[Digital Today Reporter Chi-gyu Hwang] Digital asset specialist Chain Partners (CEO Pyo Cheol-min) announced on the 24th that it will launch a beta service for digital asset price comparison service, Changer (https://changer.io).
According to Chain Partners, Changer is a service that allows you to trade digital assets at the best price by combining prices scattered across cryptocurrency exchanges. The service UI was also developed with reference to quote integration software familiar to institutions participating in the foreign exchange market, which trades $6.6 trillion a day.
In the changer, the prices of overseas digital asset over-the-counter (OTC) companies and major cryptocurrency exchanges are sequentially linked. In the end, Chain Partners plans to implement the world’s best digital asset exchange rate by linking to the price of a decentralized exchange (DEX).
Chain Partners has been developing changers for the past two years, paying attention to the fact that cryptocurrency OTC transactions are being traded manually through messenger or phone regardless of domestic and overseas.
In the changer, OTC market access and transactions are automated. Until then, in order to start trading with one cryptocurrency OTC trading company, the standard of signing up for about a month, checking capital by submitting financial statements, and at least $50,000 per transaction was followed. By working with trading companies, Chain Partners emphasized that the sign-up process was shortened to 5 minutes and the minimum transaction amount limit was also removed.
Cheol-min Pyo, CEO of Chain Partners, said, “Because there are more than 300 cryptocurrency exchanges operating all over the world and more than 10 OTC trading companies, currently no trader is trading without knowing the best price in the world. In large cases, even a small price difference can lead to a large difference in yield, so the more institutions enter the digital asset market, the greater the demand for price comparison services.”
Unlike general cryptocurrency exchanges, Changer does not have an order book. Changer supports full-price exchange rate transactions for cryptocurrencies, just as the exchange is exchanged according to the exchange rate provided by the bank when exchanges are made at the bank ahead of the trip. The company explained that the price can be predicted in advance before trading. CEO Pyo Cheol-min said, “By operating Chain Partners OTC, we realized that the full-price exchange of digital currency is an infrastructure that will be indispensable in the future market. We will continue to develop our products so that we can receive them.”
Changer (https://changer.io) is still in the beta service stage and only supports transactions between some cryptocurrencies. It is a policy to expand stablecoin transactions and exchange rate providers in stages.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.