Oxygen, a blockchain-based marketplace, is to launch of a decentralised repo trading platform for cryptocurrencies.
According to Oxygen, the new platform will provide holders of crypto assets opportunities to earn income, raise liquidity and make investment decisions across cryptocurrencies, coins and tokens.
The platform will be powered by OXG, which will be used as an internal currency to cover platform commission fees.
Oxygen will use an Ethereum-based smart contract as a custodian, clearing and settlement system.
The smart contract locks the collateral, sends the loan asset to the borrower’s Ethereum address, tracking all ongoing transactions.
The counterparties will be able to settle collateral and loan assets by transferring them to the smart contract address. The platform will not have access to user assets.
The repo platform, comprises an artificial management-based risk management toolkit, community-driven order book, an order processing engine, a user-rating system based on repayment history, and an application programming interface.
Oxygen was created by the founders of Changelly, a cryptocurrency exchange service, and a team headed by Alex Grebnev as CEO. It will offer repo to the existing client base of Changelly and then integrate the platform into financial market infrastructure.
The platform will offer repo to the 1.6 million client base of Changelly and then integrate the platform into financial market infrastructure to connect with other potential business-to-business repo users.
