IQ Option Announces Blockchain Based ‘Open Trading Network’

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IQ Option is planning a brand new project. The company after having teasing users earlier in the year about the latest venture which was in the works has now announced that it is a huge new project.

IQ Option is without a doubt one of the leading binary options brokers in the industry. The company as of late has started focusing on the possibilities of blockchain technology. The company has pledged to fund a massive project they call ‘Open Trading Network.’

The goal of the company is to create a so-called cross-chain solution which will facilitate transactions across various blockchains. The firm has said that the challenge is to incorporate solid cross-chain technology into the crypto-world.

After all the isolated blockchains find a connection and work harmoniously, it opens a whole new world of possibilities. The company’s Open Trading Network or OTN will connect crypto users, traders, and businesses via a single cross-chain.

The solution offered works via a common wallet which will hold all the cryptocurrencies as tokenized assets. This will allow for users to freely exchange the tokens. Businesses have the ability to create their own cryptocurrencies, get access to a large number of traders and raise funds via the OTN exchange.

Traders will have access to a large number of crypto liquidity via the platform which is considered a solid one in the industry. The company recently enjoyed a great deal of success with the launch of their mobile offering which now generates a large chunk of the company’s revenue. The new network will allow for exchanging tokenized assets, derivatives and fiat currencies.

A huge step for IQ Option

IQ Option has a team of over 550 professionals that work across its two offices in Limassol and Saint Petersburg, all of whom work on this new project. It is evident from the workforce alone that the company is heavily invested and continues to develop its trading platform. Plus, it has successfully transitioned into CFDs cryptocurrencies and FX trading.

Another critical aspect of the project is that it adheres to all existing regulations set forth for brokers. The partnering brokers are able to report their transactions to the regulators via the instruments that are being supervised.

Now, this has been made possible because just two parts are needed to work via the blockchain. The new OTN will allow for regulators to monitor transactions as required. Also, the system will monitor and verify digital signatures as are necessary for optimized KYC processes.

Why isn’t this an ICO yet?

The simple answer is the fact that IQ Option does not want to raise money for the venture. The company is committing to develop this solution as a module which will work from within its already functioning trading platform. The module will help the company meet the demand of all existing users as opposed to creating a new market.

The goal for IQ Option is to initially create a ready to use solution that is a hybrid between non-blockchain technology and the blockchain. The central order matching will ensure quick execution speeds which otherwise cannot be reached via the current state of the distributed ledger.

IQ Option has said that its state of the art matching engine will have the capability of signing token exchanges in mere seconds. The OTN Tokens will be readily listed via all the outside exchanges which are willing to comply and provide it to their traders. Clients will be able to generate their own tokens as transactions are executed via the IQ Option trading platform.