COXENA: Converging the Digital Asset Markets on One Platform
It can be said that further back than 2016, the problems with FIAT and physical circulating currencies as a means of exchange had become evidently flawed, slowly getting outdated, and subject to speculative corruption. People across different places of the world began to seek new ways to exchange value and trade as it increasingly seemed that the present financial markets were largely exploited by regulators and other forces having control. The inefficiency of the legacy markets to scale certain problems it had faced over time such as easy facilitation of cross-border transactions, limitations on asset class availability, amongst other things, led to the birth of blockchain technology. However, this is not the main focus of this article even though it is necessary to state that the foregoing sets the precedent to an array of digital assets available across the crypto-verse today.
Most seemingly intractable problems in legacy markets became more feasible with the blockchain’s underlying infrastructure. Assets could be moved from one continent to another without anyone having to lift a finger. With the rise of this digital asset class, beginning with bitcoin and then Ethereum, laying the groundwork for more network chains to attempt and deploy faster and more suitable transaction frameworks, it was clear that a new financial market was present and unlikely to be leaving anytime soon.
What then are digital assets?
According to Forbes, they are digital representations of various objects and their associated values. If gold is an asset due to the value assigned to it as a result of the mining process and how it is made available for commercial purposes, digital assets cannot be any different. Today, bitcoin is the most prominent digital asset. And, as bitcoin follows in the footsteps of gold (even dubbed “digital gold”), the utility and viability of a new set of asset classes become clearer.
Today, millions of crypto and non-crypto digital assets are being exchanged around the world, resulting in the creation of a new value system. In line with this, the issue becomes accessibility to a diverse range of credible digital assets. With several platforms offering digital assets via exchanges and decentralized markets, it is becoming easier to access while other aspects of digital asset services remain difficult to access and navigate. How? Although there is an array of assets in existence, and a good number of exchanges offering them, very few integrate decentralized finance and other financial services utilizing digital assets. It is difficult to keep track of every digital asset while attempting to profit from as many assets as possible. Also, making income on these digital assets through financial services with minimal asset risk and collateral is almost nonexistent. The few exchanges making an attempt to combine a mix of digital asset services, do so without considering specific trading environments.
Platforms such as Coxena are attempting to address this issue by developing demographic-specific products that provide the needed access to digital assets, the performance of digital financial services within a platform, and other well-researched services. This approach to providing digital assets services meets the critical need to increase the number of people who make the decision to transition to the other side of asset ownership, trading and investing (adoption). The goal of platforms like Coxena is to make the process of centralized asset control and decentralized asset ownership easier for traders, investors, or simply digital asset enthusiasts.
Coxena’s mission is to combine decentralized and centralized financial services relating to digital assets on the blockchain by providing a simple, safe, and one-of-a-kind environment in which to conduct digital asset activities.
Coxena’s strategy to provide an inclusive asset platform, which meets the demands of African digital asset users, entails a mix of features such as asset borrowing and lending services, spot trading, instant swap of multiple digital assets, a peer-to-peer platform with dispute settlement feature, and crowdfunding services. To boot, it aims to build a wallet, which integrates crypto assets and fiat, as it looks to onboard over 2 million native crypto users.
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Azeez Ibrahim
