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Kyrrex: The World’s First Crypto-Fiat Bank
Cryptocurrencies are turning out to be a definitive characteristic of the 21st Century. Similar to the evolution of electric cars and smart technologies, the underlying blockchain principle has solidified the place of this digital finance system in history. Thus, the march of progress in all things crypto is changing from a brisk walk to a dash. And as the narrative changes in favor of decentralized digital financial systems, Kyrrex appears as the first crypto-fiat bank.
The Kyrrex engine evolved from a determined purpose to sort out some of the still-existing gaps in the crypto industry. As a centralized exchange platform, Kyrrex’s driving objective is to provide users with the opportunities and needed digital infrastructure to slide into the backseat of the crypto sedan without throwing away the old ledger of handwritten or Excel-driven ledger accounting.
As the first crypto bank, Kyrrex takes the initiative of financial inclusivity to a whole new level. Its lineup of integrative features, for example, the liquidity hub, implement the core tenets of the Satoshi Nakamoto principle. These include autonomous economics, investment adventures that are unhindered by geographical space, and avenues for wealth building that are legal, recognized by peers from different parts of the world, and primarily managed by the person rather than a traditional banking institution.
So, as the first crypto-fiat bank, Kyrrex’s mandate is genuine and also original. The user (who is an ordinary person, a newbie to the crypto industry, an expert trader or investor, etc.) is the center of the revolution. The architecture of the exchange platform is such that this user, some of whose assets are still in fiat, has all of their questions answered and the world of crypto assets opened to them.
In this article, we highlight the peculiarities of the Kyrrex crypto exchange platform. First, we underline the gaps in the traditional and crypto accounting industry, then present the attributes of Kyrrex as the first crypto-fiat bank. Lastly, the article touches on the platform’s prospects for the future.
Lapses in the Financial/Banking Industry and the Need for a Crypto-Fiat Bank
Kyrrex was developed with a common objective in mind: solve the current problems of traditional banking and the crypto market, and introduce the next phase for the blockchain-driven evolution of personal and corporate finance. Some of these problems are highlighted below.
1- High costs in traditional banking
Regardless of the location, using traditional banks and other conventional financial institutions is costly. There are seemingly small charges for the use of debit and credit cards, online banking, international trading, and lots more. Each of these small charges amount to a sizable fraction of total personal, household, and even corporate income. These are really ‘operative expenses’ that make little sense, but that is the dynamic of the accounting model that evolved from the trade-and-barter system.
2- Low speeds of transactions in traditional banking
Timely transactions are a foreign thing for traditional banking institutions. The typical banking hall, for example, is a corridor where many of us learn to be patient, read magazines about global tourist attractions, and waste good time. The online variants are not all that different as international transactions, for instance, usually take three to five business days—unless you use those disruptive Fintech services.
3- Stagnated in the world driven by intelligent programs/protocols
Traditional accounting models are dull. Like the paper ledger that only knows to record data and does not directly help decision-making, the system is outdated and has fallen out of use in this fast-paced epoch. Why are we still married to obsolete technologies (a generous label) when there are newer options that are driven by artificial intelligence (AI)?
4- Lack of trust
Then comes the crypto market with laudable elements like peer-to-peer technology, decentralized economics, and other accents of the distributed ledger system. But the vision of decentralization is taking a while to manifest due to our inherent distrust of other people and new things. The best way out is to have something familiar and relatable, but many crypto platforms do not make a convincing case for earning the trust of intended users.
5- Needlessly complex platforms
Decentralized platforms are generally complex. The landscape is unfamiliar to the average person, and the language is positively weird. It takes a while to get used to the physics of blockchains and cryptos, especially considering that many decentralized platforms provide little or no direct help to users.
6- High volatility
The crypto market is a very volatile space. Observing the fluctuations in the value of crypto assets is a lesson in quantum mechanics. The odds of winning walk side-by-side with the risks of losing. And exchange platforms are not helping with their shallow liquidity pools. Consequently, users are not as invested in the crypto market/industry as they should be.
8- Prevalent security/Leaks
Hackers and scammers are having a field day and unlicensed crypto project managers are pulling the rug out from under even the most observant user. The apparent absence of accountability leads to distrust and the lack of trust evolves into nonparticipation.
