ForDeX Partners With 5 Stablecoins in Bid to Become One-stop Market for Stablecoins
ZPX has announced the launch of 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 representing currencies including the US Dollar, the Korean Won and the Singapore Dollar.
“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 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 behind the development of 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, 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 four US Dollar stablecoins and one 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 Divyang Upadhyaya, who heads operations at ZPX.
ForDeX is also the launch partner for StableUSD (USDS), a USD stablecoin by Stably backed by investors including 500 Startups and Beenext. StableUSD is one of the major stablecoins, after USDC, Paxos and DAI, to be listed on Fordex. ZPX strongly believes in the Stably team's vision and ability to build a decentralized future powered by the robust infrastructure provided by USDS.
Currently in its alpha version, ForDeX invites users and market makers to try out the platform and engage on Reddit, Telegram and Twitter to help the team understand, improve and deliver features that they would like to see. ZPX plans to continue alpha testing for another few months and then launch a beta version with more features.
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.
Operations at ZPX
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