The token is expected to enable cross-exchange trading, cross-exchange clearing, deposits and withdrawals among different digital currencies and assets.
James Wo, a founder of Huiyin Blockchain Venture, has presented the latest breakthrough in the cryptocurrency ecosystem – cross-exchange trading token Exchange Union Coin (XUC). The token is expected to enable cross-exchange trading, cross-exchange clearing, deposits and withdrawals among different digital currencies and assets. XUC will serve as a ‘universal coin’ that can be widely accepted and circulated.
The crowdsale of XUC tokens will start on the 7th August. No pre-sale is planned.
Now, the activity of digital exchanges is limited to particular countries, they are often restricted by language barriers and geographical borders, which altogether results in the price of digital currencies differing by as much as 10% between trading platforms. Exchange Union Coin represents the goal to create a union of exchanges through the XUC token, thus allowing for efficient inter-exchange trading.
“Our trading solution will provide essential infrastructure for the growing digital currency market. Bridging the gap between exchanges maximises the unique and decentralised nature of cryptocurrencies whilst delivering a fast, seamless experience for traders. Digital currency is sought for its universal portability and bringing exchanges into a union is an essential step for the industry to progress,” James Wo, founder of Exchange Union Coin, says.
According to the roadmap unveiled in the whitepaper, the Exchange Union Chain will be developed to improve the credibility and reputation of digital exchanges, eliminate transactions fees, set up its own consensus algorithm and provide members with enhanced options.
Exchange Union’s team led by James Wo consists of experts working at the highest levels across the financial and blockchain industries. It can boast of such names as Mikael Wang, previously CTO of BTCC and former chief solutions architect of Ericsson, Terry Culver, Vice Dean for Development at Columbia University School of International and Public Affairs, and William Hou, former vice president of AJ Securities, one of the earliest financial institutions in China.
Partners of Exchange Union
Exchange Union has partnered with Huiyin Blockchain Venture, a blockchain focused venture capital fund. It provides strategic investment to develop blockchain and scale in a number of areas, including infrastructure, exchange, payment, remittance or use cases. The company sees its mission in making the most of the exciting opportunities the blockchain technology can offer.
Huiyin Blockchain Venture has $80 million in funds and more than 20 portfolio companies around the world, including digital currency exchanges, blockchain use cases and infrastructures.
Jinsheng Capital, one of the largest private equity management institutions from China, is one more partner of Exchange Union Coin. It manages over $4 billion in assets.