News on November 2, since Justin Sun was presumed of acquiring Huobi in October, he was revealed again this month that he acquired a company called Bitsky two years ago. Bitsky was established in September 2019 and is headquartered in the United Kingdom. A community federal digital asset trading platform, Bitsky Exchange currently has independent trading business and operation centers in the United Kingdom, the United States, Germany, France, Hong Kong, Canada, Singapore, South Korea and other countries and regions. The founding team of Bitsky come from Huobi and is composed of investment consultant experts from many countries around the world. The operation team has 11 years of experience in the blockchain industry.
Bitsky has received a strategic investment of US$1 million from the BiKi industry fund (BITSKY foundation) in its initial stage. The BITSKY foundation will be the main body to maintain and promote the platform, build a safe and stable trading system, establish a sound and effective operating system, and formulate flexible and convenient participation Through in-depth cooperation with global popular projects, media, communities, etc., they will work with platform partners to promote the overall growth of Bitsky Exchange. Bitsky currently has a market value of 1 billion US dollars. It is reported that Bitsky has submitted an IPO application to the United States. It is expected to successfully log in to IPO in 2025. After the success of IPO, a large-scale public recruitment will be carried out on a global scale. The planning and layout of Bitsky Exchange from 2023 to 2025 will achieve a market value of US$10 billion in 2025 and achieve dual listing in Hong Kong, the United States.
After its low-key acquisition by Justin Sun in 2020, Bitsky has been practicing helping more people in need. By 2022, Bitsky has done 10,000+ charitable activities around the world, hoping to help more people during the global special epidemic stage. In the future Bitsky is committed to building a digital asset trading platform with the main concept of uniting the community, striving to promote the driving process of decentralized community autonomy. The platform empowers the community to participate in the decision-making of the platform, allowing platform users and active communities to fully develop Bitsky and obtain all-round benefits. Mining rewards, promotional dividend incentives, etc., enable every community user to participate in the growth and benefits of the platform, and enjoy the platform dividends.
The Bitsky Liquidity Protocol is an Automated Market Making (AMM) trading protocol that utilizes a price update smart contract mechanism to protect exchangers from front-running, increasing liquidity provider (LP) earnings and reducing arbitrageur profits , that is, put two certain amounts of encrypted assets in a smart contract, and based on the automatic market maker algorithm, the transaction price of the token can be automatically calculated, aiming to promote the automatic exchange transaction between token digital assets. In Bitsky, all transactions do not need to pay any gas fees to the network, and the system will gradually migrate from the centralized off-chain solution to Ethereum’s Layer 2 expansion solution - State Channel (Layer 2 State Channel) transactions in two steps. Bitsky uses a multi-layer architecture iterative algorithm to build a cryptocurrency trading platform with better returns and liquidity. On Bitsky, users have no transaction limit, no threshold limit, and can start the journey of liquidity trading anytime, anywhere, and more trading pairs will be opened in the future.
In the future, Bitsky will closely integrate with the ecology of various Swap platforms through cross-chain technology, so that users can better use DEX with low gas fees without breaking away from the original ecology. This will further encourage the transfer of assets. Transactions, pledges, encrypted asset transfers, registration, use, etc. are all fast and convenient. This is Bitsky.