Russian Blockchain Startup Exscudo Aims to Bridge Traditional Finances And The Cryptocurrency Market

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Since its emergence in 2009, the cryptocurrency market has come a long way but today –  the market faces several difficulties. Despite many startups, the market is still nascent and lacks the high level of professional, user-friendly products needed to scale as a mass market proposition.

For regular users, it is not easy to create a cryptocurrency wallet to store their assets safely. Institutional investors cannot enter the market because of problems around KYC and AML and regulatory issues due to the pseudonymous nature of the cryptocurrency industry today. Traders need to accumulate information from dozens of websites,  web forums and disparate sources to make simple decisions.

Basically, it’s a mess.

All these factors have motivated a top notch Russian team from a new startup called Exscudo to create a new product to resolve all these issues. They say Exscudo will be a new gateway between the traditional financial system and the cryptocurrency market. The team’s main goal is to create a single gate to cryptocurrency market for simple users, professional traders, investors, and financial institutions.

Exscudo plans to offer a wide range of products for all users – both armchair and professional investors – and all the products will be connected into a joint financial ecosystem which will allow users of different levels to cooperate easily with each other.

The startup’s ecosystem will consist of an elaborate and easy-to-use Stock exchange, Exscudo Channels – an app that unites the functions of a messenger and a wallet –  as well as merchant functionality, trading terminals, and bank cards.

To gain independence from third-party developers, Exscudo say they will use their own Blockchain called EON – which will allow Exscudo to handle transactions between the Exscudo Stock exchange and international banks, as well as cryptocurrency wallet users and fiat accounts holders.

EON is the blood that empowers the whole system which will use smart transaction algorithms (contracts) that are similar (but uniquely different) to the smart contracts mechanism of the Ethereum network.

For security reasons, only the Dev team will be able to add new smart transactions to the network at this stage.

According to the team, EON is not a fully open source project, but those parts that cover the rules of consensus, emission and block confirmation will be published on Github. The part that deals with the Exscudo Stock Exchange will be proprietary.

The Exscudo Exchange team added that their proprietary platform will be absolutely safe, fast and fully compliant and meets all international banking standards and all transactions will run within the system without third-party services.

The platform will offer access to a personal financial space where regular users will be able to shop in stores with cryptocurrency by using connected debit cards. This is also important for miners since they won’t need to convert to fiat currencies to make payments. The cards are connected directly to the bank accounts and cryptocurrency wallets.

Traders will be pleased with a comfortable UX and UI which will include plenty of graphs and indexes as well as an adaptable news feed for convenience. There will be no need to keep lots of tabs and windows open – as one will find all instruments needed within the interface. One can adjust the interface of their account according to current needs or use a functional pre-set mode. What is more, traders gain direct access to liquidity trading. Now there’s no need to contact a broker to buy or sell assets. Exscudo is created for direct trading between people and institutions of all kinds.

The elements of the Exscudo ecosystem will be launched gradually during the year 2017. The first product that will see the market in Q2 is the Exscudo Channels app. Users will be able to transfer funds, send encrypted messages and hold currencies on their light wallets. More information about the products can be found here.

The project plans an ICO in the coming spring. The terms and conditions will be published on the official Exscudo pages. Customers that are potentially interested in investing are kindly invited to sign up on the Exscudo website to receive further information by email.

The international team consists of professional developers and managers who have many years of experience in the development of financial products and services. More information about the team can be found on Exscudo official website.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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