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 goal is to instruct by way 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 instances, classes from the previous merely make good tales.
To have fun all the things CEX.IO has achieved these previous 9 years, we thought it was an excellent time to mirror on a few of the legacy that introduced us right here. Again by way of the occasions that preceded the accolades we really feel privileged to take pleasure in at this time. Again to a time earlier than crypto was on the lips of celebrities, or waving banners on the SuperBowl. When the potential 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 troublesome query. Within the aftermath of the earlier decade’s monetary collapse, why was Bitcoin nonetheless struggling to be seen as a viable different to the standard monetary system? It turned clear to Lutskevych that to ensure that crypto to realize broader enchantment, the ecosystem have to be made accessible to anybody looking for 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 talent ranges may really feel included. However not like previous pioneers who regarded towards the oceans for inspiration, Lutskevych discovered his inspiration within the clouds.
After assembling a devoted crew of software program engineers and blockchain visionaries, Lutskevych and his colleagues went to work. The crew developed essentially the most environment friendly Bitcoin mining chip the world had but seen thus far, and with it, thought of the potential 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 form, GHash.IO offered customers from throughout the globe with entry to Bitcoin mining potential. With this growth, Lutskevych and his crew offered important infrastructure for what would at some point turn into its personal phenomenon: DeFi. However like all epic story price 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 alternate for buying and selling digital property and monitoring the rising markets. As new cash and tokens surfaced with rising regularity, the second felt ripe with innovation. Nevertheless, Lutskevych acknowledged early that for CEX.IO to set itself aside, it should set up a practice of regulatory excellence. In 2014, CEX.IO took step one by reaching PCI DSS compliance, and in flip, established partnerships with trusted international cost suppliers resembling Visa and MasterCard. This put CEX.IO on the forefront by being the primary alternate 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 present monetary system. Time beyond regulation, this might turn 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 rising 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 might 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 better good of the ecosystem. Catalyzed by this second, Lutskevych now had a brand new query to show over in his thoughts: tips on how to make crypto each secure and inclusive for an rising international 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. Transferring with methodical dedication, 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 area. Lutskevych was left with a troublesome alternative: to make sure the protection of all market members, 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 keep up shut relationships with international 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 stop cash laundering and terrorist financing from coming into the ecosystem.
In line with this sea change, Lutskevych additional shifted his focus towards enhancing accessibility within the crypto area. After serving to customers mine simply over 583,000 Bitcoins of the 21 million that can 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 looking for monetary independence.
The Path Ahead
In 2016, CEX.IO emerged from the primary crypto winter decided to turn into a mature ecosystem in its personal proper. To attain this purpose, CEX.IO shortly debuted its Prompt Purchase characteristic, and empowered verified customers to shortly achieve entry to the ecosystem. This precipitated a collection of interlocking services that will 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 boundaries 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 growth. 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 aspect 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 for customers of all talent ranges to enter the ecosystem. From hassle-free staking and cryptocurrency-backed loans, to Prompt Promote and nimble withdrawal options, CEX.IO all the time strived to fulfill customers at their consolation degree. 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 area. 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 secure and accessible crypto stays a tenet.
What’s Subsequent?
With an extra workplace established in Portugal, Lutskevych’s dream of constructing a good crypto ecosystem with true international attain continues unabated in 2022. However whilst 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 sit up for steering new and current customers towards securing freer monetary futures.
We couldn’t have achieved this milestone with out our over 5 million devoted international customers who’ve helped CEX.IO achieve recognition on the world stage. We had been thrilled to be named “Finest General DeFi Platform” on the FinTech Breakthrough Awards Program. Moreover, being named among the many “Prime 10 Cryptocurrency Exchanges” by CryptoCompare, and receiving an general “A” score from the group was an enormous honor.
Just lately, CEX.IO gained “Finest Trade” on the 2022 Hedgeweek European Digital Belongings Awards, and presently 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 one of the best expertise potential for all our present and future customers.
Whereas there are whispers of colder instances forward, we’ve endured different winters. Identical 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 area. We take our function as information severely, and sit up for persevering with to construct a brighter future. Via wars and winters, like waves, we rise and fall collectively.
