The combination of Republic Protocol’s groundbreaking decentralized
dark pool exchange and Wyre’s leading payments, crypto liquidity and
compliance infrastructure (with $3.5B in trades to date) will create a
powerful new bridge linking traditional financial infrastructure and
burgeoning digital asset markets
Protocol and Wyre
will be working in partnership to create one of the world’s first
sources of decentralized liquidity to operate in compliance with
existing financial regulations. By leveraging the regulated global
payment infrastructure developed by Wyre, Republic Protocol has a vision
to bridge the gap between digital asset markets and traditional
financial markets. In particular, Wyre will be supporting Republic
Protocol by providing deeper liquidity, as well as know-your-customer
(KYC) and anti-money laundering (AML) services.
“Working together, Republic Protocol and Wyre will serve as a powerful
new nexus between digital asset markets and the traditional financial
infrastructure,” explained Taiyang Zhang, CEO of Republic Protocol.
“Both our companies are focused on facilitating the entry of traditional
institutional investors and funds to provide the increased liquidity
digital asset markets need to grow and flourish.”
Republic Protocol is the world’s first decentralized, verifiably fair,
dark pool protocol for trading large volumes of digital assets. Its
first dark pool, RenEx, will support the placement and execution of
large volume orders on a hidden order book that cannot be observed by
any parties, including Republic Protocol itself. Wyre utilizes
blockchain technology to execute cross-border payments for businesses
and individuals faster and cheaper than banks. To date, it has enabled
same-day settlement, deep liquidity and best-pricing execution. Wyre is
one of the few licensed money transmitters in the blockchain industry,
specializing in providing both crypto-based and traditional financial
services with the infrastructure needed to assimilate digital assets
into traditional banking structures.
Wyre will provide a number of key services to Republic Protocol as part
of the partnership, including supplying liquidity through its highly
active over-the-counter (OTC) trading desk. When paired with RenEx,
Wyre’s infrastructure will serve as an integral tool providing users
with access to Wyre’s existing OTC offerings, which to date have traded
$3.5 billion in digital assets in-house and more than $750 million in
bank-to-bank commercial FX payments.
Other services Wyre will provide Republic Protocol include integration
of its KYC/AML systems with RenEx to provide more robust shared
compliance frameworks for approving users on the dark pool and ensure
industry best practice. Third-parties looking to build dark pools on the
Republic Protocol platform will also have the option of integrating
these KYC/AML systems into their own particular exchange offerings,
should they require it.
“This partnership is a significant step towards solving the two most
significant challenges faced by decentralized asset exchanges today,
being compliance and liquidity,” said Louis Aboud-Hogben, Head of
Research at Wyre. “Traditional institutions, be they investment funds or
trading desks, are currently eager but unable to participate in
decentralized markets, as they must know who their counterparties are
for compliance purposes, and they need sufficient liquidity to trade.
This partnership will enable institutional participation in
decentralized, cross-chain trading within a dark pool, and we couldn’t
be more excited.”
Republic Protocol’s Mainnet will go live in September, along with the
release of RenEx, the first dark pool to be launched on the protocol.