Blockstream, Sevenlabs and Poseidon Group Co-Launch XDEX

Bitcoin (BTC) infrastructural service providers, Blockstream and Sevenlabs have launched XDEX in collaboration with Poseidon Group, a leading company known to transform financial services using blockchain technology. XDEX is branded as the first decentralized security token exchange for BTC and securities assets in Switzerland. 

With the XDEX, users can trade BTC, stablecoins, and other BTC-related assets like Liquid assets in a peer-to-peer transaction. The bitcoin exchange XDEX is being developed on the open source protocol known as TDEX which is designed to run for 24 hours every day. TDEX is currently being managed by Sevenlabs. 

Correspondingly, the app is expected to launch an iOS and Android version by the fourth quarter of the year. In the near future, a web-based version will be developed by the teams involved to include a wider variety of asset offerings. Once the bitcoin exchange gets launched, users can do away with intermediaries in their trading transactions.

The general counsel at XDEX Lars Schlichting reiterated that “the use of P2P infrastructure by current financial markets is inevitable.” 

Blockstream to Play a Key Role in XDEX Launch

As part of the partnership between these three firms and their contributions towards XDEX, Blockstream will help users gain access to the Liquid Network, a layer-two application used to scale bitcoin. The Liquid Network permits users to also trade assets like BTC, Euro, and Swiss Franc stablecoins, and other Liquid-based assets.

After XDEX gets launched in the fourth quarter, Blockstream Mining Nodes and the Infinite Fleet equity token trading options will be made available to users. Also, access to the Blockstream AMP will be provided via Blockstream. The Blockstream AMP is a blockchain tool that permits the management of programmable digital assets In the Liquid Network. 

XDEX is believed to be a tool that would pave the way for other financial institutions and other trading platforms. Schlichting said, “XDEX’s launch is a milestone during this transition to a more decentralized financial system made possible by Bitcoin and will pave the way for other financial institutions and trading venues to evolve.”

In the spirit of partnership, Blockstream after raising $16 million for its BTC mining project, recently joined Tesla and Block to mine bitcoin utilizing power derived from renewable energy.