Kyrrex, the First Crypto-Fiat Bank to the Rescue
The primary goal of Kyrrex is to build a solid bridge between the traditional banking and financial system and the digital world of online investment, trading, and economics. Put differently, the regulated crypto-fiat network promotes an all-in-one exchange platform derived from a vision to see both worlds (the actual and the virtual) criss-cross each other for the benefit of users.
The entire Kyrrex ecosystem has the user as the control factor. As a result of this, the platform emphasizes focused performability with regards to crypto exchange, liquidity options, trading and portfolio management, tokenization, and more. In other words, these features and services are optimized to meet user needs at affordable (and even negligible) financial costs.
History and Mission
Kyrrex was founded in 2016 as a regulated crypto-fiat platform. Unlike many others, the platform did not take up the decentralized exchange model or the increasingly popular hybridized centralized-decentralized model. Instead, the platform was designed to use a regulated framework to provide products and services for investment and finance.
Kyrrex is an inclusive ecosystem, and is particularly geared towards closing the divide of traditional banking and the crypto market. Thus, it is the one-stop-shop for the trading of both fiat currencies and crypto assets using a user-friendly and user-centered architecture.
According to the Kyrrex website, the mission of the crypto-fiat bank is to create “... a global system of financial products without geographical, legal and time boundaries, accessible from everywhere, by anyone.” The result of such a system would be a promising step towards the next phase of the crypto and blockchain revolution.
Features and Advantages
A number of features make Kyrrex a valuable and convenient platform for crypto-fiat exchange.
1- Licensing and regulation
Kyrrex is a regulated exchange platform. This means that the system runs on direct human supervision rather than automated computer protocols. To this effect, Kyrrex has a Class 4 VFA License by the Malta Financial Services Authority, the highest available and evidence to demonstrate that the platform is as legit as possible. By implication, Kyrrex has the stamp of approval from two well-known crypto license issuers.
2- Crypto Exchange
Kyrrex operates a fast and ultra-efficient system for traders. The transaction speed for each crypto asset reaches up to 1.5 million transactions per second, which is a big bump compared to the 5 to 15-minutes average guaranteed by other platforms for a similar number of transactions. Kyrrex also offers demo trading accounts for newcomers to the crypto industry who can then switch to genuine trading accounts once they are confident. This is possible due to the massive treasure trove of information that Kyrrex offers as training manual and educational material on trading crypto assets.
3- Liquidity Hub
Kyrrex introduced the idea of a liquidity hub where users can easily buy and sell digital assets without worrying about large swings in price (slippage). As a result, users are free to trade in crypto assets with a dedicated focus, rather than remaining jittery as a result of the high volatility dynamics inherently native to the crypto universe.
4- Over the counter trading services
Kyrrex offers over-the-counter (OTC) services which is another way of saying that Kyrrex offers users interested in securities trading without the monitoring eyes of a formal exchange. The OTC system is transparent, legal, and safe. As such, Kyrrex users are not at a disadvantage using this decentralized feature since the platform itself acts as the basis for the broker-dealer transaction.
5- Crypto-Fiat Portfolio Management
Kyrrex combines the cardinal excellences of both fiat currencies and digital assets. This way, you can easily manage both sides of the financial coin by buying and selling new assets using them. With Kyrrex, users are able to convert their fiat currencies to cryptocurrencies, and vice versa. The process is simple and seamless and does not require any other protocol/procedure since the integration of fiat and crypto is built into the Kyrrex ecosystem. Thus, you can conveniently manage your trading portfolio with both fiat currencies and crypto assets as viable instruments for exchange.
6- Tokenization
Kyrrex has much to offer its users in terms of tokenization. The native KRRX token offers multiple benefits for Kyrrx users. These include zero commissions on all trades done inside the Kyrrex ecosystem, and chips for social interactions among traders. The tokenization protocol also allows for the progression of Kyrrex traders over the 6 user trading levels.
7- Referral Bonuses
Kyrrex is not a multi-level marketing (MMM) scheme but it uses a referral system to reward active and advertising users. Upon referring three people, a Kyrrex user gains access to new discount rates, although that also depends on the volume of KRRX that the user stakes. To put things in perspective, at the third referral, Kyrrex awards users that have staked more than 2500 KRRX with a whopping 60% discount. This is not including the secret bonuses that the users become eligible for.
