Appending a Risk Management Algorithm to Its Functioning Should Take the Application Several Notches Higher in Terms of Acceptance and Adaptability.
Cryptocurrencies are virtual currencies with autonomy over their operations. They may be used for the purchase of commodities or traded in form of Contracts for Difference (CFD) on a platform like PayBito. Cryptocurrencies are generally traded against their competing counterparts or against reigning fiat currencies like USD, GBP, and EUR to make up a Forex-Crypto pair.
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Crypto and Forex are similar in more ways than one. The foreign exchange market operates in a decentralized model. And just like there are reigning fiats like USD, GBP, and Euro, there are similarly high valued crypto, namely, Bitcoin (BTC), Ethereum (ETH), Ripple coin (XRP).
Identifying with the prospect, global digital asset exchange PayBito, shifts focus on developing crypto exchange solutions targeting Forex broking agencies. Paybito’s crypto exchange solutions are targeted to benefit Forex brokers with an added edge with a cryptocurrency exchange.
“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,” remarked Raj Chowdhury, Founder, and CEO of PayBito.
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The team behind PayBito’s successfully running crypto exchange is currently devising features to enhance their crypto exchange solutions. Appending a risk management algorithm to its functioning should take the application several notches higher in terms of value. This may also open gates for wider acceptance and adoption of the asset class. The upgraded software is intended to be seamlessly integrated with the Forex trading sites. The option of accepting payment in the form of crypto opens the foreign exchange market inviting a broader range of investors.
“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,” added Chowdhury.
PayBito has in the past provided crypto exchange technology to several enterprises in the past. However, this project, if materialized, should be one-of-a-kind. The success of this project would be a benchmark for innovation in the fintech sector.
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