Hosted in the ONEROOT office in Shanghai, the BXA (Blockchain Exchange Alliance) press conference was set to delight after the announcement of partnerships that the two companies have recently completed. The announcement saw BXA become the majority shareholder of ONEROOT and ONEROOT acquire shares in BXA to form a strong partnership that will provide a solid foundation for the infrastructure development plans of the two companies.
BXA is already valued at billions of dollars because it is the controlling shareholder of Bithumb – the largest decentralized exchange in South Korea. The company's investment has raised ONEROOT's valuation to hundreds of millions of dollars.
Using the talents of both teams, BXA and ONEROOT aim to create a smart economy with an efficient value transfer that provides users with a full range of digital financial services. They can achieve this by creating a network of exchanges with shared orders and pools of liquidity, thus solving many of the problems faced by small exchanges.
The two companies are anxious to maintain compliance in all the jurisdictions in which they operate. In fact, BXA already has 12 local authorities established globally. These are found in the United States, Japan, the United Kingdom, Canada, Australia, New Zealand, Singapore, South Korea, Hong Kong, Thailand, Mexico and Peru. Not only that, but BXA has already acquired, or is about to acquire, fiat currency gateways and licenses in ten other countries, putting them in a privileged position to provide global financial services.
What makes this partnership so important is that ONEROOT will provide technical solutions that allow BXA members from different countries and regions to securely share transaction data and quickly adjust transactions. This network effect will give BXA the largest orders and the largest pool of liquidity, allowing them to become a truly global financial entity.
Tony Sun (Sun Yingjun), president of the ONEROOT Foundation, said: "Blockchain is still in its infancy and the lack of infrastructure has prevented the development of the digital economy. Since its foundation, ONEROOT has focused on building infrastructure and on the promotion of the application of blockchain technology, it is the shared philosophy that helps establish cooperation between BXA and ONEROOT ".
At a time when the encrypted winter seems to be at its most bleak and harsh, the very fact that companies like BXA and ONEROOT are still pushing toward the development of infrastructure should emerge from the darkness as a beacon.
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