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ForDeX.Co Announces Grant From 0x

At ZPX, we have been working on blockchain products for well over two years now. Our product portfolio includes Satoshi & Co, a popular crypto research & analysis blog, 108 Token, one of Asia’s earliest crypto indices, and more recently, a blog tracking stablecoin news at StablecoinWatch. We recently launched ForDeX, our 0x relayer focused on stablecoins.

We have often spoken about the importance of DEXs, and the critical role they play in the crypto ecosystem. It is in this context that Fordex becomes interesting.

ForDex is intended to be a one-stop DEX (decentralized exchange) for stablecoins, with the largest selection of stablecoins listed from around the world. The name is intended to be a play on the words ForEx and DEX, and symbolizes a future where stablecoins and DeFi (Decentralized Finance) are the norm, rather than the exception, and have a critical role to play in global financial infrastructure. We believe that day is far closer than many of us imagine it to be.

Fordex currently supports popular stablecoins such as USDS, USDC, DAI and PAX. We also have non-USD stablecoins like KRWb and will add more stablecoins listed in other currencies over the next few months. ForDeX also supports a fiat on ramp via Wyre and is also integrated with 0x instant, which enables in-app swap with a range of ERC 20 tokens.

We are now happy to announce that 0x has awarded us an ecosystem acceleration grant.

This grant validates the strength of our team, execution and roadmap. The support from 0x has been immensely helpful in more ways than one – we are working closely with them to bring on board more market makers, users, partners and build out ForDeX along the roadmap we have planned.

0x is the premier protocol for decentralized exchanges, and powers leading DEXs such as RadaR Relay, Paradex, SharkRelay etc in addition to ForDeX. 0x also powers Veil, the exciting Augur-based prediction market that is built on top of the 0x protocol. A full list of the relayers supported by 0x is here.

Some key milestones with the ForDeX Alpha over the past couple of weeks,

-One of the earliest to list KRWb (Korean Won stablecoin); the DAI/KRWb pair is proving surprisingly popular
-The first DEX globally to have a fiat on-ramp
-The only DEX in the world that offers interesting cross-stable coin pairs such as USDC/DAI, DAI/PAX, and PAX/USDC, as well as PAX/USDS, PAX/WETH and DAI/WETH

Our biggest challenge, as with any nascent exchange, is to drive liquidity through the system.

There are a few things we are doing on this front:

-Creating our own market maker collaboration tools. We have signed up some leading market makers to pilot this program. If you are a market maker or a liquidity provider and would like to learn more, do reach out to us at partnership@fordex.co

-Working with companies in the DeFi stack. We are already working with DAI and the MakerDAO team. We look forward to working with other Open Finance/DeFi firms. In addition we are encouraged by the success of firms like Uniswap, that have figured out interesting ways to solve the liquidity conundrum

-We also look forward to working with companies that are looking to solve the DEX liquidity conundrum, working closely with companies such as Hummingbot.io. With the support of 0x, MakerDAO, PAX, KrWB and a number of our partners on the market making and liquidity side, we are confident of building out Fordex along the roadmap we have planned

What are our plans going forward?

We are working to make Fordex an integral part of the DeFi ecosystem. We have plans to integrate with multiple ways for market makers and HODLers to work with us. We are looking at ways to provide lending and borrowing on the platform and in turn provide liquidity. We are also looking at ways for funds to arbitrage and generate returns easily on our platform. We are also looking at other ways for users to engage with Fordex like providing ways to remit funds instantly across geographies, ways to pay remote workers etc.

These are early days, and the opportunities in front of us are so much bigger than the opportunities behind us….

If you are interested in partnering with us, please do not hesitate to reach out to us at partnership@fordex.co. Keep track of our progress on the following channels:RedditTwitterMedium and Telegram.  

Meanwhile in Crypto Wonderland….

“Coinbase soon to list Ripple” Ripple’s price has jumped 12% on the news that the cryptocurrency is soon to be available on Coinbase Pro. According to the Coinbase blog, XRP/fiat pairs will be available in several jurisdictions initially. These include non-New York US states, Canada, Singapore, Australia, the UK, and several other European countries. The company has in recent months gone on a spree of listing altcoins. For years, however, it was an exchange purely for Bitcoin, and later Ethereum. The listing will take place in four stages.

“Another Crypto Exchange Declares Bankruptcy” South Korean cryptocurrency exchange Coinbin announced last week it would file for bankruptcy. According to a February 22 report by Business Korea, the exchange halted all cryptocurrency and cash deposits and withdrawals at 3 p.m. on Wednesday, February 20, citing “financial damage estimated at 29.3 billion won ($26 million).” Park Chan-kyu, CEO of Coinbin, stated that settlements in cash and digital currency would be completed in agreement with existing bankruptcy regulations. Park claims the financial damages suffered by the exchange were caused by the former CEO of another defunct crypto exchange, Youbit.

“$6 million in 22 seconds” On Monday, the UK-based artificial intelligence and digital economics company, Fetch.AI, proved once again that an initial-coin offering (ICO) is still a viable way for a blockchain business to raise funds, raking in $6 million in roughly 22 seconds through the Binance Launchpad. Binance’s token-launch platform helped facilitate Fetch.Al’s token sale—unloading 69,179,855 FET tokens on 2,758 investors. The Fetch.AI token sale follows an equally successful ICO on the Binance Launchpad last month, when Tron sold more than 50 billion BitTorrent tokens (BTT) for $7.1 million.

“Bitcoin and Ethereum Indices on NASDAQ”The long awaited Nasdaq Bitcoin and Ethereum indexes lifted off the launch pad this week signaling another giant step towards mainstream acceptance and adoption. The stock exchange is expanded its global data service on Monday to include Bitcoin and Ethereum. In an official announcement earlier this month it stated that through its data dissemination relationship with Brave New Coin, Nasdaq will send real-time Bitcoin and Ethereum index level information on the Nasdaq Global Index Data ServiceSM (GIDS). Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) will offer a “real-time spot or reference rate” for the price of 1 BTC and 1 ETH respectively.

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