Burency Exchange also plans to raise 7 million USD of which 3 million have been realized
Burency announced recently that it has launched the first secured & insured crypto-currency exchange platform in Dubai, UAE. The launch came as a pilot phase aimed at global general trading of digital currency is being undertaken. As per their announcement with the launch of the beta exchange, Burency also plans to continue with its fundraising until it hits its soft cap of $7 million dollars. The exchange has already ralized $3 million dollars out of that amount which according to Burency is quite impressive considering the current ICO market and the situation with COVID-19. The exchange that was built with the aim of providing trading comfort and pleasure for traders will launch with 90 cryptocurrencies and altcoins listed, with many more to be listed as time goes.
Burency is currently not regulated within the UAE. According to UNLOCK interview with Burency, the company is regulated in Estonia with license proceedings underway in several other jurisdictions. Burency Chief Marketing officer Quentin Herbrecht stated, ” The licenses in question should be concluded very soon.” As for the official launch date, Herbrecht adds, ” We should be officially launching in the next 2 to 3 months and this includes both our mining farm as well as our crypto exchange.”
Transparency is another feature that traders will benefit from as they will get an up to date report on the transaction fees deducted and their balances across all their crypto portfolio for every transaction that they carry out on the platform. Traders will also have a visual representation of their Return On Investment and the profits/losses they have made on their dashboard to help them keep track of their earnings.
As for the claim with regards to Burency being a fully insured crypto exchange sources close to Nebbex informed UNLOCK that as of yet there is no official agreement between Burency and Nebbex through Lloyd’s bank on this. As such claims made by Burency as per their release is under scrutiny. As per Burency press release prior to this update ” Security is another aspect that will not be a problem to traders as they can freely use the exchange safe in the knowledge that their funds are securely protected as it is one of the world’s fully insured platforms provided with coverage from Lloyd’s Bank of London using the Nebbex protocol.”
Finally most recently Huobi announced on twitter that it is now providing Burency with Liquidity. As per the tweet, ” Huobi offers liquidity to burency a leading tech player in the Middle east. Huobi’s cloud service to burency.com is the frst of its kind in the Middle East.
So while Burency is moving forward on several fronts, it remains lacking in both having a regulated license within the UAE and GCC region, as well as being an insured crypto exchange as of today.