Sparkdex Will Struggle Security Concerns With The World’s First DEX from Hong Kong

Hong Kong-based Sparkdex launches the world’s first decentralized cryptocurrency exchange aiming to solve the issues of wallet security and trust.

Photo: Sparkdex

Photo: Sparkdex

While accommodating cryptocurrency policies, Hong Kong continues to nurture cross-border financial initiatives, enterprising solutions, and groundbreaking developments in the blockchain space. These initiatives have cemented Hong Kong’s place on the global map as one of the leading blockchain hubs in the world, with many of its residents integrating cryptocurrencies into their daily lives.

The steady growth and adoption of cryptocurrency has led to increased demand for exchanges, where users can seamlessly convert from one cryptocurrency to another, without any need for intermediaries.

Wallet security and trust remain the two most critical issues, as even the leading platforms in the industry have undergone several high-profile attacks. Most of the attack vectors employed by malicious actors behind the attacks revolve around the centralized nature of the exchanges, enabling them to compromise accounts and circumvent security protocols. Understanding the point, Hong Kong-based Sparkdex has decided to launch the world’s first decentralized cryptocurrency exchange from the heart of blockchain innovation.

While most exchanges tend to play custodian to users’ funds, Sparkdex ensures that all funds and exchanges are secure and protected by allowing users to trade directly from their own wallets. The decentralized exchange with the core focus on stablecoins, tokens, and crypto assets, allows traders to exchange cryptocurrency directly through peer-to-peer channels.

Maxine Ryan, Co-founder and COO of Spark had this to say:

“The Sparkdex is next generation trading available now. It’s the biggest advance in trading security from centralised risk since cryptocurrency exchanges went mainstream. We are excited to begin building Spark’s liquidity from our international markets directly on Sparkdex.”

Deposit and withdrawal on Sparkdex have no transactional limitations, while users are not required any form of intrusive documentation to use the platform’s services. The platform also boasts to have one of the lowest trading fee schedules in the industry, ranging between 0.2% – 0%, depending on the asset being traded.

Sparkdex has been developed and designed as a high-performance trading platform capable of processing and handling the same trading volume as Nasdaq, with transaction speed of 100,000 transactions per second. Built on the Bitshares blockchain, Sparkdex is separate from Spark’s money transfer ecosystem and will be tapping into its enterprising ecosystem to host the company’s incoming stablecoins pegged to 180+ international currencies.

George Harrap, Co-founder and CEO of Spark said:

“Spark is proud to be debuting Sparkdex which enables traders to access the world’s largest, most active, most liquid and highest capacity exchange in the world.”

Spark, formally Bitspark, has been providing a bankless future for money transfers since 2014, based on an international catalogue of web-based and mobile applications for businesses and consumers. The Hong-Kong based company affords businesses and individuals the unique ability to transfer funds through stablecoins pegged to international currencies without requiring bank accounts or cryptocurrency knowledge. Its pioneering work in introducing the world’s first money transfer using Bitcoin has made it a user friendly mainstay for the unbanked, de-risking businesses access to over seven countries across Africa and Asia.

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