Bring traditional financial and investment services to the cryptocurrency industry under a single ecosystem.
Blockchain is a disruptive technology that uses a distributed messaging protocol to create a shared ledger between trading counterparties to validate transactions. The data on the ledger is pervasive and persistent and creates a reliable ‘transaction cloud’ so that transaction data cannot be lost or can only be technically corrupted by any of the participants at very high costs. There are many possible applications of blockchain technology in investment banking. Suggested use cases in testing mode include KYC/AML data sharing, trade surveillance, regulatory reporting, collateral management, trading, settlement and clearing. This transformation has the potential to make trading processes far more efficient, improve regulatory control and eliminate unnecessary intermediaries.
Blockchain technology has the potential to disrupt business models through automation, smart controls and risk and cost reduction. The ability to settle currency, equity and fixed income trades almost instantaneously through permissioned distributed ledgers may create a significant opportunity for banks to drive efficiency, improve regulatory control and eliminate unnecessary intermediaries.Leveraging blockchain technology within the capital markets industry will be significant if the existing legacy technology, operations and infrastructure landscape within the established capital markets players is considered. The number of applications within and outside the banks will be reduced as the blockchain transaction contains all relevant information for the successful transfer of assets and/or related contracts.
These centralized digital currencies are transacted within a specific platform and are designed to support the business of the issuing institutions. It is difficult to use them as a substitute for fiat money because these centralized digital currencies are not legal tender. Therefore, decentralized digital currencies seem a potential replacement for fiat money as no central authority is needed to verify the transactions. However, there are still many obstacles to overcome without the use of an intermediary or central authority. One main obstacle is the double-spending problem: It is possible to spend the same digital coin more than once. This problem has remained unsolved for a long time, discouraging the prevalence of decentralized coins. To ensure every transaction is accurately reflected in the account balance for digital currencies to prevent double spending, there is a need for a trusted ledger without a central authority.
The cryptocurrency market has been facing numerous hurdles throughout the past few years. Market regulation, interference and restrictions in the investment projects have been detrimental to the financial growth of the crypto market. The market is gradually coming under strict regulations imposed by the governing authorities restricting free mobilization of funds between traders and investors. The Azbit project will legitimize the market and also build a trustworthy relationship between all the market players. The market will be transparent and will adhere to the legal requirements. The Azbit share token or AZS allows crowd funding, which ensures liquidity in the market. The Azbit foundation is a non-profit institution, which takes part in several charity programs.
Azbit aims to offer three core functions through its platform, including a banking institution, a cryptocurrency exchange, and an investment platform from a single convenient dashboard:
Azbit aims to create a bank institution that fully complies with banking legislation. The goal is to create a system that meets “the pressing need that other blockchain projects and private individuals have for traditional banking services, while fully complying with banking legislation.” In other words, crypto users can access a full-featured, legal bank catered to their unique needs.
Azbit’s team has already launched a cryptocurrency exchange. That exchange has been operating successfully and growing since 2016 (you can view the exchange at Bitsane.com). Azbit will use their experience and the foundations of this exchange to add crypto functionality to their upcoming platform.
Azbit’s investment platform will be one of the key features of the project. Successful traders can use Azbit to work independently or in cooperation with funds to setup investment accounts and raise funding. Investors, in turn, can analyze the activity and profitability of accounts and make investment decisions with confidence.
As mentioned above, the goal is to combine traditional financial services with the cryptocurrency industry, allowing crypto holders to access the traditional features of a bank while enjoying the benefits of crypto.
Azbit’s core features include its banking institution, its cryptocurrency exchange, and its investment platform. Each of these comes with its own unique features, including all of the following:
Algorithmic Trading: Azbit will support algorithmic trading, allowing users to write trading bots using a built-in scripting language. This will allow for the automation of trading strategies of almost any level of complexity. Users can independently create programs to perform autonomous trading on an exchange using a set of algorithms. Azbit believes that, in the future, bots will support a significant volume of trading operations.
Algo Market: The Azbit algo market will be a special online market where users can trade bots, scripts, and market indicators. Users can buy and sell off-the-shelf trading bots, and developers can earn money by creating algorithms. Investors can purchase algorithms to earn a consistent, passive income.
API Access: Azbit will allow developers to integrate wallets, electronic payment platforms, and investment products into the Azbit platform by providing private labeling and API access. Using APIs, developers can add Azbit’s functionality directly into their applications.
Electronic Payment System: Azbit has an electronic payment system that will provide support and processing for all online and cryptocurrency payments, then offer additional services like instant exchange, a P2P debt platform, and P2P lending backed by your crypto portfolio.
Multi-Currency Crypto Wallet: Azbit will have a multi-currency wallet that will use banking infrastructure to hold funds in cold storage with bank-grade security, including offline servers “in a separate secure building belonging to the bank institutions.” Azbit’s crypto wallets will also be available as a standalone product for the B2B market.
RAMM and SAMM Accounts: Azbit will support Share Allocated Money Module (SAMM) and Risk Allocation Money Module (RAMM) accounts. You can share allocate a portion of your portfolio to these accounts, which will cover things like forex, stocks, and crypto trading.
Portfolio Management Accounts: Azbit will have portfolio management accounts apart from its RAMM and SAMM accounts.
author: kukilo aji