blockchain Technologies announced its beta program for singularity exchange is in the test phase. Singularity exchange is a decentralized exchange (DEX) uses the abilities of both the Laser and Stellar blockchain networks. It uses a federated sidechain to bridge the two networks.

Global Blockchain Technologies provides investors access to a basket of direct and indirect holdings within the blockchain space. Also referred to as BLOC, it is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "BLOC."

The main functions of any exchange are order books, order matching, asset exchange, and capital deposits. The true decentralized exchange should support all these functions in a decentralized fashion. The crypto market valuations are mainly driven by the bigger cryptocurrency or crypto asset exchanges around the world though the custodianship of the crypto in centralized exchanges remains a weak link and it is susceptible to cyber attacks. The most of the exchanges are mandated to collect KYC (Know Your Customer) forms from their customers and regulated by rules such as AML (Anti-Money Laundering).



Chairman of the Global Blockchain, Steve Nerayoff said, “Crypto has come a long way in 2018. With Singularity now on the market, it will take the space a significant step forward, providing value to both retail and institutional investors by taking away the problems that are created by centralized custody and centralized order books. Singularity represents what the crypto space was going for from the very beginning, and I am eager to see how it will enrich the space as it gets rolled out.”

BLOC President and CEO Shidan Gouran added, “Developing Singularity in parallel to Laser has been an extremely insightful experience. The concept of decentralization is something that continues to be rapidly explored as the crypto space evolves. By taking decentralization to another level in a way that greatly benefits crypto traders, Singularity will bring a lot of value to the industry. We are excited to be leading the way with it, as one of our many projects that are going according to plan.”

The announcement says that Singularity exchange offers decentralized custody as well as a decentralized order book. The beta program offers user registration for Singularity exchange at http://www.singularity.exchange with a disclaimer that the exchange is in the beta testing phase and comes with its own risks. To start using Singularity exchange users have to deposit five Stellar Lumens.