Genesis Markets announcement
An ancient Chinese philosopher Laozi is eminent for saying “the more you know, the less you understand.”
We will have the opportunity to change this phrase up a little bit to better fit the project — “the more you progress, the more you lack.” Because to evolve in this world, changing at a crazy pace, you can not lag behind. Thus, we will be announcing more projects to join the Genesis Vision ecosystem in the nearest future.
Today we wanted to tell you about Genesis Markets — a project of a Genesis Vision crypto broker. We will be talking in a bit more detail about why we need brokers, and what specific tasks the Genesis Markets will be dealing with.
To dive into this further, we need to define why we actually need a broker:
Brokerage firms are financial companies that act as the middleman between the buyer and the seller. The broker gives you access to the exchanges and takes care of all the clearing and settlement relating to the trade, so even if it were all one centralized system to trade you would likely still be paying something to someone for connecting you with the exchanges and guaranteeing both sides of the trade.
This is also necessary so that customers, who do not have accounts with the existing brokers can also become traders without going beyond the platform.
Thus making it possible to trade and use the platform even if your broker is not yet connected.
Unfortunately, the current situation with crypto trading is far from paradise. Traders currently need to trade on multiple exchanges just to purchase a particular altcoin. Not only this but most of the exchanges have entirely different trading platforms and UI, many of them also have insufficient liquidity levels.
In contrast with that, the conventional trading world has it rather good, compared to crypto markets. Conventional trading has products like MetaTrader, which solves most of the problems mentioned above.
Conventional traders have gotten used to the unified trading platforms and the abundance of assets within one platform. But, they would love to dive into the crypto world and learn a lot more about altcoins if they had access to all of the crypto trading instruments at once. There is no desire to make due diligence for 10 or more exchanges, just to have a basic grasp on the market.
Our solution to this was to create Genesis Markets — a crypto broker, that would feel familiar to conventional traders, designed to make all crypto instruments accessible within a single brokerage.
Genesis Markets will aggregate depth of the market and order books from multiple crypto exchanges. This is necessary to provide customers with access to all available orders that are currently on the market. This also inevitably increases liquidity, as the orders with similar prices will be merged.
Similarly, all of the crypto trading instruments will be aggregated as well.
There are exchanges on which there are many trading pairs and tools. Then, there are more specialized exchanges, where the number of available trading instruments is significantly lower.
One thing unites all of them — none of these exchanges unites all trading instruments.
You can only trade the individual cryptocurrencies, which are available on that single exchange. If you do want to purchase some coins/tokens that aren’t at present on the exchange of your choice, well, you will have to switch to another one. There is simply no way around it. Such migration barriers represent a real issue, mainly because it is quite tricky to move your cryptos from one exchange to another.
Genesis Markets will have all trading instruments available.
The liquidity will be provided by multiple exchanges. This would make Genesis Markets a perfect hub for purchasing cryptocurrency. As a customer, you will have access to multiple order books that will grant you an option always to purchase crypto at the best available price.
Here is a nice example: if you want to purchase 1 BTC, Genesis Markets will be able to purchase 0.5 BTC from one exchange, and both 0.3 and 0.2 BTC from other exchanges. In the end — you will acquire your BTC for the best market price currently possible via all of the available market.
Genesis Markets will also be developed concerning enhancements of the trust management aspect — standard platforms and exchanges do not provide any functionality for trust management. Genesis Vision is a platform for trust management, and Genesis Markets will also incorporate this idea.
Last, but not least — Genesis Markets will have convenient unified trading platforms. The trading platform will be standardized and transparent. This is made so that a customer does not need to learn all the exchange user interfaces in existence; they can just get used to a single platform.
Finally, we’d like to take the opportunity to remind you once again, that the Alpha version of the platform is launching on April 1st.
You need to keep in mind, that the project at such a stage is still very much primarily a prototype, but we’ve been dying to share the progress with you, and we hope that you’ll like what we have in store.
Genesis Vision is looking forward to conquering the market. We are obsessed with the idea of transparent asset management. Keep an eye out for future news, a lot of great stuff is coming soon. This is just a beginning.
https://blog.genesis.vision/genesis-markets-announcement-f520ea832168
