History in the making as first private exchange launches on Binance Cloud

A privately held exchange has launched on the Binance Cloud platform for the first time.

Mandala says its goal is to deliver enhanced trading depth, security and transaction speeds to users — enabling them to trade cryptocurrency with confidence.

This is coupled with a “unique focus on compliance” that will bring cryptocurrencies to the masses, with an ecosystem tailored to passionate beginners and institutional investors alike.

In explaining why launching on the Binance Cloud was so significant, Mandala’s chief technology officer Zach Daniels said: “Binance allows us to take advantage of not only their liquidity and technology, but their development resources, as well. Through our relationship, we’ll be able to offer low fees, innovative features and a sustainable ability to grow alongside our user base.”

According to Mandala, its team performs regular penetration testing to highlight areas of improvement within its infrastructure, and this is complemented by a bug bounty program that ensures security vulnerabilities can be detected as early as possible. A two-step verification system is also offered for all accounts as standard.

Plenty of assets to choose from

Hundreds of digital assets are available through the exchange, not to mention an industry-leading matching engine. And as mainstream adoption continues to grow — with institutions beginning to explore Bitcoin for the first time in greater numbers — fiat-to-crypto liquidity ramps will make it easy for first timers to gain exposure to this maturing market.

“Currently, the Mandala platform is set to host 264 assets creating 946 pairs available for trade immediately upon launch with high levels of liquidity on every order book,” the team recently revealed in an update for its community.

Mandala also offers apps on Google Play and Apple’s App Store, enabling account owners to execute trades and monitor the latest market activity while they’re on the move.

Users who register with the platform benefit from an at-a-glance look at how top cryptocurrencies are performing — and can effortlessly access technical charts that show how major trading pairs have fluctuated over a timeline of their choosing. Traders can also gauge how Bitcoin is performing against dozens of altcoins — enabling them to spot opportunities for new positions they can enter.

Building trust

Founded in 2020, Mandala has big ambitions to become a household name in the digital asset marketplace — and build trust among its users. As Deloitte recently noted, trust is essential to overturning the “generally pessimistic view of crypto assets and exchanges alike,” and making consumers from all budgets and backgrounds feel welcome.

To stand out from the crowd, the exchange has also confirmed that it will allow up-and-coming projects to list their assets through the Mandala exchange, with COO Rich Howe revealing that a number of applications are already under consideration.

A new token called MDX has also been established that allows owners to benefit from advanced order types on Mandala that aren’t available to other users. This asset also unlocks access to trading bots that can fulfill orders automatically, social trading features, and a reduction in transaction fees based on how much MDX they have locked in their wallet — in some cases as low as 0.05%.

“Our social network and marketplace will allow users to share investing insights, compare strategies and develop followings,” a video setting out the benefits of MDX explained.