8- User-Friendly interface
Kyrrex, like many centralized exchange platforms, prioritizes a simple and user-friendly interface for its users. The emphasis is on practicality and convenience rather than a design focused on blinding the eyes. As such, you won’t find extreme colors on the Kyrrex mobile app or web platform. Instead, the interface of the trading wallet is comfortable and can be used without newcomers having to rely on extra materials on how to use the Kyrrex trading wallet.
9- Free trading within the ecosystem
As earlier mentioned, Kyrrex users are eligible for very low trading fees. These fees depend on how much cryptocurrency they are trading, their trading level, and, again, whether or not they are using the native KRRX token. Even so, the Kyrrex trading fees are low compared to the offerings on other platforms.
For example, the highest trading fee on the Kyrrex platform is 0.15% for transaction volumes worth less than 100btc. This fee is lowered to 0.135% for traders who have staked 500 to 5,000 KRRX and to 0.0525% for those that have staked more than 250,000 KRRX. For users at institutional and market maker trading levels, there is no trading fee.
10- Privacy/Security of user information
Kyrrex uses a watertight security system that ensures that user information is safe from hacker activity. Without authorization from the platform, no individual, institution, or computer program can gain access to the funds on Kyrrex. This is one of the vision-points of the Kyrrex exchange platform, so it is taken pretty seriously.
Kyrrex Prospects for the Future
Kyrrex has several prospects for the future that will consolidate its status as the first crypto bank and the most progressive regulated crypto exchange platform. Two particular features are slated to be implemented on the Kyrrex ecosystem. These include banking capabilities (in which case Kyrrex can operate in full capacity as a digital bank); and the crypto merchant platform where users can use the Kyrrex engine to optimize their business operations, boost client coverage, and make more profit.
All in all, Kyrrex is both a crypto-fiat bank for the future and for the present. Its objectives are appreciably sensible, its features are on point, and its prospects cannot be any brighter.
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Kyrrex Celebrates Five Years of Progress!
On September 3, 2023, Kyrrex celebrated an important milestone: our fifth anniversary. Five years in the dynamic world of cryptocurrency is an achievement that evokes a deep sense of pride. This date holds great importance to us. Over these years, we’ve been deeply committed to our mission, continually iterating and improving for the community.
Throughout this journey, we have strived to develop and introduce features that serve the evolving needs of our users. We have empowered businesses, providing them with the tools they need to launch and operate seamlessly in the crypto space. The introduction of the liquidity hub has ensured that trades are executed with speed and efficiency, creating a reliable trading environment.
Kyrrex's cooperation with the world of sports is a testament to our commitment to excellence. Among our respected ambassadors, we are honored to count elite athletes such as Jorge Martín from MotoGP, Martín Di Nenno, a padel top player, and others. This collaboration is deeply symbolic. These athletes, who stand at the peak of their sports, mirror our relentless passion for perfection.
We also have been part of history, observing meteoric rises in the value of Bitcoin and other cryptocurrencies, navigating through moments of market turbulence, and witnessing the inception and demise of various startups and billion-dollar projects.
As we move forward, our vision for Kyrrex is crystal clear. The roadmap ahead is filled with ambitious plans, from expanding into new markets and acquiring more licenses to introducing more innovative trading projects. Each of these milestones will be realized thanks to the dedication of every team member. Special acknowledgment goes to our CEO, Kevin Plumpton, and the co-founders, Mykhailo Romanenko and Viktor Kochetov, whose leadership and vision guide our journey.
As we turn the page and step into a new chapter of Kyrrex’s story, we begin a fresh countdown, setting our sights on greater horizons.
Here's to the next chapter, to innovation, and to continued success!
3min reads
Unlocking the Importance of Liquidity in Crypto Trading
Have you ever wondered what makes crypto trading tick? It’s all about liquidity! In this blog post, we will delve into the importance of liquidity in crypto trading and how it compares to traditional finance. Get ready to unlock the secrets of this vital aspect of the trading world.
Short Summary
- Liquidity in crypto trading is essential for efficient transactions, price determination, market stability and risk management.
- Factors impacting liquidity include trading volume, the presence of market makers and regulatory environment.
