Burency is a fully licensed exchange that has a goal of promoting the adoption of cryptocurrency, blockchain technology, and smart contracts throughout the world.
The exchange is based in Bahrain, and its initial focus will be on increasing the adoption of crypto in the Middle East. It has a solid plan that will help it to attract users from around the world and thus grow liquidity. One of the strategies that the exchange is using is crating real-world use cases for its BUY tokens.
Through the Burency development center, the exchange will find real-world use cases for blockchain technology and smart contracts. Some of the areas the exchange intends to focus on include the real estate sector as well as the logistics industry. With the aid of smart contracts, the exchange will increase trust, which will encourage more people to sign up for the exchange.
Another area that Burency is focusing on is the security of user funds. In the past few years, crypto traders have lost billions of dollars to hackers. To protect user funds, Burency is using the Nebbex custody solution. It is the only exchange that is using this solution to ensure that user funds are protected. In case anything goes wrong, all the funds held through this custody solution already insured by a major firm in the UK.
Burency also plans to launch a mining operation to expand utility for the BUY tokens. Users will be able to purchase mining power using the BUY tokens to help them do so. As a result, holders of the tokens can be assured that their tokens have real utility, and their value will eventually grow. The exchange is also environmentally conscious. It is aware of the impact that mining operations have on power consumption. It is the reason the exchange has decided to use cheap hydropower in its planned mining farms. The mining farms are also located in regions with low temperatures, which will reduce the energy needed to cool the mining rigs.
The exchange also plans to launch a data center where companies can buy resources to utilize the computing power that will be owned by the exchange. As data continues to play an essential role in the digital economy, Burency expects this will be lucrative operations.