Virtex is soon launching a platform that will allow for the exchange of cryptocurrencies at an international level. The company based in Kaunas, Lithuania is the realization of a project led by CEO Paulius Meskauskas, CMO Tomas Andzelis, and CRO Mantas Gustys, and was inspired by new technologies in cryptocurrency. Kaunas serves as the technology and economic center of Lithuania, and the Virtex offices are located at the heart of the city. Along with a group of more than 20 individuals, Virtex has set out to create an exchange that benefits traders by offering transparency of operations and partnerships.
Virtex came about through the group’s interest in what cryptocurrency could provide for the future. “We wanted to get immersed with the digital currency revolution, rather than watch it from the sidelines,” a company spokesperson stated. The exchange platform was created using a reputable web development framework that allows for the creation of custom applications. In regards to operations, Virtex has stated that the exchange will operate on a 100 liquid basis, which could make trading on the exchange very efficient.
Virtex has stated that it is taking a professional and user-oriented approach to the cryptocurrency exchange market. Launching in less than a month, the company will offer a 3-step account structure that will determine trading fees, Starter, Trader and Enterprise. These will all be indexed within a 30-day period and will vary from 0.2 to 0.3 percent – the higher the trade volume, the lower the rate.
As far as funding and withdrawal methods, Virtex is working to add to their existing list of options. There are four companies partnered with Virtex that will provide funding and withdrawal options, including OKPay, AstroPay and KADUcollect. Although these will be the only available funding methods at launch, Virtex is looking to offer more in the future. When the launch date occurs, the exchange plans to offer trades in Bitcoin, Litecoin, USD, EUR, NZD, AUD, GBP and CNY.
Virtex is looking to attract traders from all across the world, but will not allow trading in USA and FATF blacklisted countries. By taking extra precautions and not allowing countries that are high risk, the company can establish a trustworthy trading platform. To grab the attention of traders in Lithuania and abroad, the company is currently offering a 50 discount on traders who register during the pre-launch phase. The discount will last for three months.
As with any cryptocurrency exchange, the security of the platform and funds is of utmost importance. In the past, we have witnessed the effects poor security has on exchanges in the digital currency space, which has resulted in stolen funds and drops in value and has altered the view of cryptocurrencies in the public eye. With those challenges, many have learned from past mistakes and made vast strides toward increased security measures when it comes to how funds remain in the right hands. For security, Virtex has established a SSL (Secured Sockets Layer) that will protect the privacy and security of each individual account. Customer data will be stored on dedicated servers that will be scanned periodically for unsolicited activity, and furthermore will be monitored by a third party that Virtex has partnered with. In addition, the company has stated that cold storage wallets will be used to keep funds unavailable to potential risks.
The name of the exchange bears no relation to Canada-based exchange CaVirtex and is not connected in any way. A company press release stated, “Virtex is not attempting to steal CaVirtex’s thunder, and these two exchanges should be able to operate side-by-side without too much confusion. Virtex believes that we can coexist with CaVirtex, which is why we have decided to avoid the Canadian market.”
Although these exchanges share similar names, both are working toward the same goal: to provide a reliable and secure trading platform and increase the use of digital currency. One has chosen to focus on a single country, while the other focuses on the entire world. Either way, we can only hope that both are successful and help grow the digital currency ecosystem.
Adam is a writer and musician on a mission. With a strong background in marketing and sales, Adam covers topics aimed directly at spreading knowledge of and supporting the growth of Bitcoin and cryptocurrencies. Adam resides in one of the best tech hubs in the US - Atlanta. @adamhhofman