Sevenlabs and Blockstream are partnering with Poseidon so they can launch a decentralized exchange platform for Bitcoin. A statement received by Bitcoin Magazine stated that the coming Bitcoin exchange will be headquartered in Switzerland. Sevenlabs and Blockstream are Bitcoin service providers.
Bitcoin’s Ecosystem to Get a Boost
The decentralized exchange, XDEX, is designed to support tokens within Bitcoin’s ecosystem and it will permit peer-to-peer exchanges. This will conveniently do away with the need for middle agents in crypto transactions.
XDEX counsel, Lars Schlichting, said that the usage of peer-to-peer infrastructures is unavoidable. Schlichting stated further that launching XDEX is a significant milestone in the process of this transition into a better-decentralized finance system that is enhanced by Bitcoin. It is billed to open up the way for the coming of other financial systems and trading platforms to evolve.
By agreement, Blockstream will grant passage to Liquid Network, an app built on the layer 2 platforms for scaling Bitcoin. This will enable the trade of financial assets like Bitcoin, Swiss franc stablecoin, the Euro, as well as other assets available on the Liquid Network.
The product’s final launch is expected to come up in the fourth quarter of this year. When that happens, users will have access to trade equity tokens available on Infinite Fleet and Blockstream’s Mining Notes.
Building a Full-Stack Solution
In addition, Blockstream will be granting access to its AMP. It is going to enable the smooth management of assets that are programmable on Liquid’s network.
It is said that users will be able to have access to XDEX transparently at any time they desire. The joint company will leverage TDEX’s open-source network and it is going to be manned by Sevenlabs.
Blockstream CEO, Adam Back, said leveraging Blockstream’s AMP, as well as Liquid’s transaction system and speed, and TDEX’s protocol, XDEX embodies a full-stack Bitcoin tech. he said it serves as a blueprint for future exchanges and it will lead to more reformation of conventional capital markets.
At first, XDEX is going to get launched on IOS and Android platforms for mobile usage. The team plans to work on developing a web version sometime in the future that will also have more digital assets tradable on it.