Cryptocurrencies are known as virtual currencies, which come with their autonomy over their operators. These currencies can be used for the purchasing of commodities or trading in the form of Contracts for Difference on the PayBito platform. Cryptos are generally traded against their counterparts. They are also competing against the other reigning fiat currencies like GBP, USD, and EUR to make up a Forex-Crypto pair.
Crypto and Forex are similar in various ways. The foreign exchange market is operating with a much-decentralized model. While there are the more reigning fiats like GBP, USD, and Euro, there are also the similarly valued cryptos such as BTC, Ripple Coin, Ethereum, etc.
Identifying with this prospect, the global digital asset exchange, PayBito, is shifting its focus on developing crypto exchange solutions.
These are targeting the Forex broker agencies. The crypto exchange solutions of PayBito are targeted to benefit Forex brokers while providing an added edge to the crypto exchange.
Raj Chowdhury, the founder and CEO of PayBito, has remarked that “Cryptocurrency is a highly volatile and non-regulated asset class as opposed to Forex which is strongly regulated and enjoys the backing of a nation’s treasury. It is, therefore, not the right approach to mingle the two.”
The team behind PayBito’s successful running of a crypto exchange is devising the features. It is enhancing their crypto exchange solutions. At the same time, it is appending a risk management algorithm to its functioning. It should take the application several notches higher in terms of value. This may also open more opportunities for a wider acceptance and adoption of the asset class.
This upgraded software is intending to be integrated with Forex trading sites. The options for accepting payments in the form of cryptocurrencies aim at opening the foreign exchange market while inviting a broad range of investors.
Raj further added, “The PayBito team is constantly working to lead on the innovation front. We are working to devise ways to make our crypto solutions more adaptable to Forex investors.”
PayBito has provided crypto exchange technology in the past to several enterprises. This project will be one of a kind. The success of this project will set a benchmark for better innovation in the sector of fintech.