æternity invests in weiDex to develop decentralized exchange
æternity, the blockchain 3.0 platform designed to deliver unmatched efficiency, transparent governance and global scalability, has partnered with weiDex, a decentralized cryptocurrency exchange. As well as guidance and support from æternity’s team of developers, the partnership includes an investment that will facilitate the development of the first decentralized exchange by weiDex, which will operate on the æternity blockchain and will make use of the protocol’s unique technological stack. The collaboration will let users carry out cross-chain, trust-free atomic swaps between AE tokens and a variety of other cryptocurrencies, including bitcoin, ether, and NEO. In addition, a decentralized exchange that can be integrated in æpps will provide a convenient gateway to æternity’s ecosystem, as well as enable new users to quickly acquire AE tokens for use on the platform.
Nikola Stojanow, CBDO of æternity and CEO of æternity Ventures, said: “Users of centralized exchanges face a number of issues in their day-to-day transactions, the main ones being the significant risk of hacks, unannounced downtimes, blocked funds and personal data leaks. We’re excited to see a growth in the usage of decentralized exchanges like weiDex that address these issues. æternity is the ideal platform for weiDex to build on, as it can handle large amounts of secure trades, allowing users to swap tokens privately and as quickly and conveniently as possible.”
In addition to helping to develop the exchange, æternity will provide weiDex with $100,000 USD in funding, which the company will invest in its ongoing research and development. Initially, weiDex will develop a version of the exchange with current Ethereum smart contract combined with contracts on the æternity blockchain, allowing users to trade ERC-20 tokens and æternity tokens from the same interface.
Tito Titov, CEO of weiDex, said: “It is clear that decentralized exchanges are the future of crypto trading. Trading decentralized assets in a centralized way, as is the status quo, renders the main ethos of blockchain technology — decentralization — void. This is why we have partnered with æternity to develop the first decentralized exchange on the æternity blockchain, letting users trade tokens in a way that is safe and transparent.”