Each tradition has tales of treasured objects within the water. From Excalibur asleep in Dozmary Pool, to Atlantis lurking within the deep, to mining swimming pools filled with Bitcoin. These tales are as a lot about ourselves because the individuals who supposedly lived them. Whereas not all the time meant to be taken actually, their intention is to instruct by means of delicate and never so delicate methods. However typically these tales survive as a result of there’s extra reality than fiction of their making. Different occasions, classes from the previous merely make good tales.
To rejoice all the pieces CEX.IO has achieved these previous 9 years, we thought it was an excellent time to mirror on a number of the legacy that introduced us right here. Again by means of the occasions that preceded the accolades we really feel privileged to take pleasure in at present. Again to a time earlier than crypto was on the lips of celebrities, or waving banners on the SuperBowl. When the opportunity of a extra equitable future was starting to be written out in traces of code. And solely a choose few may see the promise of one thing shimmering within the depths.
Cloud Mining Swimming pools and the Rise of GHash.IO
In 2012, Oleksandr Lutskevych, the eventual founder and CEO of CEX.IO, was seeking to reply a tough query. Within the aftermath of the earlier decade’s monetary collapse, why was Bitcoin nonetheless struggling to be seen as a viable various to the normal monetary system? It grew to become clear to Lutskevych that to ensure that crypto to realize broader attraction, the ecosystem have to be made accessible to anybody in search of monetary independence. Guided by a perception within the energy of decentralized finance, Lutskevych got down to re-code the complexity of crypto, so customers of all ability ranges may really feel included. However in contrast to previous pioneers who seemed towards the oceans for inspiration, Lutskevych discovered his inspiration within the clouds.
After assembling a devoted group of software program engineers and blockchain visionaries, Lutskevych and his colleagues went to work. The group developed probably the most environment friendly Bitcoin mining chip the world had but seen thus far, and with it, thought of the opportunity of making this energy available. It’s at this intersection of compound “eurekas!” that legendary Bitcoin mining pool, GHash.IO, and the revolutionary idea of cloud mining, had been born. A primary of its sort, GHash.IO offered customers from throughout the globe with entry to Bitcoin mining potential. With this growth, Lutskevych and his group offered vital infrastructure for what would in the future develop into its personal phenomenon: DeFi. However like all epic story value retelling, Lutskevych’s journey as a champion for monetary liberation will not be with out its trials.
Empowering the Majority
In an effort to maintain tempo with the accelerating curiosity from crypto-curious merchants, Lutskevych based CEX.IO in 2013 as an trade for buying and selling digital belongings and monitoring the rising markets. As new cash and tokens surfaced with growing regularity, the second felt ripe with innovation. Nonetheless, Lutskevych acknowledged early that for CEX.IO to set itself aside, it should set up a convention of regulatory excellence. In 2014, CEX.IO took step one by attaining PCI DSS compliance, and in flip, established partnerships with trusted world fee suppliers reminiscent of Visa and MasterCard. This put CEX.IO on the forefront by being the primary trade to empower customers to purchase crypto with a bank card. Plus, by making a handy on-ramp for these seeking to discover the ecosystem, CEX.IO helped weave crypto into the prevailing monetary system. Extra time, this could develop into {industry} best-practice. As soon as once more, Lutskevych was forward of the pack.
In the meantime, GHash.IO continued to amass Bitcoin mining energy from an growing group of loyal customers. As its share of the community continued to develop, and the specter of a 51% assault appeared on the horizon, some felt crypto was headed for a reckoning. However Lutskevych, conscious of the hostile potentialities that would come up from a disenfranchised community, made the choice to sacrifice GHash.IO’s mining capabilities in favor of a extra democratized system. The averted disaster crystallized Lutskevych’s focus, who known as for all mining swimming pools to respect self-imposed limitations for the larger good of the ecosystem. Catalyzed by this second, Lutskevych now had a brand new query to show over in his thoughts: methods to make crypto each protected and inclusive for an growing world viewers.
Righting the Ship
On the identical time, Lutskevych began to sense a shift on this planet’s notion towards crypto. What had begun as an outlier in tech areas had swelled to catch the discover of establishments and worldwide our bodies alike, all clamoring for a bit of the motion. As soon as once more, Lutskevych’s penchants for warning and inclusivity proved instrumental in assembly the calls for of the second. Shifting with methodical willpower, Lutskevych positioned CEX.IO to develop its roster of providers, whereas implementing new guardrails to guard the corporate’s rising base of customers.
