Decentralized exchanges (DEXs) have rapidly become a hot topic in the ongoing crypto bear market. NewsBTC took some time to sit down with Alex Wearn, the chief executive of AuroraDAO, the company by the popular IDEX exchange, to talk about this crypto subsector, mainstream Bitcoin adoption, and this innovation’s long-term prospects when pitted against the U.S. dollar.

A Tell-All With Alex Wearn About Decentralized Crypto Exchanges

NewsBTC: How has the crypto winter affected your team? Has it been hard to innovate?

Alex Wearn: Our vision at Aurora is unchanged by the movements of the crypto market. We see a future where custody is managed by a variety of parties from individuals up to institutions. And in order to trade with one another, they don’t need to give up control of the funds. They are able to control their funds throughout the entire process, from trade execution to settlement through the blockchain. We are trying to develop out our products to meet this need.

In terms of growth, however, this has obviously slowed with the market. We have seen peak volumes in April/May of 2018, and it’s fluctuated in-line with the general market. All things considered, we’re pretty happy about our performance in that we’ve been able to maintain our market share and maintain our presence across the broader industry, despite the crash in Bitcoin.

NewsBTC: There’s been a huge hubbub about DEXs from bigger companies in the space, like Binance. Have you guys been affected by that at all?

Alex: 100%. We are going to compete against centralized exchanges and eventually traditional financial exchanges. The end vision of crypto is to take all these financial assets, turn them into blockchain-based assets, and allow people to trade them. Our plan is to do that through a non-custodial approach. If you want to take Binance Chain/DEX, it looks like a tool of support of Binance Chain for issuance. We see some flaws in the design, I won’t get into those in-depth.

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