ByteX SAFU Fund is a community pool that will increase the overall safety of the ByteX platform by protecting against unforeseeable black swan events while giving users assurance that their funds are safe.
How will the SAFU pool be funded?
The pool will be funded with a 10% share of revenue generated by all the trading fees on ByteX.
Usage and Disbursement of Pool
Primary Use of Pool
The primary motivation to set up the pool is to help clear the deficit owed to the 1 million+ users that ByteX recently acquired from GokuMarket.
Future Use of Pool
Post clearance of the deficit for all GokuMarket users, the “Fee Pool” will be used as insurance fund for users; “SAFU” i.e. Secure Assets Fund for users. This can be used in case of any losses or damages to ByteX users from unforeseen events.
Robert Balazs, co-founder & CEO of ByteX said, “We extended the helping hand to the custodial users of the GokuMarket to protect their interests and funds. ByteX aims to build on the principles of trust, customer service, risk management & security. And setting up a fund pool from the trading fees will go a long way ahead in this direction.”
About ByteX
ByteX is a licensed & regulated CeDeFi platform operating in Canada, USA, the European Economic Area, and India. Being a KYC verified platform with compliant DeFi architecture, ByteX aims to bridge the best of both worlds and redefine the crypto credit infrastructure with transparency.
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Risk Disclaimer
Nothing in this email/Post/Bulletin should be considered investment advice. Cryptocurrency trading markets are volatile and can change rapidly. All opinions and analyses are of the authors, not http://www.bytex.io (Bytex). Please refer to Bytex risk disclosure at https://bytex.io/risk-disclosure.
Keep up the investing spirit.
Cheers!
Team ByteX
