More details will be coming out in the next few weeks but today a new startup announced plans to launch Paradex, a peer-to-peer decentralized exchange for ‘trustless’ trading of ERC20 tokens within users’ own Ether wallets.

The platform is built on top of the 0x protocol, which provides a simple, concise standard for handling exchange settlement without requiring user accounts or taking custodianship of users’ funds.

As with other decentralized exchange applications which are coming to the marketplace, this technology solves the problems of trust and third-party reliance that exist on centralized exchanges, completely removing the platform as an attack target.

Paradex users maintain absolute control of their tokens right up until the point where their trades are validated and finalized, all while never having to create an account.

The Paradex platform is being developed by Malta incorporated AugmentPartners Ltd., led by CEO Ron Bernstein, a veteran of commodity futures in more than 20 markets for over 25 years.

The Paradex team stated:

“Token trading on the blockchain is very much the wild west right now. Security problems are an always-looming danger with centralized exchanges, while unreliable order matching and slow trading speeds discourage traders from existing decentralized alternatives. The experience feels immature and innately risky.” “Leveraging our background in financial markets and emerging technologies, the Augment Partners’ team is building the token trading tool that we want to use but doesn’t currently exist — where the speed & power of traditional trading meets the safety & trustlessness of decentralization.” “Our solution is Paradex, a robust, peer-to-peer trading platform where users from all parts of the world can buy and sell ERC20 tokens on the Ethereum blockchain in a decentralized fashion.”

0x will handle the heavy-lifting for settlement, with the Paradex team focused on improving peer-to-peer trading mechanics by masterminding a powerful and reliable order matching engine and coupling it to a well-designed, easy-to-use interface. Order matching will be insulated from Ethereum block times, providing a robust, fast experience.

The schedule for rollout calls for private beta testing to begin in mid-October with a fully-functional exchange platform debuting on the Ethereum mainnet in November.