- Crypto trading liquidity has both similar features to traditional finance as well as distinct differences which should be Explored.
Understanding Liquidity in Crypto Trading
As in traditional financial markets, liquidity in crypto trading refers to the ease of buying or selling digital assets without significantly affecting their price. The concept of liquidity is crucial for the smooth operation of any market, be it the stock market or the cryptocurrency market. Factors such as market depth and bid-ask spread influence cryptocurrency liquidity, just as they do in stock markets.
A deep market with ample liquidity indicates a healthy market, allowing efficient trading and accurate price discovery. Conversely, low liquidity can pose challenges, such as increased slippage and price volatility, which can discourage investors and hinder market stability.
Market Depth
Market depth refers to the number of buy and sell orders available at different price levels, with higher depth indicating greater liquidity. Increased market depth is indicative of increased liquidity, as it suggests a higher level of trading activity and a more liquid market.
In other words, the more buy and sell orders that exist on the market, the easier it is for traders to execute their transactions efficiently without causing significant price fluctuations.
Bid-Ask Spread
The bid-ask spread is another crucial indicator of market liquidity in crypto trading. It represents the gap between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept for a given digital asset. A narrower spread is indicative of increased liquidity, as it reflects a higher presence of buyers and sellers in the market.
A tighter spread facilitates faster and more efficient trading of assets at fair prices, ensuring that all market participants can execute their transactions without significant delays or price fluctuations.
Factors Affecting Cryptocurrency Liquidity
Cryptocurrency liquidity is influenced by various factors, including trading volume, market makers, and the regulatory environment. Understanding these factors is essential for traders and investors who wish to make well-informed decisions and navigate the often volatile crypto market with confidence.
Let’s take a closer look at each of these factors and how they impact liquidity in the crypto market.
Trading Volume
Trading volume is the amount of assets traded within a specific period of time, with greater volume indicating a higher level of liquidity. Increased trading volume implies heightened trading activity, which in turn suggests a more liquid market.
Identifying digital assets with high trading volume is one way to spot cryptocurrencies with high liquidity, as a large investor base and high trading activity are indicative of increased liquidity.
Market Makers
Market makers play a vital role in providing liquidity in crypto trading. These entities, which can include large banks, brokers, or hedge funds, place buy and sell orders in the market, thus ensuring sufficient liquidity to facilitate efficient trading and maintain price stability.
Market makers continuously quote bid-ask asset prices to keep the spreads within a certain range, making a profit from the bid-ask spread difference. By providing liquidity, market makers contribute to reduced slippage, improved price discovery, and enhanced market efficiency.
Regulatory Environment
The regulatory environment surrounding crypto trading can also have a significant impact on liquidity. Some ways in which regulations can affect liquidity include:
- The amount of liquidity available in the market
- The types of assets that can be traded
- The cost of trading
- The speed of trade executions
A favorable regulatory environment can encourage participation in the market, thereby increasing liquidity, while stringent regulations can discourage participation and lead to reduced liquidity.
The Role of Liquidity Providers in Crypto Trading
Liquidity providers play a crucial role in the crypto trading ecosystem by ensuring the availability of assets for trading and maintaining stable prices. These entities help to create a more efficient market, allowing traders and investors to execute their transactions without significant delays or price fluctuations.
Let’s explore the different types of liquidity providers and the incentives that encourage them to provide liquidity to the market.
Types of Liquidity Providers
In the crypto trading space, liquidity providers can be:
- Institutional entities, such as large banks, brokers, or hedge funds
- Individual or institutional investors providing capital to liquidity pools with crypto assets
- Centralized exchanges (more traditional and regulated)
- Decentralized exchanges (peer-to-peer and generally unregulated)
An example of a centralized exchange liquidity provider is Kyrrex Liquidity Hub which provides improved and centralized liquidity with seamless transaction matching, and a wide variety of cryptocurrencies to exchanges and other crypto platforms. Its features include effortless crypto asset matching, sufficient order book liquidity, high-speed processing, minimized commission costs, and secure custodial storage for clients' funds. Liquidity through the Hub can be deployed directly or through other modes including market maker.
Automated market makers are computer programs that utilize algorithms to facilitate the matching of buyers and sellers, contributing to the overall liquidity of the market.
