Qurrex, Andromeda Create New Crypto Exchange
For a commodity that’s been so maligned in recent days, and the recipient of so many metaphorical slaps to the face, crypto exchanges sure are cropping up quite a bit lately. One of the newest comes from a strategic partnership established by Qurrex and the Andromeda Group, a move that not only sets up a new exchange, but offers a little something new in the process.
With the new exchange, the two firms hope to step up over the counter (OTC) desk operations, listing exchanges, and bringing in new—or current—crypto investors. Andromeda Group will have the task of developing fundraising strategies as well as handling portions of the overall fundraising process and running business development operations. Qurrex, meanwhile, will be serving as the gateway operation for professional traders.
It’s a little unusual from other systems, in that it’s not only working with a centralized exchange, but also adding some decentralized elements like liquidity nodes with partial exchange functions. This makes it especially useful for those actively mining cryptocurrency, as well as for brokers and institutions. Since Andromeda Group deals in blockchain assets, such a move, which could speed up transactions and make them more available to larger groups, could ultimately be welcome.
Qurrex’s CEO, Matthijs Johan Lek, noted “We expect the partnership with Andromeda Group to strengthen our capabilities and enable us to deliver new features to our novel product. It is an important milestone in Qurrex’s journey in becoming the first professional and truly global hybrid cryptocurrency exchange platform.”
With opinion largely split on whether the crypto bubble has popped, hasn’t popped, or hasn’t even really started yet, new exchanges getting established could ultimately help drive further operations on this front. This is especially true for the institutional user, who really hasn’t been spotted kicking in yet at the level that would really make this a true bubble in the classical sense.
Only time will tell if Qurrex and the Andromeda Group’s new exchange can actually go anywhere long-term—there are already quite a few exchanges out there, and good ones at that. But if they can do the job of getting the institutional user off the sidelines, well, we could really be looking at a bubble in the making.