Altcoin.io wants to become the safest trading platform in the world of cryptocurrency. To this end, the exchange raised $950,000 from around 1,100 contributors using the WeFunder platform. As a decentralised exchange, Altcoin.io raises almost $1 million aimed at upgrading its platform.
According to a September 2nd press release, the exchange seeks to provide a platform that is trustless. This way, users will “stay in control” of their assets without having to surrender a unit to third parties. The release details further that with the funds, scalability issues of the platform will be a thing of the past.
Altoin.io raises almost $1 million to “fix security flaws”
In comments accompanying the release, Altcoin.io CEO and Co-Founder, Andrew Gazdecki said, “The team and I are really excited about building an exchange where you can trade securely, staying in complete control of your tokens at all times. Altcoin.io combines the safety of decentralization with the speed and useability of a centralized exchange, which we believe is the next evolution of cryptocurrency trading.”
Regarding speed, the company emphasizes that users will be able to make fast trades on the platform. This is in light of recent reports that some trades take long due to the latency factor of some tokens. The firm adds that its upgraded platform will offer “an intuitive user experience.”
The digital token trading market has a lot of potential if the daily trading volume is anything to go by. However, the niche is very attractive to hackers due to some unresolved technical issues like scalability and security. Altcoin.io raises almost $1 million that it hopes will enable it to fix the security flaws.
In this regard, Gazdecki notes, “There’s serious growth potential in this market but unless we fix this security flaw, the future of cryptocurrencies – and potentially blockchain in general – hangs in the balance.”
Security as a common good
The CEO hopes to leverage his experience in overcoming challenges in app development to achieve his goal. He shares that Altcoin.io wants to help others in the industry achieve security which is a common good.
“By helping others learn from our expertise, other exchanges can safeguard their users without sacrificing speed or useability, and by white-labelling our trading engine, we can boost liquidity across the market,” he says.