AscendEX, a global cryptocurrency exchange that provides users with a wide range of product suites, including futures, margin, and spot trading offerings, today announced a strategic partnership with KaratDAO, a decentralized data network that gives users complete control over their personal data. Using this collaboration, AscendEX brings advanced Web3 security and identity solutions to its crypto trading platform using KaratDAO’s ZK and MPC technologies.
AscendEX (formerly BitMax) is a global crypto trading platform that serves institutional and retail investors’ needs with a broad selection of crypto pairs and customer-friendly tools for multiple margin, spot, and futures trading products. Launched in 2018 and based in Singapore, AscendEX was established by a group of Wall Street veterans with expert knowledge in finance, banking, and asset management. The platform was created with the key objective of providing seamless solutions for both institutional investors and individual customers to invest in and build their cryptocurrency portfolios.
AscendEX Capitalizes on Karat’s Data Identity Infrastructure to Exchange Efficiency
Based on the alliance above, AscendEX integrated KaratDAO’s ZK (zero-knowledge) and MPC (multi-party computation) technologies into its crypto trading exchange to enable its users to navigate the cryptocurrency and DeFi landscape confidently with secure transactions and verifiable self-sovereign data ownership.
Since its launch in 2022, KaratDAO operates a decentralized data identity network that allows people to manage and control their personal data across Web2 and Web3 environments while enabling them to earn rewards. The platform utilizes zero-knowledge proofs (ZKPs) and MPC (multi-party computation (MPC) technologies to boost user privacy and secure data transactions, enabling verification without sensitive information disclosure. The above technologies also facilitate user cross-chain management, allowing people to engage in secure cross-chain applications across Web2 networks and Web3 ecosystems.
As such, AscendEX selected Karat to protect users’ digital assets, verify digital identities, and safeguard other sensitive information on the cryptocurrency trading platform. Karat utilizes on-chain ZK and MPC technologies to run an interconnected Web2 and Web3 identity data layer. Its integration into AscendEX’s trading network implies that the real-world identity of all AscendEX customers is now verified, with cutting-edge ZK and MPC technologies ensuring that customers’ personal information remains secure and safe, supported by multi-chain management capabilities.
By leveraging Karat’s ZK/MPC-compiler technologies to strengthen privacy and interoperability for DeFi, AscendEX drives success in its crypto trading exchange, enhancing the network’s functionality. This integration enables AscendEX users to move assets across multiple chains securely, and as a result, further strengthens the trading platform and attracts a bigger customer base globally.
Bridging the Gap: Developing Seamless Cross-Chain Identity and Interpretability
The partnership between AscendEX and KaratDAO showcases that in order to attract the Nextgen users into Web3, it is essentially vital for decentralized platforms to ensure that their data and identity are secure. Based on the alliance above, Karat is the perfect partner for AscendEX to offer advanced levels of privacy and security to DeFi networks where AscendEX individual customers and institutional investors execute crypto trading activities inside the larger Web3 world.
