Posted June 07, 2019 08:02:00Wect, a cryptocurrency exchange, announced on Wednesday that it will launch a new token called Wecto, which it claims will be the world’s first blockchain-based exchange that will be able to process cryptocurrency transactions.
Wecto will be available as a cryptocurrency token that can be used for payments and other transactions, according to the announcement.WECTO will have a network of “smart contracts,” which are “a set of rules that are built into the platform, which allows them to be automatically executed by the WECTO token’s smart contract,” according to Wect.
The WECTOs smart contracts will automatically trigger when a user signs a transaction, allowing the WETH token to act as an intermediary between the Weth and WETH contract.
The tokens WETH and WET will act as custodians for the WET tokens, the announcement said.
“With this technology, the WETS tokens are the worlds first decentralized, digital exchange of cryptoassets,” WETH co-founder Andrey Volodin told CoinDesk.WETH, the company behind the Wectoin token, was founded by Andrey Volynov and Alexander Kostin in 2017.
The two founded WETH as a spin-off from their previous venture, The Ethereum Foundation.
“The WETH team is committed to bringing crypto-based tokenisation to a whole new generation of cryptocurrency traders,” WET co-founders Ivan Volodkin and Pavel Stolyarov told CoinMarketCap in an email.
“We have a team of experienced blockchain experts who are working hard to make WETH the best platform for crypto-assets trading.”WETH also said it is partnering with Bitfinex, the world to cryptocurrency exchange.
The exchange will enable WETH tokens to be traded on its platform for up to 10,000 WETH per day, WETH said.WET is now trading on a global platform that includes over 500,000 exchanges, including Bitfinexes, Kraken, and Kraken XMR.
The WET token, which will be launched in a token sale starting May 25, will be trading on the Ethereum platform for 1,000 ETH per block, according the announcement from the company.