Interview with Artak Hamazaspyan - Co-Founder and CEO of Beaxy

1. Can you tell us more about Beaxy Exchange and why do we need another Cryptocurrency Exchange ?

The main goal of Beaxy team is to bring stock market level trading experience to crypto.

• The biggest issue that we see currently is amateur exchange softwares, everytime Bitcoin is going up or down a couple of hundred dollars in price, exchanges crash on volume and users can’t trade and have open positions which causes them to lose funds. This is a reason why stock market traders do not move funds to crypto, as there is no guarantee of smooth trading.
• Complexity of trading on multiple exchange due to lack of exchanges with FIAT and wide variety of crypto assets in one place, as well as a smooth trading experience. We will provide all three.
• Amateur order types, most crypto exchanges support only Market and Limit orders, very rarely Stop Losses. We support 18 order types on day one including trailing stops and OSO
• Institutional accounts on crypto exchanges are no different from personal accounts with functionality, only giving bigger withdrawal limits.
• Security, with exchanges getting hacked all the time and causing millions of dollars in losses. Beaxy is in active discussion with Optiv (one of the biggest cybersecurity companies) to provide audit on Beaxy platform. Our approach to security on the exchange is also more advanced than our competitors, and is designed to prevent hackers from accessing the small amount of funds stored on hot wallets.
• Complex tax reports. Crypto exchanges provide a .CSV file with all your trades during the year, which can be hundreds or thousands of lines, creating a huge problem for taxpayers. Our portfolio management and tax ready reporting tools will solve that.
• Our exclusive partnership with OneTick, our matching engine runs on top of OneTick software, allows us to do 225,000 transactions per second, per trading pair, which is way faster than anything else currently in the market. On day one we will be 10x faster than Binance. We can handle all crypto market volume combined on one server. It also enables possibility to have unlimited number of pairs on Beaxy, which will be solution for having FIAT and wide variety of crypto assets. Beaxy will support 26 order types on full rollout to enable complex trading for experienced traders.

2. Why not a Decentralized Exchange ?

At the beginning of our journey, we spent a lot of time to understand pros and cons for decentralized and centralized exchanges. Unfortunately, existing technology doesn’t support having a fast, low transaction fee DEX, which led us to choose centralized solution for Beaxy at this time. We have a vision of having DEX as soon as it is possible to support the same level of speed (tps), instant trades and low transaction costs as we do with centralized solution. Current capacity of Ethereum blockchain is 7 tps, it is possible to do side chains to make it faster, but it is still way slower than it can be on centralized solutions. And lastly, Beaxy is all in one exchange, meaning we support FIAT and crypto, currently there is no solution of FIAT integration into DEX.

3. What are the use cases you are looking to cover with Beaxy Token?

Beaxy Token has wide utility:

• Pay fees using BXY token, to get 50% discount on trading fees. This discount is offered for life, and will not be reduced, as other exchanges like Binance are currently doing
• Staking Program- Beaxy supports multiple user levels. Users can upgrade their user level by staking BXY tokens, which means you are not paying for it, but locking the tokens for a month and getting benefits. User can earn up to 25% extra discount which is working to addition to paying fees with BXY token, so user can get up to 62.5% discount on fees. Additionally Beaxy is going to offer wide variety of trading tools, which are going to be available for free based on user level. Diamond and Platinum levels enable Premium Customer Support.
• Loyalty Rewards Program- Beaxy has 2 native tokens, BXY and PLS. PLS token is not transferable, not tradable token, which enables our Loyalty Rewards Program. By locking PLS token, user gets up to 25% of all trading fees generated by Beaxy Exchange. The longer tokens are locked the higher the reward.
• Beaxy has a long roadmap with many trading tools to be added along the way. Some of them are going to be for free and accessible for everyone, some of them will have monthly payment in BXY token for usage, or will be accessible for higher user levels. Diamond users will have all the features for free.
• App Store — as we all know, exchanges provide open APIs and developers create different trading bots, trading tools and analytical tools, but exchanges do not approve or verify the software, and a lot of unknown softwares can be purchased from different shady resources. Beaxy is going to support it’s own App Store, which is similar to Apple Store, or Google Play Store, where developers upload their software and can put it for free, with leasing details or purchase price and Beaxy will be testing and verifying all the applications before making them available for public purchase. Prices will be in BXY token.

