Non-Custodial Crypto Exchange Block DX Says it has “No Competiton” because it Doesn’t Require KYC, Sign Ups, or Deposits

The developers of Block DX, a cross-chain “decentralized” or non-custodial crypto-asset exchange powered by the Blocknet protocol, claim that their trading platform doesn’t require users to log into any system.

They also mention that there aren’t any know-your-customer (KYC) checks that need to be completed (not necessarily a good thing). Since there’s no actual login process, users need not complete any Captcha tests – which can be quite annoying and can lead to a very poor user experience.

Interestingly, the Block DX team says there are no deposits required to begin trading crypto-assets on their non-custodial exchange. There’s also no daily limit, no “kill switch, no pause button, no email confirmations, no offshore corporation, no scheduled maintenance, no unscheduled maintenance.”

Block DX claims that this also means there won’t be any competition from more centralized cryptocurrency trading platforms that have to meet many different requirements.

As explained on its website, Block DX has  “decentralized” order books that allow traders to broadcast or send their order requests over a peer to peer (P2P) network and each trader is responsible for “compiling the orderbook locally themselves.”

As noted by Block DX:

“Unlike on-chain order books which enable frontrunning, with Block DX no one can get orders faster than anyone else by being closer to the server, since there is no server.”

The crypto exchange service also features decentralized order matching and it’s non-custodial (meaning users retain control of their assets the whole time they use the platform and afterwards). It’s also trustless meaning that Block DX allows you to “securely trade with no middlemen or intermediaries, keeping you in control of your funds throughout the entire trade process.” Block DX also notes that “all trading logic, operations, verifications, and checks are performed locally.”

(Note: for more information about Block DX, check here.)

As covered in a report published by CoinGecko (earlier this month), the volume of traded cryptocurrency on DEXes increased significantly while centralized exchanges or CEXes reported considerably lower trading volumes during September 2020.

The crypto market has also seen a capital inflow of around $10 billion into the nascent decentralized finance (DeFi) ecosystem. During the third quarter of this year, DEX trading volume surged 197% when compared to the previous quarter. As expected, Uniswap was the leading decentralized or non-custodial trading platform during Q3 2020 (and still is).

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