The Burency Exchange is a regulated exchange platform, created by a crypto enthusiast and a blockchain influencer Mohammad Mazen. It addresses key challenges including security, liquidity, fiat to crypto transactions and vice versa, and more. The exchange is one of the world’s fully inspired, with coverage provided from LIoyd’s of London through the Nebbex Protocol. They launched their. Global Exchange on the 6th of September, 2020.
The Burency ecosystem consists of a fully-insured crypto exchange, a Blockchain Development Center and the Burency Mining farm. Each one of them addresses one of the previously mentioned challenges.
The Burency exchange is built for transparency and convenience. It is fully regulated and allows anyone to easily get started with cryptocurrency trading. It is also one of the first exchanges that is fully insured by one of the top insurance providers: Lloyds of London. The exchange will offer traders fiat to crypto gateway as well as a live profit/loss dashboard making it easy to keep track of your trading performance.
The exchange launched with 50 coins which have the highest demand in the market, particularly in the Middle East region. Any coins to be added further will be determined by management and client voting, given that chosen coins are eligible for insurance coverage.
Burency is seeking formal regulation and licensing in the Middle East, starting with Bahrain and-or UAE. Full regulation will enable higher volume of transparent transactions which will hopefully alleviates liquidity challenges as users’ trust in the exchange is boosting.
Burency Exchange Features:
1. Offers easy payment options for fiat to crypt, crypto to fiat, and crypt to crypto transactions.
2.Transparent reporting for all transactions performed on Burency’s exchange where holding and transaction fees deducted can be viewed.
3.Live profit-loss dashboards where ROI and profits can be viewed.
4.Dedicated customer service team and a live chat function available 24-7.
5.Multi-OS support; including PC, MAC, Andriod, IOS, and browser versions.
BURENCY BLOCKCHAIN TECHNOLOGY
The Burency Blockchain Development Center is dedicated mainly for advising enterprises on Blockchain applications and helping them operate on the blockchain for more efficient operation and business transactions execution. In particular, the centre focuses on the creation of smart contract that enables businesses to trade with entities across geographical and jurisdiction boundaries.
Smart contracts are digital deeds that are programmed and stored inside the blockchain. Smart contracts are the best when it comes to conducting transaction where trust is needed to fulfill a business trade due to their nature of auto execution and enforcement when conditions programmed in the smart contracts are met.
While smart contracts solve the trust issues between buyers and sellers, in addition to their other usages, most small companies suffer the technical expertise to create such contracts, as well as, stay on the top of their execution.
At Burency, SMEs can have customized smart contracts that aims to solve their business needs. Additionally, blockchain consultancy is provided to those startups and businesses that are interested in incorporating blockchain technology to their business lines.
The Burency also has a mining facility that answers some of the challenges associated with crypto mining such as mining destruction to environment and excessive mining power expenses by creating a sustainable facilitiy enabled by renewable hydropower . Burency provides a streamlined platform for the generation of cryptocurrency via purchased timeshare slots within the mining facilities using the BUY token. Additionally, computational power can also be purchased via the BUY token which governs purchases across the Burency ecosystem. Timeshare slots can be purchased to fulfill not only crypto mining, but also computational tasks such as processing large data sets through our powerful data and mining centers. Burency Wallet eliminates the legacy of crypto early days and provides institutional level security to everyone without sacrificing decentralization.
Mining facilities are situated in cold climates to reduce heat dissipation costs, thus reduce mining operating expenses related to power consumption. Regular audits on operations and financials will be conducted by one of the big four audit firms to ensure transparency and trust.
THE BURENCY ‘BUY’ TOKEN
What ties all these elements together is the native token of the Burency ecosystem called ‘BUY’. Buy is an ERC-20 token and allows users to trade, request services or bid on mining slots. In total 700 Million BUY tokens have been created. In the future, Burency is considering to buy-back and burn tokens with the revenue generated.
Burency BUY token ERC-20 allows traders, investors, crypto enthusiast and business owners to trade, request services or bid on mining slots, also gives safety, robustness, transparency and security for their businesses.