Bitbuy Conducts Third-Party Audit, Launches OTC Desk

Canadian crypto exchange Bitbuy announced on Thursday that it has completed a third-party audit of its reserves. The audit was performed to establish community trust on the exchange following the fallout of its peer QuadrigaCX.

Bitbuy partnered with US-based 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 security firm CipherBlade to conduct the audit and has ensured that, from now on, it will regularly release these audit reports.

Commenting on this audit, Richard Sanders, founder and CSO of CipherBlade, said: “Bitbuy was extremely forthcoming in the information they provided, and this information was provided in a timely and complete matter. This commitment to transparency is something that should be both a consumer expectation and self-regulatory best practice. A new dawn of higher expectations and accountability is something that will be great for both the Canadian space and blockchain industry in general.”

Expanding services to capture a wider market

The exchange has also expanded its offerings by launching two crypto-based services - an OTC desk and a new Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.

Dubbed Pro Trading, the platform will offer many additional trading features including crypto-to-crypto trading options with a low latency order matching service for high-frequency trading. In addition, to attract clients, the platform will charge zero trading fee till May 31.

Bitbuy claims that during the beta phase of the new platform, it has processed more than 10,000 trades to ensure smooth functioning.

“By building this product in house, we maintain complete control over every facet of the business, giving our customers confidence in the transparency of our operations,” Adam Goldman, president at Bitbuy, added. “We are not only a cryptocurrency exchange with proprietary technology and full back-office services but also a technology company. We are excited to start the next chapter of Bitbuy with our ‘Pro Trade’ platform.”

Over the years, demand for crypto trading has transformed from retail to institutional. Many major digital asset exchanges the globe including Huobi, Binance, Coinbase have introduced OTC services to process the high-volume orders from institutional clients. With the two new services, Bitbuy is only trying to attract lucrative professional clients.