OTCXN Completes Live Pilot of First Fiat-Cryptocurrency Trades

Institutional Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term trading platform OTC Exchange Network (OTCXN) today announced the completion of the first pilot fiat-crypto trades through its Peer-to-Peer trading solution, a move that could help the hybrid platform bring in more users.

In a statement, OTCXN said that these transactions mark an important step in establishing its blockchain-powered innovation, which aims to facilitate the conversion between Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and fiat currencies.

The company said it believes today's live test trades were “the world’s first exchange of tokenized US Dollars and tokenized Bitcoin between two separate trading accounts over an electronic trading platform with assets held in safekeeping at a neutral custodian and digitized on blockchain.”

OTC Exchange’s platform solves several issues in terms of mainstream acceptance of cryptocurrency institutional trading. It reduces risks of relying on counterparties credibility and eliminates the necessity for conventional intermediaries through a P2P community with a trade-to-settlement lifecycle.

OTCXN leverages its proprietary blockchain technologies to establish a completely new market model that improves liquidity access for the entire FX and cryptocurrency ecosystem.

OTCXN was established by electronic trading and e-FX technology expert Rosario Ingargiola, founder of FXone. Ingargiola led the design and development of one of institutional FX exchange technology stacks, used by global Tier-1 banks.

To highlight its readiness to scale and manage diverse transaction types, the company announces that it will enter the beta testing phase as early as next month. It should soon start to share access to the trading platform with the first registered beta testers.

Commenting on the news, Rosario Ingargiola, founder and CEO of OTCXN, said: “We believe this is a world first. We’ve received dozens of inquiries from trading firms and custodians about our launch date. I’m thrilled that our live test trades were a success and that we’ll soon bring our solution to the market. An independent custodian used OTCXN’s solution for custodians to digitize both fiat and crypto, and these assets were exchanged instantly without trading counterparty or settlement risk. “