Incentives for Providing Liquidity
Liquidity providers can benefit from various incentives in the crypto trading ecosystem. For instance, they can earn transaction fees and token rewards for providing liquidity to trading pairs on exchanges. Additionally, liquidity providers may take advantage of yield farming incentives, which involve providing liquidity to a decentralized exchange or liquidity pool and receiving a share of the pool’s trading fees or rewards in return.
These incentives help to attract and retain liquidity providers, ensuring a stable and efficient market for all participants.
Benefits of High Liquidity in Crypto Trading
High liquidity in crypto trading offers several advantages for traders and investors alike. With ample liquidity, market participants can enjoy reduced slippage, better price discovery, and increased market efficiency, which are essential for smooth and profitable trading.
In the following sections, we will delve into each of these benefits and discuss their implications for the crypto market.
Reduced Slippage
Reduced slippage is one of the key benefits of high liquidity in crypto trading. With more buyers and sellers in the market, large orders can be executed without significantly impacting the asset’s price, leading to more favorable execution prices for traders.
This is particularly important for investors with sizable positions, as it allows them to enter or exit the market with minimal price impact, thereby maximizing their potential returns.
Better Price Discovery
High liquidity also leads to better price discovery, ensuring that assets are traded at fair market value and preventing potential price manipulation. In a highly liquid market, the presence of more buyers and sellers helps to establish an accurate price for each asset based on market activity.
This is essential for a stable and efficient market, as it allows traders and investors to execute their transactions at prices that accurately reflect the true value of the underlying assets.
Increased Market Efficiency
Lastly, high liquidity contributes to increased market efficiency, allowing for:
- Smoother transactions
- A more stable trading environment
- Accelerated transaction times
- More efficient bid-ask spreads
- More efficient pricing
- Reduced slippage
This creates a more favorable trading atmosphere for all market participants.
Challenges of Low Liquidity in Crypto Trading
While high liquidity offers numerous benefits, low liquidity in crypto trading can pose several challenges. These challenges include increased slippage, price volatility, and limited trading opportunities, which can discourage new investors from entering the market and hinder overall market stability.
Let’s take a closer look at each of these challenges and their implications for the crypto trading landscape.
Increased Slippage
Increased slippage is a common challenge in low-liquidity crypto trading environments. As fewer buyers and sellers are available on the market, large orders can have a significant impact on the asset’s price, resulting in unfavorable execution prices for traders.
This can be particularly detrimental for investors with large positions, as it can erode their potential returns and increase their exposure to market risk.
Price Volatility
Low liquidity can also lead to price volatility, as sudden price swings can occur due to low trading volume. Price volatility can be both a blessing and a curse for traders, as it offers potential profit opportunities but also introduces the risk of unpredictable price shifts.
In a low-liquidity market, price volatility can be exacerbated, making it more challenging for traders and investors to navigate the market and execute their transactions with confidence.
Limited Trading Opportunities
Finally, limited trading opportunities can arise from low liquidity in the crypto market. With fewer buyers and sellers available, it can be difficult for traders to find suitable trading opportunities that align with their strategies and risk tolerance.
This can discourage new investors from entering the market and potentially hinder overall market growth and stability.
Comparing Crypto Trading Liquidity to Traditional Finance
Crypto trading liquidity shares both similarities and differences with traditional finance, such as stock and forex markets. While both markets rely on liquidity for smooth transactions, price discovery, and market stability, the decentralized nature of crypto markets, the role of liquidity providers, and the impact of regulatory environments set them apart.
Let’s explore these similarities and differences in more detail.
Similarities
One of the key similarities between crypto trading liquidity and traditional finance is the importance of liquidity for efficient transactions, price determination, and market stability. Both markets, including fiat currencies, operate on the principle of supply and demand, with buyers and sellers interacting to establish the fair market value of assets.
Additionally, both markets experience risks and volatility associated with trading, as well as comparable transaction experiences and user interfaces.
Differences
The main difference between crypto trading liquidity and traditional finance lies in the decentralized nature of crypto markets. Unlike traditional finance, crypto markets operate without a central authority or intermediary, relying on a network of interconnected computers to facilitate trading and secure transactions.
Additionally, the role of liquidity providers in crypto trading differs from their role in traditional finance, with liquidity providers in the crypto space including centralized exchanges, decentralized exchanges, and automated market makers.