4. Why is Beaxy Exchange unique and better than the other Exchanges ?

Beaxy has a long list of features and most of them are unique in crypto markets:

We didn’t reinvent the wheel, we just made it better in collaboration with our stock market leader partner (OneTick)

- 225K TPS, per pair, infinitely scalable

- 26 Order types

- Fully compliant with stock market financial regulations (no frontrunning, spoofing, wash trading)

• FIAT + hundreds of crypto assets in 1 place
• Multiple wallets per currency for variable risk portfolios and easier money management
• Unique approach to security
• Custody wallets, complete with full automation of funds moving to hot/cold wallets
• Institutional accounts with many level of users, different permission etc.
• TradingView charting integrated into the exchange
• Tax ready reporting and portfolio management
• 24/7 Customer support with live chat + AI bot
• Educational materials, videos on how to use each small part of our exchange
• Attention to small details in UI/UX and tools provided to traders
• Transparency in decisions and plans
• Close relationship with community
• And last, but not the least, Beaxy core team vision, we are traders and building Beaxy for traders

5. You advertise with ‘The First All-in-One Cryptocurrency Exchange’ can you explain this in more detail?

Our goal is to have a platform which enables any kind of need for a person who is interested with crypto.

• Starting from day 1, when a newbie want to learn about crypto, we have educational materials where user can learn everything starting from “what is bitcoin?”, “what is blockchain?”, and up to the most complex order type explanations.
• Beaxy supports FIAT and wide variety of crypto, which eliminates need of going to one exchange for FIAT and to other exchange for crypto trading.
• TradingView Chart integration enables capability of doing TA analysis directly on exchange. You can even save analysis and come back to it later
• Portfolio Management supports on the exchange, user will be able to track all the investments.
• Tax Ready Report — Beaxy will allow users to export document which will have summary of the year gains/losses and make it 1 step for paying taxes.

And much more…

6. How can Beaxy Exchange help simplify the usage of crypto for mass adoption ?

Being an all-in-one exchange helps a lot to attract stock traders to enter crypto.

• Currently it is multiple steps to get FIAT in crypto exchanges, move funds to other exchange to trade alt coins and same long way to get money out. This is the biggest issue at this moment for traders, it is very complex.
• Second issue is most exchanges are amateur in their capability. None of the existing exchanges support advanced order types without API (we have only market and limit orders, sometimes we are lucky and get stop loss). Beaxy supports 26 order types, enabling much wider variety of traders to be able to do what they used to do in stock markets. Crypto is 24/7, crypto never sleeps, so users need proper order types to be able to go to sleep when they have open positions and trust them to execute flawlessly without errors or crashes.
• Customer Support is the next huge issue. None of the exchanges invest in customer support and people in stock markets are used to having excellent customer support. It makes it much easier to trade when you trust the exchange to solve your issues quickly at all times of day.
• Our vision with Beaxy is not limited to having the best exchange. We plan to reinvest most of our income into Research and Development departments to find real new use cases for blockchain. We will also support promising projects when we find them. We truly believe that blockchain technology is a revolutionary technology and will change the world, as the internet was.

7. Who is behind Beaxy ? Backgrounds?

Beaxy team is already pretty big. We have 25 full time employees and 25+ halftime contributors all over the world. Most of our team members are traders and coders. We tell people that Beaxy is a trading platform built by traders, as we took all our pain points and the pain points of our friends in the community and solved them. I (Artak Hamazaspyan, CEO) am an entrepreneur, who started and exited successfully multiple startups in Eastern Europe. I have a background in Computer Science and have traded bitcoin for years. Beaxy’s dev team comes from the corporate world. Our CTO (Mittal Patel) worked in IBM and British Telecom. Our Director of Engineering (Federico Almaraz) and Lead developer worked in financial sector specializing in banking security for more than 20 years. All of us are traders and crypto enthusiasts, and our goal is to make crypto easier accessible asset and bring stock market level user experience, speed and comfort to crypto trading.

8. Are there any plans to list Beaxy Token on more exchanges than Beaxy Exchanges?

Crypto assets are open source and can be listed anywhere without permission, so we can’t guarantee that some other exchange will not list BXY token, but we do not have plans of contacting others with that request and it is not a common practice for exchanges listing competitors’ tokens.

9. Thinking about the future, do you have any roadmap with relevant upgrades or partnerships?

We are actively in discussions with many projects and open to any kind of partnership which can be position for crypto and blockchain adoption. We recently partnered with XTRDand Zeus Protocol. Currently we are in final stage of discussions with Optiv, cyber security giant, to provide penetration, cloud infrastructure, white box, black box and many more tests to insure Beaxy’s security.

Beaxy Roadmap

10. How much funds do the core team have in budget for development and marketing?

Beaxy is very different from other crypto projects in approach to fundraising. Our motto is “Build then talk”, which brought us where we are now. We already have a working exchange demo, which anyone can access on our website. After we launched our demo, we started fundraising in private rounds which is going to be active until launch of the product (estimated in early December). We do not have a public ICO, but will have tokens available for users direclty on our platform for the period after launch. Development budget has already been baked in, as we’ve been developing actively for nearly a year already. As far as our marketing budget is concerned, we expect to spend ~15 million BXY tokens and upwards of 100k USD on our initial user pool, and then scale up spending from there as needed.

Thank you for your time. If you enjoyed the read feel free to follow me on Twitter. And if you like to Register on the Exchange, feel free to use my link: https://beaxy.com/Registration?code=blackbeard