IQ Option is setting its sights on a brand new project. After teasing us earlier this year about a new venture that is in the works via an ICO website, the firm is now revealing that the new project is a major one.
Being one of the leading brands in the industry, the company is focusing its attention on the Blockchain and the possibilities that come with it. IQ Option has committed to funding a massive project called the ‘Open Trading Network’.
[gptAdvertisement]
The company is aiming to create a cross-chain solution that enables transactions across different blockchains. The firm has identified the lack of cross-chain technology as a key challenge for the continued development of the crypto-world.
Once isolated blockchains are connected together the transaction handling possibilities of the whole network are opening new possibilities. The Open Trading Network (OTN) aims to cross-connect crypto users, businesses and traders into a single cross-chain network.
The solution includes a common wallet that holds all crypto and tokenised assets of a user as well as the possibility to freely exchange them via a distributed ledger. Businesses will be able to create their own currencies, raise funds or get access to a pool of traders on the OTN exchange.
Traders can gain access to a pool of crypto Liquidity via the IQ Option trading platform that has proven itself to be one of the most solid solutions in the industry. The company has had enormous success especially with its mobile offering which has been generating a substantial portion of the firm’s revenues over the past years.
The network will also enable the exchange of tokenised assets, fiat currencies and derivatives.
A bold new project for IQ Option
The participation of IQ Option with its team of over 550 professionals that are spread across its two offices in Saint Petersburg and Limassol in the project is a new milestone for the firm. The company has been heavily investing in the continuing development of its trading platform and has managed to successfully make a transition into offering FX, CFDs and cryptocurrency trading at a challenging time.
A key aspect of the new project is that it fully adheres to existing regulations for brokerages. The partner brokers will be able to report their transactions to regulators on all of the instruments that are subject to supervision.
This is possible as only those parts that are necessary are realised via blockchain technology. The OTN Network allows regulators to view a list of transactions when necessary. At the same time a system of digital signatures will identify users for an optimised KYC procedure.
Why this is not an ICO
IQ Option is not aiming to raise money with its new venture. The company is instead committing to develop the solution as a module within its already widely used and fully functional trading platform. The firm is aiming to meet the demand from existing users instead of creating a market from scratch.
“We are not trying to use blockchain to solve every problem - we are only using it in those parts of the system where it is justified, and only after enhancing it to meet real requirements. We may be evolving the blockchain technology itself to achieve these goals,” the company outlines in its whitepaper.
The company’s initial consideration is to create a solution that is a hybrid between blockchain and distributed non-blockchain tech. The central order-matching system will warrant execution speeds that can not be reached via distributed ledger solutions at present. The company states that its matching engine can sign token exchange orders in seconds.
IQ Option’s OTN Tokens will be listed for trading on all outside exchanges that are willing to provide it. Clients of the brokerage will be able to generate tokens as they execute transactions via the platform.
The CEO of IQ Option, Dmitriy Zaretsky, will be speaking on a panel at the Finance Magnates London Summit 2017 later this autumn together with Ecommpay's Director Michael Christos.
Finance Magnates London Summit 2017