Lastly, the regulatory environment surrounding crypto trading can have a significant impact on liquidity, with regulations in various countries affecting the availability of assets for trading, as well as the cost and speed of trade execution.
Summary
In conclusion, liquidity is a vital aspect of the crypto trading ecosystem, with high liquidity offering numerous benefits such as reduced slippage, better price discovery, and increased market efficiency. Understanding the factors affecting cryptocurrency liquidity, as well as the role of liquidity providers and the similarities and differences between crypto trading liquidity and traditional finance, is crucial for traders and investors looking to navigate the ever-evolving world of digital assets. With this knowledge in hand, you’re now better equipped to make well-informed decisions and capitalize on the exciting opportunities that crypto trading has to offer.
Frequently Asked Questions
Is high liquidity good or bad in crypto?
High liquidity in crypto is generally seen as a good sign as it indicates a deep and stable market with low price changes. It also makes it easier to buy and sell digital assets at reasonable prices without having to worry about liquidity issues.
How does liquidity work crypto?
Liquidity in cryptocurrency markets is achieved through the use of order books and market participation. Liquidity pools act as a reserve for digital assets, providing liquidity to speed up transactions for decentralized exchanges (DEX).
Liquidity also refers to the ease with which tokens can be swapped or converted into fiat currencies.
What are the main factors affecting cryptocurrency liquidity?
Cryptocurrency liquidity is heavily influenced by trading volume, the presence of market makers and applicable regulations.
Market makers are entities that provide liquidity to the market by placing buy and sell orders. They are usually large financial institutions or professional traders. Regulations can also affect liquidity, as certain jurisdictions may also affect liquidity.
What are some key differences between crypto trading liquidity and traditional finance?
Crypto trading liquidity is different from traditional finance in that it is decentralized, involves liquidity providers, and is subject to varying regulatory environments.
These differences can have a significant impact on the trading experience, from the types of assets available to the speed of transactions. For example, decentralized exchanges are often faster and more secure than centralized exchanges, but they may not offer the same features as centralized exchanges.
5min reads
Access All the Benefits of Cardano (ADA) on the Kyrrex Platform
Kyrrex keeps pushing boundaries to provide its users with an innovative and comprehensive cryptocurrency trading experience. Recently, we delighted our customers by introducing NEAR and ALGO. Today, we're thrilled to announce another significant addition to our platform – Cardano (ADA).
Diving into the world of Cardano
Cardano is not your average cryptocurrency. Launched in 2017 by Ethereum co-founder Charles Hoskinson, Cardano distinguishes itself from the pack with a unique focus on scientific philosophy and a research-driven approach.
Perhaps one of the most interesting aspects of Cardano is its dual-layer architecture. This structure separates the ledger of account values from the reason why values are moved from one account to the other. This distinction leads to greater security, flexibility, and scalability, making Cardano a promising addition to our platform.
With a market capitalization of approximately $10 billion, Cardano holds a significant position in the cryptocurrency landscape. Of the total supply of 45 billion ADA, around 35 billion are currently in circulation.
Exploring new trading opportunities with Cardano on Kyrrex
As a Kyrrex user, you now have the opportunity to deposit, withdraw, and trade ADA coins directly from your Kyrrex account. Moreover, we're launching the ADA-USDT trading pair, allowing you to effortlessly trade between Cardano and Tether, based on market trends and your personal trading strategy.
To interact with this asset, simply go to your personal Dashboard and select the desired function, such as trading, exchanging, depositing, sending, or storing in the Kyrrex wallet. If you haven't done so already, please register and verify your profile.
Continued growth and success at Kyrrex
While we're excited about adding Cardano, it's just one of many recent developments at Kyrrex. We've successfully undergone another ISO certification, further reinforcing our commitment to security and best business practices. Our ambassadors have recently brought home significant victories at the MotoGP/Moto2 Grand Prix in Germany and Italy. Simultaneously, our ambassadors shone at the World Padel Tour, bringing the Kyrrex brand to the forefront of the sports world.
Looking ahead, we're excited about what the future holds for Kyrrex. We'll continue to expand and refine our platform, incorporating the most innovative and exciting cryptocurrencies and features to provide you with an unparalleled trading experience.
Stay tuned for more updates!
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