New Forex exchange based on Blockchain

It is more than likely that those of us who make our living in the crypto world have at least once heard of the Forex market. The international money market is one of the most important markets in the world. Moving billions of dollars daily in transactions around the planet. And now, this market will complement itself much more with the world of cryptomonies. Well, a new Forex exchange based on Blockchain is about to come out.

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Forex and security
For several years now, the Forex market has been one of the favorites for traders around the world. Those who take advantage of the speed at which it moves, to generate profits daily and in an accelerated manner. Every hour of the day thousands of buy and sell operations are executed by investors from any country.

Therefore, and in this sense, the Forex market would be similar to a certain extent, to the crypto-currency market. For, within the world financial market, Forex is one of the most decentralized markets you can find. With dozens of exchange platforms where you can carry out your operations.

Which, as in the world of Blockchain technology, generates important security problems. Because, before starting to trade in the Forex market, we need to find an exchange that gives us the security and technical capabilities, so that our investments are successful.

That is why the initiative of the Vanguard company is so important. Which, along with partner organizations Symbion, State Street, BNY Mellon, and investment firm Franklin Templeton, would be preparing to launch its own Forex platform based on Blockchain technology.

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A Blockchain based exchange
The objective behind the creation of this exchange would be none other than to take advantage of the technical capabilities of the Blockchain technology. In order to provide a greater security and privacy to the users of the investment platform when making operations in it. This is expected to be released in the third quarter of this year:

“The pilot has helped to demonstrate some of the capabilities that address areas of uncompensated risk in instruments linked to collateral, such as currency futures contracts (…) Over the next twelve months, we will continue to build our capabilities on the platform with our partners”. Said Vanguard spokesperson Melissa Kennedy.

According to Joe Ziccarelli, who heads Symbiont, the first tests conducted at the Assembly Blockchain, on which the new exchange will be built, have been positive. All Forex market operations, including swaps, were executed.

Thanks to this launch, the Forex market could begin to count on the flexibility and security of the blockchain for the next quarter. Accelerating the speed of several of the basic operations within this market. As well as being a perfect example of how Blockchain technology, and in general the capabilities of crypto world, can be integrated and improve other markets such as Forex.