Trading opens soon for BLOCK on Beaxy Exchange; update for U.S. users of Bittrex

The Blocknet Protocol
Jun 14 · 3 min read

Confirmed: Beaxy to list BLOCK

We are delighted to confirm the imminent listing of Blocknet tokens (BLOCK) on Beaxy.com, an eagerly anticipated newcomer to the regulated US exchange space. The listing will give US traders a new and highly performant channel from fiat to BLOCK, where they will be able to trade with the assurance of compliance with US tax and securities regulations.

Beaxy’s launch process has begun, with deposits and compliant KYC enabled, and the first coin pairings are now live. BLOCK’s listing is confirmed to occur in the third group of coin pairings to go live. As yet, no firm date for this has been given but the anticipated time frame for BLOCK’s listing is currently 3–5 weeks from the date of this post, delays notwithstanding.

Bittrex’s restriction of BLOCK trading for US traders

Overlapping with Beaxy’s launch, Bittrex have announced recently that, on 21 June, their US customers will be restricted from trading many coins, including BLOCK. This decision is surprising, and the team immediately sought clarification from Bittrex on the matter. So far, Bittrex have not given reason for their decision. Bittrex’s reason cannot be that BLOCK is considered a security token. In February 2018, the Blocknet team’s legal counsel submitted a Howey test to Bittrex that concluded BLOCK was a utility token, to the satisfaction of Bittrex management. Moreover, the Blocknet team is unaware of any change in the US regulatory landscape that could account for this development. However, BLOCK will still be available on Bittrex International for non U.S. customers.

Bittrex requires U.S. customers to move their coins; to do so, simply download the Blocknet wallet (the chain is only 1.8GB) and send to your own address. You can watch a video on how to move your BLOCK here.

Refinements to Block DX, the most secure and decentralized DEX

Block DX is the most decentralized exchange in existence, and is the first dApp built on the Blocknet protocol. As a fully “trustless” exchange, it enables traders to conduct trades directly from their wallets instead of through an intermediary. While saving users the inconvenience of having to deposit and withdraw coins, its user experience is the same as that of a centralized exchange.

With Block DX, the four fundamental functions of an exchange are decentralized, namely capital storage, the order book, order matching, and settlement. As a result, Block DX involves no counterparty risk, no frontrunning, no fake volume, or free rides for insiders: it offers an exchange experience.

Block DX will see several refinements in upcoming builds, including additional UX improvements, localization for international use, market and limit order functionality, and the integration of a lite multiwallet being developed by CloudChains Inc, which will mean that traders no longer need to download any blockchains in order to trade. For details, view the roadmap.

You can read how Block DX measures up against other decentralized exchanges here.

Download BLOCK DX here.

The interchain: major developments

The Blocknet has recently released XRouter, the world’s first blockchain router. XRouter is the first decentralized technology that enables interacting with blockchains without downloading and hosting them locally. This opens the door for multi-chain, lightweight dApps to harness contracts and protocols from different blockchains, allowing them to communicate and use each others’ specific features. XRouter lays the foundation for the interchain, the next generation of the internet, enabling developers to leverage multi-blockchain architectures to create dApps in much the same way as apps leverage the API ecosystem today. You can read more about XRouter here.

Blocknet will continue breaking new ground as we move through 2019. Be sure to keep up with the latest developments by joining the Blocknet community on Discord and subscribing to the biweekly newsletter.

The Blocknet Protocol

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Blocknet is a 2nd layer blockchain interoperability protocol that enables communication, interaction & exchange between different blockchains. WWW.BLOCKNET.CO