Michael Oved, a former trader at the high frequency trading firm Virtu Financial is launching a decentralized cryptocurrency exchange, Bloomberg reports.
Michael Oved detailed his plans for AirSwap, one of a growing number of projects that seek to use the Ethereum (ETH/USD) blockchain as a means to connect buyers and sellers directly.
The startup aims at attracting institutional investors such as DRW Holdings LLC and DV Chain, that would trade tokens through the use of smart contracts via AirSwap.
"There is no central exchange hub or clearinghouse, the transactions are negotiated peer-to-peer and then the swap is executed and cleared on the Ethereum blockchain. It's impossible to shut down, and you don't even need an account. People won't even know Chinese traders are on the system." Michael Oved explained in an interview with Bloomberg.
Oved’s target is the estimated 60% to 80% of cryptocurrency trading that now occurs in the over-the-counter market.