A Case for Bitcoin (BTC): The USD is Not Backed By Gold or Silver and Has an Unlimited Supply
This past Friday, an article was released (https://medium.com/republicprotocol/republic-protocol-partners-with-wyre-1ccdedaa296d) detailing some specifics around a soon-to-be-launched decentralized Dark Pool exchange called RenEx that will likely enable a healthy increase in BTC trading volume.
For anyone unfamiliar, RenEx is being built on top of the Republic Protocol, a protocol designed to power dark pool exchanges. REN is a utility token for the protocol that provides fuel and security to the engine.
But what’s more interesting is a recent collaboration between the RenEx exchange and a company called Wyre. Wyre’s decision to partner with the Republic Protocol / RenEx team is exciting for a few different reasons:
First, these guys have an OTC desk that is going to be on boarded onto the RenEx platform, providing (what I would assume to be) a pretty substantial amount of liquidity. Wyre formally announced their OTC desk back in May of this year, but has traded $3.5 billion in cryptocurrency assets in-house since 2013.
Perhaps even more interesting… Wyre is also going to provide Know-your-customer (KYC) and Anti-money laundering (AML) services to the RenEx exchange. At the end of the day, this will be the first DECENTRALIZED Dark Pool Crypto exchange offering users a level of compliance that’s consistent with big banks working in traditional financial markets. A statement released by Wyre included the following, which, in my opinion, did a great job at capturing the potential impact that this could have on BTC and other Crypto markets:
“We can’t overstate how excited we are to be able to leverage our unique combination of payments infrastructure and legal compliance services to help bring Republic Protocol’s offering to life. As Republic Protocol CEO Taiyang Zhang noted, this represents the shared focus of the two teams ‘on facilitating the entry of traditional institutional investors and funds to provide the increased liquidity digital asset markets need to grow and flourish.’” (https://blog.sendwyre.com/republic-protocol-partners-with-wyre-to-provide-liquidity-for-decentralized-cryptocurrency-dark-4248e4912b77)
Would be curious to hear others thoughts on this…