Indian cryptocurrency exchange, BuyUCoin announced the launch of BuyUCoin Trade Engine 2.0 on Wednesday. The trade engine is set to improve the liquidity of Indian markets.
The algorithm in this trade engine can execute transactions at a scale of 200 orders per second.
Apart from that, the open order book will be a key factor in reducing high premium charges and thus paving the way for exponential growth in trade volume and liquidity in India. The technology transformations will make the platform more robust, secure, transparent and efficient even at a scale of 200 orders per second.
Shivam Thakral, co founder and CEO, BuyUcoin said, “From bootstrapping BuyUcoin from college dorms to becoming one of the top players in the cryptocurrency market, we are continuously innovating to help people in getting a hassle free experience with trading of cryptocurrency in India and I am proud to say that we are serving more than 200,000 people in India currently”.
He added, “Cryptocurrency industry has revolutionised the global economies including ours. Regulatory bodies worldwide are exploring the use cases of Blockchain technology to ensure financial equalities and economic freedom. The digital asset technology is estimated to give people more control over their personal finance and bring equanimity by promoting open and decentralised financial system.”
In its future plans, the company plans to adopt Decentralized Web 3.0 to “keep in pace with the dynamic cryptocurrency industry.” Currently, the exchange’s user base ranges from two-tier cities to metros.
Recently many Indian and non-Indian companies have been experimenting with leveraging blockchain into their services. Some of these companies include, Reliance, Axis Bank, Yes Bank, TCS and Infosys along with global organisations such as Microsoft, Chicago Mercantile Exchange, Expedia, Overstock, InTuiT, Alphabet among others.
In a recent survey, conducted by the mobile internet provider company, Jana, BuyUCoin ranked third among the exchanges, Indians looked at in the past five months.
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