The Ocean, a trading platform that uses Ethereum blockchain technology via 0xProject to allow fully decentralized trading of crypto and standard financial assets, opened to the public yesterday, as announced on their Twitter account. Unlike centralized trading platforms, The Ocean will not take possession of the trader’s assets but instead rely on cryptographic controls to ensure trades and escrows are processed automatically.
The Ocean has launched! What went into creating our high performance, structurally secure DEX built on @0xProject?
? An excessive amount of fish emojis
? Too many ocean-themed puns
? Strategic dev, community building, & design
— The Ocean (@TheOceanTrade) August 15, 2018
The New York-based company will allow speedy and liquid processing and hosting of market activity, as well as straightforward USD conversion. As of now, 11 token pairs are available for trading. Their DEX (decentralized exchange) is built on technology from 0xProject.
John Piotrowski is co-founder and CEO of The Ocean and a former VP at Goldman Sachs. He said of the project:
“The non-custodial exchange concept is a natural extension of cryptocurrency and blockchains, but due to a variety of technological and regulatory challenges, no one has successfully built the right platform – until now. We’ve taken the approach to build a properly regulated, high performance, institutional grade platform that replicates the centralized trading experience and offers the full suite of services traders of all types expect, but in a no-risk way.”
Commitment to True Decentralization
Many established trading platforms allow trading of crypto assets, but they don’t do so in a decentralized way. The Ocean is aiming for a pure decentralized approach, which eliminates some of the systemic risks that caused financial crashes in the past. Piotrowski continued:
“We think the most successful companies in the cryptocurrency space will be those who build the right bridges to a decentralized financial future, and that eliminate unnecessary cost, time, and risk. We’re working actively with with regulators, institutions, and the blockchain community to become a regulated financial exchange that lists all types of cryptocurrencies and tokenized financial products. Although this process will take time, we’re excited to announce our offerings and partners in the coming weeks and months.”