A decentralised platform aimed at providing a custody and clearing product for crypto assets has seen its BHEX Exchange raise $15 million in funding.
The new funding for Blue Helix came from the likes of Huobi Global, OKCoin, Genesis Capital, Node Capital, City Holdings, and Yintai Investment, to name a few. According to an announcement, the money raised will go toward delivering a new level of security to the crypto trading industry via the next-generation digital asset trading platform.
BHEX will officially launch at the end of November.
Demand for BHEX’s investment subscription has attracted over 70 investment opportunities, 40 of which Blue Helix selected to take part in its first round of Token Fund strategic investment.
James Ju, founder and CEO of BHEX said: “Bluehelix technology will be an open source project after it has been completely developed, it will be supported by decentralised cryptographic algorithms, blockchain technology, and the innovative Bluehelix technology.”
The announcement goes on to say that Blue Helix is committed to providing a decentralised platform and states it has simplified one-off asset exchanges by executing an automatic trade upon price match.
Not only that, but it’s also aiming to reshape the security and credibility issues of centralised crypto trading platforms. The platform notes this is achieved by permitting centralised exchanges to enjoy the benefits of decentralised exchanges while solving the key holder problem and placing the power back into the user’s hands.
Through its BHPOS consensus mechanism, asset custody and clearing is managed and supervised by the the whole community. This includes storing transactions onto blockchains, cold and hot wallet segmentations, multi-layer signatures, and community asset clearing consensus mechanisms.
According to Blue Helix, this will enable the distribution management and supervision of asset custody while enabling peer-to-peer settlements. Crypto custody services are an important facet of the ecosystem as can be seen from the likes of Coinbase’s institutional-grade custody service or asset manager Fidelity Investments own crypto custody service for Bitcoin and Ethereum.