The Rise and Rise of Hybrid Cryptocurrency Exchanges

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The launch of Bitcoin in 2009 kickstarted the cryptocurrency revolution. This new digital asset was not affiliated to any central authority and allowed users to conduct transactions in an anonymous as well as secure fashion. It was not long before other cryptocurrencies emerged, each targeting a niche industry or boasting of an elaborate consensus algorithm. However, cryptocurrencies being virtual resources could not be swapped on traditional physical platforms. Thus, the requirement for specialized trading platforms was highlighted and cryptocurrency exchanges were born.Cryptocurrency exchanges conduct business the same way forex trading functions, i.e. one currency is exchanged for another currency. For example, just like how the US Dollar is traded for the Indian Rupee, a Bitcoin can be exchanged for Ripple and vice-versa. These platforms sustained themselves by levying a small fee on every transaction. Soon, these cryptocurrency exchange development were divided on the basis of the underlying architecture they followed. The two groups were defined as, Centralized Exchanges (CEX) and Decentralized Exchanges (DEX). As the name implies, Centralized Exchanges are run by third-party operators who coordinate exchanges between the buyers and sellers. On the contrary, Decentralized Exchanges stay true to the principles laid down by Satoshi Nakamoto and therefore do not ...


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