Totle plans to launch its own decentralized exchange (DEX) within the next two years. Totle is a crypto portfolio management and trading platform. David Bleznak, Totle CEO said that the firm’s priority is to ensure that its users never have to risk their assets while trading on crypto exchanges. This statement was made in the light of the recent Bancor security breach. Bleznak added that DEXs are more secure. However, the issue that these platforms face is their small user base.
A wallet used to upgrade some smart contracts was compromised on the Bancor crypto exchange earlier this month. Speaking on the issue, Bleznak mentioned that if Bancor was more decentralized the risk of such an incident would have been lower. While Bancor’s architecture may be decentralized, yet in reality, it is centralized, as the liquidity sits in a centralized location within the contract.
Bleznak further added that in case of Bancor, there was an error in the code. It was not a moral error. He said that it is not fair to tout security as an issue in DEXs based on this one event, as the amount of money lost, was relatively small.
Bleznak however, cautioned that the more decentralized a crypto exchange becomes, the more issues it is likely to face in terms of fair play and control. Speaking about the future of crypto trading, he said that he is still positive about it despite the mixed responses evoked towards digital assets over the last 12 months.
Totle Only Partners With DEXs
As reported in BCFocus, Totle presently only partners with crypto exchanges which are truly decentralized as part of its policy. Crypto traders on Totle can sell, buy, and re-allocate digital assets from any of the partner crypto exchanges. Presently, Totle has integrated with DEXs such as Kyber, Bancor, AirSwap, EtherDelta, and Radar Relay.
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