From the Wires
Republic Protocol Partners with Wyre to Provide Liquidity for the First Decentralized Dark Pool
By: Business Wire
Sep. 14, 2018 09:00 AM
Republic Protocol and Wyre will be working in partnership to create one of the world’s first sources of decentralized liquidity to operate in compliance with existing financial regulations. By leveraging the regulated global payment infrastructure developed by Wyre, Republic Protocol has a vision to bridge the gap between digital asset markets and traditional financial markets. In particular, Wyre will be supporting Republic Protocol by providing deeper liquidity, as well as know-your-customer (KYC) and anti-money laundering (AML) services.
“Working together, Republic Protocol and Wyre will serve as a powerful new nexus between digital asset markets and the traditional financial infrastructure,” explained Taiyang Zhang, CEO of Republic Protocol. “Both our companies are focused on facilitating the entry of traditional institutional investors and funds to provide the increased liquidity digital asset markets need to grow and flourish.”
Republic Protocol is the world’s first decentralized, verifiably fair, dark pool protocol for trading large volumes of digital assets. Its first dark pool, RenEx, will support the placement and execution of large volume orders on a hidden order book that cannot be observed by any parties, including Republic Protocol itself. Wyre utilizes blockchain technology to execute cross-border payments for businesses and individuals faster and cheaper than banks. To date, it has enabled same-day settlement, deep liquidity and best-pricing execution. Wyre is one of the few licensed money transmitters in the blockchain industry, specializing in providing both crypto-based and traditional financial services with the infrastructure needed to assimilate digital assets into traditional banking structures.
Wyre will provide a number of key services to Republic Protocol as part of the partnership, including supplying liquidity through its highly active over-the-counter (OTC) trading desk. When paired with RenEx, Wyre’s infrastructure will serve as an integral tool providing users with access to Wyre’s existing OTC offerings, which to date have traded $3.5 billion in digital assets in-house and more than $750 million in bank-to-bank commercial FX payments.
Other services Wyre will provide Republic Protocol include integration of its KYC/AML systems with RenEx to provide more robust shared compliance frameworks for approving users on the dark pool and ensure industry best practice. Third-parties looking to build dark pools on the Republic Protocol platform will also have the option of integrating these KYC/AML systems into their own particular exchange offerings, should they require it.
“This partnership is a significant step towards solving the two most significant challenges faced by decentralized asset exchanges today, being compliance and liquidity,” said Louis Aboud-Hogben, Head of Research at Wyre. “Traditional institutions, be they investment funds or trading desks, are currently eager but unable to participate in decentralized markets, as they must know who their counterparties are for compliance purposes, and they need sufficient liquidity to trade. This partnership will enable institutional participation in decentralized, cross-chain trading within a dark pool, and we couldn’t be more excited.”
Republic Protocol’s Mainnet will go live in September, along with the release of RenEx, the first dark pool to be launched on the protocol.
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