Monday, June 17, 2024
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FTX’s white label provider Modulus files patent for new order type

Modulus has announced the filing for a patent on a new order type now available within the company’s white-label futures exchange solution. The order type, “Automatic Order Autonomy,” is said to offer a next-level competitive advantage to clients.

The US-based developer of ultra-high-performance technology powers Fortune 500 firms, government agencies and laboratories, and leading research universities. The Modulus futures exchange made international news previously as the technology upon which FTX built its exchange empire.

Modulus stated that it does not publicly disclose white-label clients, however, given that FTX is defunct, it has made an exception. Chief executive officer Richard Gardner took the opportunity to write a statement about the role of Modulus in the FTX empire.

The Modulus white-label offering for crypto exchanges features a market surveillance and risk management solution, as well as staking, borrowing, lending, and NFT plugin availability.

In the previous month, the firm introduced an AI-powered conversational assistant tailored for digital asset exchanges. This assistant enables users to swiftly inquire about and obtain assistance regarding trades, order statuses, account histories, and more. In the present month, Richard Gardner, the CEO of Modulus, was revealed as a fresh appointee to the Board of Directors for the American Society for AI (ASFAI).

Modulus CEO: FTX was of one the best exchanges tech-wise, despite SBF’s horrendous choices

Richard Gardner, Chief Executive Officer at Modulus, said: “SBF made horrendous choices. He’s a bad actor, and it irreparably harmed investors who trusted him with their assets, as well as the crypto industry. That said, at the time of its implosion, the exchange was one of the most technologically viable exchanges on the planet, and the technology came from Modulus. Since then, we have continued to make upgrades, the latest of which is Automatic Order Autonomy, a true gamechanger for operators.”

“Perhaps, in part, due to SBF’s criminal intent, regulators have made it difficult to move forward with crypto spot ETFs. That, however, has led more and more operators to look at Bitcoin futures exchanges, particularly after Coinbase received new regulatory approval this month. We’ve continued to add new features to our white-label futures exchange, and we’re proud to say that it is the most advanced option on the market.

“Modulus has led the way in exchange innovation in the cryptocurrency industry for years. In 2018, the company launched a market surveillance and risk management solution, which targets abuse within cryptocurrency markets and helps exchange operators identify risks of money laundering.

“We’ve spent a lot of time over the course of the summer adding new functionalities to our solution. From staking to borrowing and lending, our white-label solution is turnkey ready. It even offers NFT plugin availability. Right now, crypto-world continues to show signs of a slump, but all the smart money is preparing for the coming boom,” explained Gardner. “All the prospective operators are considering their options right now, and few things are seeing more interest than crypto futures.”

“We’ve seen how quickly crypto can turn a corner and move from a winter into a boom market. If you wait until the boom begins to prepare your product for launch, you’ll have missed out. There’s no question that the boom is coming and that you best be ready for it,” offered Gardner. “A white-label solution, complete with best-in-industry security, latency, and scalability, is just what the doctor ordered if you want to get to market quickly, while also ensuring that your exchange is viable for the long-haul,” noted Gardner.

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