The founder of broker NAGA said on Thursday that he is planning on launching a new cryptocurrency company.
Benjamin Bilski, who left NAGA last year following its takeover by CAPEX.com, said in a social media post on Thursday that he is looking to launch a trading product for the sector.
“After years in crypto (since 2014), scaling companies from scratch to IPO, and executing large-scale projects, I took a step back to assess the imbalances and opportunities in the space,” Bilski wrote. “And I found something truly exciting—a loophole that changes everything.”
Based on other parts of the post, it seems that the project is at an early stage and is yet to receive funding.
However, it’s also plausible the project will tap into growing frustration among crypto traders related to the existing structure of most trading platforms.
Nearly all crypto exchanges operate with order driven markets that use a central limit order book. The structure is a peculiar one because it gives a lot of leeway to market makers to manipulate prices.
This was in the news earlier this week, with Binance banning a market maker from its platform and reimbursing traders who had bought two newly issued cryptocurrencies.
