- Blockstream, Sevenlabs has partnered with Poseidon Group to launch a decentralized exchange for bitcoins and security assets.
- The exchange, XDEX, is built on the open source TDEX protocol and will operate 24/7.
- The app is expected to launch on IOS and Android in Q4 2022.
Bitcoin infrastructure service providers Blockstream and Sevenlabs have partnered with Poseidon Group to launch the first decentralized security token exchange for Bitcoin in Switzerland, according to a press release sent to Bitcoin Magazine.
The exchange, XDEX, will support assets within the Bitcoin ecosystem and enable peer-to-peer trading, effectively removing middlemen from the transaction.
“The use of P2P infrastructure by today’s financial markets is inevitable,” said Lars Schlichting, general counsel at XDEX.
“The launch of XDEX is an important step in this transition to a more decentralized financial system made possible by Bitcoin and will pave the way for the evolution of other financial institutions and trading platforms,” Schlichting continued.
Blockstream will provide access to the Liquid Network, a layer two application used to scale Bitcoin, enabling the trading of assets such as; bitcoin, euro and Swiss franc stablecoins and other liquid assets. At launch, which is expected to take place in Q4 2022, users will be able to redeem Blockstream Mining Notes and the Infinite Fleet Equity Token.
In addition, Blockstream will also provide access to the Blockstream AMP, which enables management of programmable assets on the liquid network.
Additionally, users will be able to seamlessly access XDEX around the clock, as the joint venture leverages the open-source TDEX protocol, which will be managed by Sevenlabs.
“By leveraging Blockstream’s AMP asset management platform, TDEX’s decentralized protocol, and Liquid’s confidential transactions and speed, XDEX forms a complete stack of Bitcoin technology that is a blueprint for future exchanges. and leads to further reform of traditional capital markets and disintermediation,” said Adam Back, CEO of Blockstream.
Initially, XDEX will be launched on Android and IOS as a mobile application and the team intends to develop a web-based platform in the future which will likely support more assets.