In May, 2013, a diverse group of people from Panama with backgrounds in the technology, security and financial sectors first came up with a new proposition for a cryptocurrency exchange that would provide solutions to the main issues faced by the Bitcoin community. This new proposition was for a true open-source exchange platform that would harness the minds of developers throughout the world, by aligning the incentives of developers with the incentives of the end-user. Making the code available to all would not only create a better product, but provide the transparency and trust to, eventually, take cryptocurrencies into the mainstream.
The product of this process, 1BTCXE, provides the convenience of trading cryptocurrencies in 30 different fiat currencies on a single account. We have endeavored to provide users with fast, easy and secure deposits and withdrawals of fiat currency. To this end, we have allied with the first fiat banking services provider for the cryptocurrency world, Crypto Capital Corp. This allows us to greatly reduce the counterparty risk associated with a banking system that is normally hostile to companies that deal in cryptocurrencies. Furthermore, our platform model creates a market for Bitcoin in all 30 currencies, so that users no longer need to hold US Dollars or Euro as a prerequisite.
After 9 months of intense work (and re-work), we believe that we have created a stable, user-friendly platform that will provide a safer and fairer exchange environment.