Following the sentencing of the former chief executive of FTX, Sam Bankman-Fried, crypto executives have teamed up to prevent the recurrence of another financial fraud.
In an interview with the DL News, the chief executive of Cube. Exchange Bartosz Lipiński argued that the crash of the Bahamian crypto exchange challenged the investors to safeguard customers’ assets.
Crypto Executives Steps Up to Prevent Another FTX
The executive confessed that to prevent the occurrence of another FTX saga Cube. Exchange created a more decentralized platform. Unlike the ordinary crypto exchanges that focuses on offering custodial services, the CEO admitted that the Cube. Exchange is building innovative decentralized Fireblocks.
In his statement, Lipiński explained that the Cube. Exchange will allow the institutional clients to trade their digital assets securely at zero cost. A review of Cube.Exchange website demonstrated that the platform has similar features to Coinbase and Binance. At the initial development of Cube, the developers designed the platform to be centralized.
To gain strategic advantage, the Cube team invested in tailoring the products according to the market needs. This involved developing the Cube infrastructure to resemble decentralized exchanges such as GMX. These developments are aimed at enabling Cube customers to control their assets completely.
Feature of Cube.Exchange
The Cube. Exchange allows the customers to effortlessly deposit funds on the platform, just like the centralized exchanges. To boost the user experience, the Cube team enabled the customers to settle their trades on the chain. This development aimed to allow customers to monitor their funds in real-time.
Currently, the Cube team plans to develop a Guardian Council to serve as an intermediary for the validator group. The primary objective of the Guardian Council is to prevent the loss of customers’ funds.
The guardians are designed to support the transaction authorization process and prevent the exchange from interfering with the customers’ funds. The Cube platform’s ongoing development aims to ensure customers’ funds are safe.
The exchange plans to invest heavily in strengthening security protocols on the Cube platform to prevent the criminals from stealing customers funds.
The development of the guardians mirrors those of the Solana Foundation and other staking providers such as Kiln, Everstake, and Juicy Stake, among others. This development has prompted the Cube to be listed among the fast-paced exchanges on the CoinGecko and CoinMarketCap.
In his statement, Lipiński confirmed that Cube Exchange’s daily trading volume reached $1 million. The CEO expected Cube to attain the desired growth soon due to the increased demand for crypto assets.
Growth of Crypto Ecosystem
The key industry players are currently planning to leverage the Cube technology to maximize their profits. The official confessed that investors demand effective and convenient exchanges such as Cube.
In his report, the executive demonstrated that Cube can file trade within 0.2 seconds faster than the execution capability on Coinbase and Binance platforms. The official observed a growing interest in crypto among the renowned Wall Street makers.
He envisages that more people will tap the opportunities the blockchain network provides. Lipiński predicts more users will seek cheaper custodial services due to the growing popularity of crypto.
He argues that if the demand for custodial services increases, the cost of Bitcoin exchange-traded funds (ETFs) will rise in the future. Before joining the Cube. Exchange Lipiński has been an active contributor in the crypto sector. In 2021, Lipiński joined the Solana Labs as a software engineer.
The development in the crypto industry inspired Lipiński to leave his finance career and explore more opportunities in the digital world. Lipiński previously worked for high-profile financial institutions such as JPMorgan and Citadel.
The executives have led the Cube. Exchange in raising $9 million in a series A funding round. In February, Cube yielded $12 million, pushing the firm valuation to $100 million.
