ForDeX – The World’s First Stablecoin Exchange

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Reading Time: 3 minutes(Last Updated On: February 7, 2019)

Stablecoins are all the rage and what is even better is the Singaporean based Blockchain firm ZPX‘s new Decentralized Stablecoin Exchange called ForDeX. Stablecoins are tokens/crypto which held up by real FIAT reserves.

ForDeX’s Alpha version is built on the 0x gives traders the power to buy, sell and store their wealth in a wide range of stablecoin.

The platform will begin with 3 denominated stablecoins: 3 US Dollar stablecoins and 1 Korean Won stablecoin, KRWb. The exchange is the first platform to offer end-to-end trading from USD fiat to KRWb stablecoin.

“Attacks on centralized exchanges (CEXs) have continued with increased frequency – total losses in just the first half of 2018 were over $1 billion. We’re now slowly seeing renewed interest in decentralized exchanges (DEXs) despite current challenges. We expect DEXs to vastly overtake centralized exchanges eventually.”,

SAID ADITYA (ADI) MISHRA, COO AND CO-FOUNDER AT ZPX, THE COMPANY BUILDING FORDEX.

The ZPX has both long term and short term plans for ForDeX plan according to its CEO and Co-founder, Ramani (Ram) Ramachandran:

  • Short term: “Enable margin trading, shorting and leverage to allow users to take on larger positions without committing much capital”
  • Long Term: “become a one-stop platform for cryptocurrency foreign exchange trading (which is why the platform is called ForDeX – a foreign exchange DEX).”

ForDeX’s Decentralized nature not only lends itself to the growing trend of interested in decentralized exchanges but becomes the first to have FIAT support out of the box.

It is even fully decentralized and does not take custody of user funds with support for multiple wallets such as Trezor, Ledger and Metamask.

As previously noted: ForDeX is still in Alpha which will be 1 month long before heading into beta with a number of additional features.

What are your thoughts on this new Stablecoin Exchange? Share your thoughts below in the comments.

Press Release

SINGAPORE – 02/07/2019 (PRDistribution.com)


ZPX has launched the alpha version of ForDeX, a stablecoin-focused exchange built on 0x. ForDeX is a first-of-its-kind platform solely focused on enabling traders to buy, sell and store wealth in a range of stablecoins denominated in currencies including the US Dollar, the Korean Won and the Singapore Dollar. ForDeX is launching alongside KRWb and will be the first platform offering end-to-end trading from USD fiat to KRWb stablecoin.

“Attacks on centralized exchanges (CEXs) have continued with increased frequency – total losses in just the first half of 2018 were over $1 billion. We’re now slowly seeing renewed interest in decentralized exchanges (DEXs) despite current challenges. We expect DEXs to vastly overtake centralized exchanges eventually.”, said Aditya (Adi) Mishra, COO and Co-founder at ZPX, the company building ForDeX.

“ForDeX addresses a host of user needs. First, it has a ready fiat-on-ramp at launch which ensures that users are able to convert their fiat into their favourite cryptocurrencies on the platform itself. Second, being a DEX, it is fully decentralized and does not take custody of user funds. Last, it supports multiple wallets such as Trezor, Ledger and Metamask.”, said Ramani (Ram) Ramachandran, CEO and Co-founder at ZPX.

“We’ve currently added 3 US Dollar stablecoins and 1 Korean Won stablecoin, KRWb. Our short-term plan is to enable margin trading, shorting and leverage to allow users to take on larger positions without committing much capital. Our long-term goal is to become a one-stop platform for cryptocurrency foreign exchange trading (which is why the platform is called ForDeX – a foreign exchange DEX).”, according to Gangadhar Sulkunte, who heads products at ZPX.

Currently in its alpha version, ForDeX invites users to try out the platform and engage with the team on RedditTelegram and Twitter to help the team improve and modify features that users may require. ZPX plans to continue alpha testing for another few months and then launch a beta version with more features installed.

About ZPX
ZPX is a Singapore-based venture-backed firm operating in the blockchain space with offices in Singapore, India and the US. ZPX is led by a team with significant experience across financial services and technology. ZPX investors include the founder of Google AdSense, two tech unicorn founders and Seedplus, the leading Singaporean early stage VC. ZPX has built multiple blockchain products including 108Token and Satoshi&Co and organized events such as De/Centralize.

Contact
Divyang Upadhyaya
Operations at ZPX
[email protected]