Privacy coin, PIVX’s team have announced its plans to launch a new crypto exchange platform in the third quarter of the year. The exchange called zDEX is designed and built to suit privacy coin guidelines that are being set by financial bodies and regulators around the world.
PIVX is an acronym for Private Instant Verified Transaction which is a privacy-inclined digital currency that allows its clients and users to make instant and anonymous transactions. PIVX gained its popularity in early 2017 because of its strong focus on community as well as featuring lucrative POS staking. This seamless feature enables PIVX owners to make passive income on the coins they own. “In a world where everything seems tracked, your money doesn’t have to be,” PIVX stated in its press release.
ZDEX Platform Will Protect Users’ Identity and Information
In contrast to the stance that financial regulators have on privacy coins, their users enjoy some advantages from using them. These benefits include protecting users from being marked for theft, concealing proprietary business details, providing information on buying history, income and worth to firms, receiving blacklisted coins to make customers complicit in a crime as well as protecting sensitive information about customers. This is unlike other traditional cryptocurrency exchange platform where verification of identity is required before transactions can be carried out. According to a press release by PIVX community leader, Jim Haggerty, financial regulators are yet to justify their stance on privacy coins, he said that:
“It is unfortunate that financial regulators are using spurious arguments to justify banning cryptocurrencies that not only protect privacy but also protect the security and personal safety of its users.”
The zDEX exchange platform will feature more privacy, security, and convenience in order to allow its users to purchase and sell digital currencies with PIVX’s anonymous sub-coin zPIV. ZDEX will make use of the existing PIVX 2nd tier network for its functionality. Additionally, the platform will start with tokens like BTC, LTC, BCH, DASH, and ZEC while more tokens will be added as the project expands.
With the zDEX platform, clients will not have to rely on the security of centralized exchanges and will not have to give out the personal information which is usually required in the know your customer (KYC) and anti-money laundering (AML) compliance. ZDEX will also not hold user funds because it is a decentralized exchange. Haggerty added that “If law-abiding citizens had access to privacy-focused cryptocurrencies, they would be able to benefit from their many legitimate and important use cases.”
PIVX will make a more significant move to offer its users with potentially the best privacy driven system with the introduction of zDEX exchange. The exchange is currently in the design and implementation stage, and the alpha testing is expected to begin very soon ahead of the much-anticipated launch in the third quarter of the year.