Crypto Trading Platform Enclave Starts Fully Encrypted Spot Exchange
The new platform is secured by independent attestors, including Blockdaemon, Ava Labs, Republic Crypto and Enclave.
Crypto trading platform Enclave Markets has started a fully encrypted spot exchange, Enclave Spot, because of continued interest from institutional investors, the company said on Wednesday.
“Spot trading is a popular form of trading across the entire financial ecosystem, thus the launch of Enclave Spot was the next clear step in the evolution of Enclave Markets,” Enclave CEO David Wells said.
Like a traditional exchange, Enclave Spot is intended to allow traders to buy and sell cryptocurrencies nearly instantly, but it differs in that it is hosted entirely within a secure enclave, a codebase that executes functions such as custody and trade execution. This ensures that no customer data can be leaked and used as an unfair advantage for some traders.
“The secure enclave environment is an important improvement from the existing exchange infrastructure, where information leakage enables preferential treatment for insiders,” Wells told CoinDesk.
The new platform is secured by independent attestors, including Blockdaemon, Ava Labs, Republic Crypto and Enclave, that oversee custody, review code updates and ensure that no entity has unilateral control.
Enclave Spot will be fully interoperable with Enclave Cross, the company’s previously launched trading platform that allows users to trade blocks of digital assets off-chain, similar to dark pool trading.
Enclave Cross surpassed 1.5 million transactions in the first few months after its launch in September, the company said, with its user base increasing more than 225% quarter over quarter.
CORRECTION (May 3, 2023, 13:55 UTC): Corrects quarter-over-quarter user base increase.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.