As structural weak factors revealed themselves within the crypto ecosystem, it took acts of braveness to lock out dangerous actors from polluting the house. Lutskevych was left with a tough alternative: to make sure the security of all market contributors, some energy must be put again into a government. However prior knowledge proved a guiding mild, as Lutskevych as soon as once more opted to take care of shut relationships with world regulatory our bodies for the betterment of the crypto group. In 2015, CEX.IO started finishing annual FinCEN audits, and urged contemporaries to undertake industry-wide requirements. This heralded a sustained effort to forestall cash laundering and terrorist financing from coming into the ecosystem.
Consistent with this sea change, Lutskevych additional shifted his focus towards bettering accessibility within the crypto house. After serving to customers mine simply over 583,000 Bitcoins of the 21 million that may ever be generated, GHash.IO shut down in 2015. Revitalized by the renewed capability, Lutskevych endeavored to make CEX.IO a North Star for all these in search of monetary independence.
The Path Ahead
In 2016, CEX.IO emerged from the primary crypto winter decided to develop into a mature ecosystem in its personal proper. To realize this aim, CEX.IO shortly debuted its Instantaneous Purchase function, and empowered verified customers to shortly achieve entry to the ecosystem. This precipitated a sequence of interlocking services and products that might emerge over the approaching years encouraging customers to navigate the ecosystem at their very own tempo. However with customers on the mercy of the markets, and the ecosystem poised for one more coldsnap, CEX.IO responded by doubling its efforts to interrupt down limitations of entry.
In an effort to develop its choices, CEX.IO secured the Distributed Ledger Know-how (DLT) license essential to open workplaces in Gibraltar. However this was solely the start of CEX.IO’s enlargement. By the tip of 2018, CEX.IO had additionally begun acquiring the advanced patchwork of registrations, licenses, and particular case jurisdictions required to function throughout the U.S. By 2019, CEX.IO was positioned to open workplaces on the opposite facet of the Atlantic.
Repeatedly, CEX.IO’s dedication to regulatory compliance translated immediately into new alternatives. After receiving its Cash Lending License in Gibraltar in 2020, CEX.IO launched a litany of interconnected services and products for customers of all ability ranges to enter the ecosystem. From hassle-free staking and cryptocurrency-backed loans, to Instantaneous Promote and nimble withdrawal options, CEX.IO all the time strived to fulfill customers at their consolation stage. In flip, people and companies alike felt welcomed to participate in and discover the crypto ecosystem.
By 2021, CEX.IO additional dovetailed DeFi by integrating Apple Pay, Google Pay, and PayPal, into the crypto house. Alongside new Earn options that launched crypto financial savings accounts, CEX.IO expanded its institutional choices to assist asset managers, banks, and hedge funds higher navigate the ecosystem. By opening extra inroads than ever earlier than, CEX.IO’s dedication to protected and accessible crypto stays a guideline.
What’s Subsequent?
With a further workplace established in Portugal, Lutskevych’s dream of constructing a good crypto ecosystem with true world attain continues unabated in 2022. However at the same time as CEX.IO celebrates 9 years of broadening crypto alternatives for all, we all know there’s nonetheless lots to perform. At current, CEX.IO College is changing into one of the crucial complete crypto information platforms in existence. Plus, customers can anticipate having fun with expanded cell options for his or her CEX.IO accounts. As all the time, we look ahead to steering new and present customers towards securing freer monetary futures.
We couldn’t have achieved this milestone with out our over 5 million devoted world customers who’ve helped CEX.IO achieve recognition on the world stage. We had been thrilled to be named “Greatest Total DeFi Platform” on the FinTech Breakthrough Awards Program. Moreover, being named among the many “High 10 Cryptocurrency Exchanges” by CryptoCompare, and receiving an total “A” ranking from the group was an enormous honor.
Lately, CEX.IO gained “Greatest Trade” on the 2022 Hedgeweek European Digital Property Awards, and at the moment holds a 4.5/5.0 rating on Investopedia. Whereas we couldn’t be extra grateful for the beneficiant reward, it solely sharpens our resolve to proceed offering the most effective expertise potential for all our present and future customers.
Whereas there are whispers of colder occasions forward, we’ve endured different winters. Similar to in earlier bear markets, our expertise shepherding customers towards considerate options will proceed to form our response to new and thrilling challenges inside the crypto house. We take our position as information critically, and look ahead to persevering with to construct a brighter future. Via wars and winters, like waves, we rise and fall collectively.
