Blockchain Entrepreneur Mykola Udianskyi Sold the LocalTrade Exchange and Focused on Developing Two Regulated Exchanges in England and Austria
10 Agosto 2021 - 12:42PM
NEWSBTC
In 2021, Forbes magazine published a ranking of the 100 richest
people in Ukraine and the 59th place was taken by the crypto
entrepreneur from Kharkov, Mykola Udianskyi. His fortune according
to the magazine is estimated at $ 180 million. He was one of the
first crypto investors in the CIS and today he is the founder of
the digital holding Ehold, Bitcoin Ultimatum fork and many other
projects. As a reminder, Mykola acquired LocalTrade in September
2020 after the sale of the Coinsbit exchange in November 2019.
Initially, it was planned to transfer LocalTrade under the
jurisdiction of Montenegro and repurpose it for futures and OTC
transactions, but later the entrepreneur announced the sale of the
trading platform. Mykola Udianskyi decided to devote his time to
other projects: he focused on the creation of regulated exchanges
in the UK and Austria. The entrepreneur’s team is working on the
launch of four new exchanges in England and the UAE, Ukraine and
Montenegro are next in line this year. In addition, he recently
launched the only available regulated exchange in India. Currently,
Mykola’s company is also working on the creation of a Digital Bank,
the main feature of which is the simultaneous support of
cryptocurrencies and their integration with the traditional banking
system. The project is aiming for the implementation of innovative
functionality that will make everyday calculations in
cryptocurrency as simple as it is now through fiat. Digital banking
is one of the most important development areas in the
cryptocurrency industry. Succeeding in this area will combine
digital coins with conventional banking, which in turn will erase
the line between fiat and cryptocurrencies. New LocalTrade team and
contractors The new leadership of Local Trade has pledged to turn
blockchain and digital finance into understandable notions and
revolutionize this field. The head of the company is CEO Aaron Levi
Yahal. The new top manager has vast experience in marketing and has
supported many financial and cryptocurrency projects. His many
years of practice have proven to us that the projects Aaron had a
hand on all ended up achieving excellent results. Perhaps the most
famous one is PureFi, where he holds the position of RegTech
Strategist. This is a unique protocol (unparallelled in the market)
that allows AML technologies to be implemented in DeFi. Alexandra
Buimister is the chief operating officer of the exchange. Alexandra
has a very rich portfolio: she has international experience in the
fintech and financial sectors, in addition, she is the founder of
alternative banking services. Alexandra has experience in
leadership positions in many global brands: BCA Research (Euromoney
PLC), Forbes Latvia & Finland, Supreme Group, etc. Aaron’s team
has ambitious plans for the future of the LocalTrade exchange. In
order to implement them, he turned to the time-tested SPACE IT
Blockchain contractors. The latter is a leading IT company from the
UAE. The CEO of LocalTrade is confident in the high-quality
execution of the technical component of his own ideas since he has
already used the services of SPACE IT Blockchain several times and
knows from his own experience what high standards are set within
the company. How to get the most out of DeFi? According to the
company’s management, they are planning on not only upgrading the
platform, but they also want to create a fundamentally new product,
which has no equal in the world. The community’s reaction to this
news is overwhelmingly positive, traders can’t wait to test the
updated product. First and foremost, the team will focus on the
security and usability of the updated platform. They intend on
developing the FinTech industry, as well as integrate DeFi
capabilities that will solve the existing problems through
blockchain technology. The implementation of DeFi completely
removes intermediaries from the equation and puts smart contracts
in their stead, which, in turn, create trusted protocols. In fact,
decentralized finance almost completely eliminates the risk of
losing funds due to fraudulent activities, since the user conducts
all financial transactions through his personal wallet, the private
keys of which are only with him. The boom in decentralized finance
came in the summer of 2020. The excitement in this area caused a
huge increase in the prices of certain assets: the DeFi token YFI
became an absolute record holder, which increased by 1280 times.
Therefore, this branch of the digital economy is one of the most
promising and important at the moment. Although the DeFi topic is
over a year old, it is still quite difficult to understand,
especially for new crypto investors. On the Internet, there are a
huge number of investment proposals in plenty of DeFi projects.
However, the problem is that the overwhelming majority of market
participants cannot conduct an objective analysis of each of them.
In order for non-professional investors to safely invest in this
sector, LocalTrade is creating another product – Marketplace. Only
verified DeFi projects will be included here, and users will be
able to invest in them without restrictions. DEX’s Launch Towards
the end of summer – early fall 2021, the LocalTrade management
plans to launch a decentralized exchange (DEX). The fundamental
difference between this service and its centralized counterparts is
security and a guarantee of complete anonymity. The fact is that
DEX does not collect nor store any user data on its servers (IP
addresses, time zone, screen resolution data, and other digital
prints). On decentralized exchanges, there is no need to go through
the registration process, let alone verification (KYC / AML). And,
most importantly, DEX does not store user funds in their wallets,
so clients are the rightful owners of their assets. Disadvantages
of DEX Despite the many positive aspects, decentralized exchanges
also have a number of disadvantages. Perhaps the primary weakness
of DEX is the small selection of trading pairs and the lack of
necessary liquidity in the least popular tokens. Market makers and
liquidity pools are responsible for trading cryptocurrencies on
decentralized exchanges. In order to add a new trading pair to the
exchange, you need to create a smart pool contract and lock in it a
certain amount of an asset that provides liquidity. Unoptimized
smart contracts lead to various inconveniences: long transaction
processing time, high commissions, increased likelihood of
canceling the transaction without a refund by gwey (applies to DEX
on Ethereum). Solving the problem of sub-optimal smart contracts
from LocalTrade The LocalTrade team intends to eliminate this
deficiency, for this they decided to use the orderbook model. With
its help, it will be possible to add new trading pairs without the
need to register a separate smart contract for it each time. For
the creation of the DEX protocol, the LocalTrade team focused on
optimizing smart contracts, namely, increasing the speed of work
and at the same time reducing commission fees. In the near future,
performance will be significantly improved by reformatting the
system architecture based on Layer-2. Loss on the course at high
volumes Another problem that worries traders is the significant
change in the rate during the processing of large volumes.
LocalTrade has a solution to this problem as well: Traders will now
set the maximum allowable price range themselves. All of the above
sounded like a fairy tale just a year ago, but now it is already a
prospect for the near future. If you look at Aaron’s past and
follow the further development of his projects, then we can safely
say that the grandiose changes to LocalTrade that he talks about
are only a matter of time. We just need to be patient and wait for
the best blockchain developers to embody the ideas of Aaron Levi
Yahal. Image: Mykola Udianskyi and Binance founder Changpeng
Zhao
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