Extauri to Launch Platform that Bridges the Gap Between Traditional and Crypto Finance
Extauri will be launching its secure token trading platform for cryptocurrency tokens, fiat, and traditional banking products such as stocks and ETFs in the first quarter of 2019. The new platform hopes to close the gap between traditional and crypto finance worlds by combining the advantages of blockchain technology with products offered by the conventional banking system.
Extauri will address the attendant challenge of trading security tokens on a public exchange using its secure model and licensing to protect operators and users of the exchange from fraud.
While remarking on the innovative measure being taken Co-Founder of Extauri, Domenik Gerapetritis told Coinjournal that the platform complies with strict regulation across the regions where it operates.
"Extauri adheres to the standards of the Economic and Monetary Union of the European Union (EMU), and therefore complies with the world‘s strictest licensing- related guidelines. Extauri is approved by BaFin(Germany) and FMA (Liechtenstein). We exclusively use German ISO 27001 certified high-security data centers for the processing of trades, to completely prevent unauthorized access."
Going further, Gerapetritis said one of the guiding principles of the platform is the "participation of the investor and embodiment of the democratic idea." For use cases, he says the platform offers so much more for the average investor.
From a secure "worldwide zero transaction time service" to cheaper "P2P, C2B and B2B transactions" which are way cheaper than what is obtainable on "established financial systems."
Alluding to the security and conformity to standards espoused by the company, CEO and Co-founder Tino Cabero pointed to the security of cryptocurrency, token value and investment as key principles of the platform. The platform’s non-reliance on third-party solutions has helped it in meeting financial security standards. Unlike most exchanges which are known to rely on external frameworks, Extauri’s in-house development approach helps to secure the integrity of the ledger.
“Security of cryptocurrency, token value and investment are our key principles. Existing platforms are largely outside banking regulations and lack transparency. We handle the legal and technical side of things, so you don’t have to,” Tino Cabero reflected.
To keep customer data and funds safe, the platform developed a multi-level wallet system that consist of hot and cold wallets, which offers the highest safety standards for the user. The hot wallet would be used for daily trades, while funds would be kept in the cold wallet.
According to Gerapetritis, cold wallet transactions will be routed through a multi-signature security system, and Extauri will provide direct access so transactions can be performed securely and conveniently. The platform also uses German ISO 27001 certified high-security data centers for processing trades, which helps to prevent unauthorized access to the servers by excluding all single points of failure (SPOFs).
Perhaps, one of the most distinctive features of Extauri is the self-managed My Admin Wallet, which runs as a standalone app. With the My Admin Wallet, the user has sole access to the private keys, unlike what is obtainable on cryptocurrency exchanges.
"The platform has access to the wallet’s private keys, Extauri doesn't, which makes the MAW safer and gives financial freedom but also the responsibility to the users," Gerapetritis explained.
This trading solution introduced by Extauri gives the user complete anonymity as Extauri itself has no access to the wallet. The transactions processed by the systems are protected by the platform against misuse of data by third parties. The platform also has a process to facilitate crowdfunding of token-based startups which will be available either "exclusively with the TAURI token" or at "massively reduced conditions if paid in TAURI token," if other currencies are admitted.
TAURI token is the platform's native token and will be offered for sale from November to the launch of the platform in the first quarter of 2019. Owning the tokens will come with some perks such as a permanent 50% discount on regular transaction fees, access to premium services on the platform and community votes—which allows the user to participate in the decision-making process of Extauri.