The Hong Kong-based cryptocurrency platform Crypto.com has renewed its digital exchange. The new updates are expected to increase the performance and yield of the exchange tenfold, the company announced Thursday. The changes include improvements in speed, scalability and security.
The goal of a multifunctional platform
The Crypto.com exchange was launched in beta late last year. The exchange is one of the many services offered on the platform along with currency accounts, debit cards and a mobile app.
Company co-founder and CEO Kris Marszalek said the company plans to end the trial phase later this year, and infrastructure updates are expected to pave the way for new features including trading margin and derivatives trading.
"With advanced exchange performance and new features on site, we want to eliminate any reason for users to go elsewhere and act as a" one-stop shop "for their digital resource needs," said Marszalek.
IOC Matthew Chan said that to support the new features, Crypto.com had to change the foundations on which the exchange was built. "What we did was essentially the equivalent of changing the engine on an airplane during the flight," said Chan.
Below the surface of Crypto.com
According to Chan, the tenfold increase in performance is due to a renewed matching engine and order management system. For high frequency traders, this would result in faster response times, stability and real-time data access for invest more effectively.
"The goal we had when we made our adjustments was to build a dynamic system that theoretically can scale infinitely," said Chan. Cryptocurrency exchanges are vulnerable to attack, and users could lose their currency held in exchanges or online wallets.
Crypto.com holds 100% of users' funds offline in cold storage. According to Marszalek, this is not something the platform is willing to change, despite opening up to larger volumes of transactions.
"This was a golden opportunity for us to reevaluate all elements of our architecture and fully integrate DevSecOps into our development cycle," added Chan. "The technology stack, internal communications and other important aspects of all systems have been carefully examined and stress tested by both internal and external ethical hackers."
For Marszalek, the new updates are part of a wider vision. Crypto.com was founded by Marszalek in 2016 under the name of Monaco, a payment platform with its own MCO token.
In 2017, the company's ICO raised $ 26,7 million. The following year, Monaco was renamed to Crypto.com, which currently holds $ 360 million in cryptocurrency insurance. “Our three core business pillars are payments, trading and loans.
To date, trading is the main contribution to our bottom line, "said Marszalek. Crypto.com has 2 million users on its platform, he added.
