Amid Crypto Meltdown, Bytex Helps 1 Million GokuMarket Users

Vancouver, Canada, August 4, 2022 – Bytex, a centralized decentralized exchange (CeDeFi) platform based in Canada, has acquired 1 million cryptocurrency users from insolvent GokuMarket, a European centralized exchange.

After the crypto market crash, GokuMarket was faced with the harsh reality of insolvency and eventual bankruptcy. Bytex extended a helping hand by providing an alternative solution that would ultimately safeguard and protect the interests of users.

Recent market conditions, which also saw several giants fall, resulted in considerable turbulence for GokuMarket. The decision to acquire the platform’s custodial users was with the intention of safeguarding and protecting GokuMarket’s assets, as well as its customers.

Bytex is a licensed and regulated CeDeFi platform operating in Canada, the European Economic Area, and India. As a Know Your Customer (KYC) verified platform with supported decentralized finance (DeFi) architecture, Bytex aims to bring the best of both worlds together and redefine crypto credit infrastructure with transparency.

The platform will soon offer unsecured crypto loans to institutional and individual borrowers using a combination of machine learning-based credit scoring systems spanning various DeFi lending protocols such as Aave, Compound, and Venus, as well as a traditional approval process. The goal is to address some of the prevalent issues within the existing lending and lending ecosystem, such as over-collateralization with crypto assets, which prevents many creditworthy borrowers from participating.

The unique DeFi protocol called Zero will overcome these barriers and provide a secure and transparent process for KYC-verified users with unique non-fungible token identifiers to borrow and lend.

To enhance the liquidity of the platform and offer users a secure, vibrant and stable environment, Bytex has partnered with OKX and Binance as liquidity partners, Sumsub for KYC, Chainalysis for Know Your Transaction authentication, Phantom for Anti-Money Laundering, Armanino for compliance and proof of funds, Copper and BitGo for secured custody, and Seracle for blockchain and Web3 infrastructure.

Robert Balazs, Co-Founder and CEO of Bytex, regarding the acquisition decision, stated: “Our primary goal is to establish stability based on Bytex’s guiding principles of trust, customer service, risk management and security. Unexpected challenges and financial difficulties arise in any business, but it is our duty to ensure that the decisions we make take these risks into account and that the products and services we offer provide a safety net should these circumstances arise.

“We have already started the process of raising capital and are currently in talks with various venture capital firms to finalize the build of our Zero protocol and fix the GokuMarket shortfall.”

Thanks to the enthusiasm and foresight of the founding developers, cryptocurrencies have started to revolutionize the entire financial system. The belief, hard work, and persistence of many contributors have grown the industry to over $3 billion at the top of the market. Despite the recent correction, the founders of Bytex believe that crypto is a young industry that has barely scratched the surface. Innovation and real life use cases will pave the way to an exciting future as both retail and institutional adoption increases.

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