Extauri claims it is Europe’s first secure and compliant trading platform for cryptocurrency tokens, fiat currency and traditional banking products (such as stocks, bonds, and ETFs). Extauri’s professed mission is to build acceptance of cryptocurrencies as a safe investment class of investment. Extauri believes it closes the traditional and cryptocurrency gap by offering a platform which combines the advantages of blockchain technology with the secure products offered by the conventional banking system.
“The main issue in the existing market is that you have security tokens, but they can’t be traded on a public exchange. Token security is very important to the viability of future finance projects seeking alternatives to bank financing. This is possible with Extauri due to our secure model and licensing,” noted Domenik Gerapetritis, CBDO & Co-Founder.
The Extauri proposition
In order to protect against fraud by users (and operators of the exchange), Extauri possesses an electronic communications network (ECN) license and has approval from both the FMA (Lichtenstein) and BaFin (Germany). In addition, it satisfies the standards of the Economic and Monetary Union of the European Union.
Security and compliance are, therefore, an integral element to Extauri’s proposition. The platform does not rely on third-party solutions. Instead it possesses its own developers and infrastructure. This is a key point in ensuring Extauri meets financial security standards. Whereas most exchanges rely on external frameworks, Extauri’s in-house development reduces the potential for ‘foreign and unknown’ source code or ‘backdoors’. This ensures the integrity of the ledger.
With a team of expert in crypto, management, securities, IT and development, Extauri brings together sought-talent across the necessary roles, including:
The result is a secure platform ble to address future challenges in which the innovative component is Extauri’s self-managed ‘My Admin Wallet’.
My Admin Wallet
With the ‘My Admin Wallet:
- only the user knows the private key
- Extauri has no access to the wallet
- the user has complete anonymity
- Extauri processes only the transaction.
Together these act to protect against misuse of data by third parties. Extauri’s trading process allows investors to connect to the crypto world in an intuitive, fast, legal, and secure way.
“Security of cryptocurrency, 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,” reflected Tino Cabero, CEO & Co-Founder.
Enterprise Times: what does this mean
The need for a bridge between the crypto/token world and traditional finance is apparent to … the crypto/token world. The crypto/token world needs some way to build trust. Conversely, the traditional finance world looks at the crypto/token world with a mix of distrust and envy. Potentially this is a toxic blend. Either can poison the other.
In principle there is nothing wrong with Extauri’s aims. In its White Paper it accurately says “investors bear a high risk when using these (crypto/token) platforms. This is a direct result of the lack of laws, regulations, and above all, business concepts to guide these exchanges. Consequently, they also lack sufficiently transparent cost structures, protection, and security for the capital invested. Another deficiency of these platforms is their lack of a scalable technological infrastructure to support their exponential growth in user numbers. Meanwhile, the prospect of quick and high profits is attracting more and more investors, which makes the need for a reliable and secure exchange even more apparent.” New York’s Attorney General would agree with most of this.
For Enterprise Times the most telling aspect regarding Extauri is this: “Capital raised from the token sale will support platform implementation, IT security, legal department expansion, customer success team development, expansion of operations, and development of community systems.” In effect, Extauri needs funds raised through yet another issue of crypto/tokens to finance the bridge.
To Enterprise Times the Extauri proposition feels upside-down or possibly inside-out. Who is calling which kettle black?