Leverj, a decentralized platform for cryptocurrency derivatives trading plans soon to unveil its highly awaited platform to traders interested in leveraged cryptocurrency trading.
The Seychelles-based project will enable users to place and manage positions on digital currencies, as well as futures on major equities indices and single stock futures, all in a decentralized way.
Counterparty and custodial risks associated with current cryptocurrency trading will be significantly mitigated while reducing latency and settlement times.
The Leverj platform is built on the Ethereum blockchain and powered by sophisticated smart contracts. Leverj also unveiled today they will be supported by blockchain venture studio ConsenSys, who will serve as technical advisor on the company ICO.
Leverj CEO Bharath Rao, a former Wall Street, and GE Research veteran, said:
“Enabling exposure to the top cryptocurrencies using only ether as the currency of settlement is an important market need. The ability to get exposure to the top tokens without the need to manage multiple wallets is highly appealing for speculation and hedging.”
“The Leverj platform eliminates security issues with wallets and nodes of new tokens. Based on our research and customer demand, we have developed a modular, easy-to-use UX with trustworthy, reliable APIs that will make the exchange appeal to all traders. We expect to see ample migration from users of centralized exchanges.”
Earlier this year, CryptoNinjas met up with Mr. Rao who gave unique insight into his company and decentralized trading platform Coinpit. Bharath was one of the first to enter the decentralized method of crypto and bitcoin trading. Now, with better technology and lessons learned on Coinpit, the shift of resources into the freshly built Leverj platform will no doubt produce a stable and extremely capable application.
The derivatives market is the largest market in the world, estimated to be worth $1.2 quadrillion USD and growing at 30% per year. Cryptocurrency has grown by 10x in 2017, and Leverj will provide instant and easy access to both markets through its platform at a crucial time for the industry.
Mr. Rao added:
“Previous efforts to establish markets for leveraged cryptocurrency derivatives have focused on centralized exchanges, which traders must fully trust to custody their funds. In an environment where even the biggest and most security-conscious exchanges experience loss of funds through hacks, a focus on security using the original principles of bitcoin and decentralized financial systems becomes more important than ever.”
Leverj will offer stops and enhanced reporting, including historical trading information about top cryptocurrencies sourced from Brave New Coin, along with simulated trades, trade replays, and peer subscriptions to gain insight from highly skilled traders.
As noted above, ConsenSys, a leader in blockchain technology, will serve as a technical advisor to Leverj and support the project’s token launch. Employing top experts in smart contracts, token design, and cryptographic security, ConsenSys brings deep experience building software on the Ethereum platform, which was co-founded by the firm’s founder, Joseph Lubin.
ConsenSys founder Joseph Lubin said:
“As a global leader in blockchain technology, ConsenSys is committed to building software that helps expand the ecosystem around Ethereum, the most advanced blockchain platform powered by the world’s largest developer community. In this spirit we are proud to support Leverj, which promises to make significant strides toward this goal by improving security and usability in trading.”
CEO and Founder Bharath Rao has a strong background in Wall Street investment banking, serving in roles with increasing levels of responsibility at bulge bracket banks including J.P. Morgan, Goldman Sachs, and Credit Suisse, as a software engineer supporting trading desks, reporting, research, foreign exchange, and equities.
Mr. Rao concluded his thoughts stating:
“In the past, decentralized exchanges have been more concerned with academic discovery and protocol research while generally ignoring the quality of the user’s experience. Leverj stresses the importance of usability. To that end, we aim to create a stable platform with liquid markets, reliable stops, no slippage, and provable compliance, security and privacy. We are incredibly proud to launch an unprecedented product that will have a profoundly positive impact on the rapidly growing cryptocurrency trading space.”