Leading Danish bitcoin cryptocurrency exchange CCEDK has introduced the world’s first decentralized multi-lingual fintech exchange OpenLedger, allowing users to convert bitcoin to fiat-pegged SmartCoins, which are directly convertible to cash via PayPal, Ripple gateway, CCEDK’s NanoCard or money transfer in.

“We have combined the strengths of digital currencies pioneered by Bitcoin with the universal acceptance of major credit cards,” announced CEO Ronny Boesing in a statement. “In the process we have eliminated most of the biggest drawbacks of the two systems.”

He added:

“It’s like having your savings, checking, and trading accounts in the palm of your hand, accessible from anywhere in the world – at the speed of light – with dramatically lower fees than banks and exchanges have ever been able to offer.”

The OpenLedger platform will grant direct access to the industrial-grade financial smart contract platform BitShares, providing users a complete decentralized financial platform.

“Using the BitShares platform also gives CCEDK the ability to share its order books and services with future partner exchanges and digital asset providers to achieve deeper markets, tighter price spreads, and a growing suite of innovative products and services,” explained Boesing.

The OpenLedger team has also secured other blockchain partners including diversified cryptocurrency group Banx Capital, data center backed Bunkershares, the Beyond Bitcoin Show, music platform Peertracks, identity-focused cryptocurrency Identabit, voting platform Follow My Vote, and others to diversify its services and products as a fintech exchange and platform.

Decentralized Crypto Platform

The OpenLedger platform is a product of CCEDK and Cryptonomex, an independent blockchain development company founded by the core developers of the BitShares blockchain. The partnership between OpenLedger and Cryptonomex provides the platform’s users with a direct access to the bitShares 2.0 network.

“This relationship provides us with deeply integrated access to the BitShares 2.0 network allowing industrial grade digital currency transactions several thousand times faster than Bitcoin,” said Boesing. “Using the BitShares platform also gives CCEDK the ability to share its order books and services with future partner exchanges and digital asset providers to achieve deeper markets, tighter price spreads, and a growing suite of innovative products and services.”

The integration of BitShares 2.0 network onto the OpenLedger platform should further improve the monetization and connections of financial products and platforms, which may potentially allow the OpenLedger platform to break the final barriers to mainstream acceptance of cryptocurrencies.

OpenLedger partner Stan Larimer told Cointelegraph:

“Bitcoin aligned the incentives for consensus of a ledger, but BitShares aligns all incentives necessary to spread a new type of sound money into the existing economy. Markets are profitable because of the networks of people within them. Anyone with influence in a network of people can now monetize their connections in a way that improves the efficiency of already desirable and valued services within that economy.”

Under one roof

Speaking to Cointelegraph, OpenLedger CEO Ronny Boesing stated that the following features of OpenLedger’s web wallet offers a series of features that aren’t offered together by other wallets currently on the market. These include:

Integrated block explorer;

Multi signature accounts;

Access to bitAssets like bitUSD;

Access BitShares network directly;

No middle man controlling access;

Recurring and scheduled payments;

User issued assets (similar to colored coins);

Globally registered identity (blockchain account name);

All markets are integrated.

The OpenLedger Web Wallet provides users with an integrated block explorer, allowing users to search bitcoin addresses, blocks and transaction IDs directly from the platform. The wallet also incorporates Multi-Signature implementations, for secure corporate transactions and settlements.

However, the OpenLedger depends heavily on the BitShares 2.0 platform and the Graphene toolkit developed by Cryptonomex. Therefore, the performance of the OpenLedger platform is dependent on the performance of the grapheme tool kit and the BitShares 2.0 platform.

“It all confirms that all parts need to work to make wonders but then again isn't that what innovation is all about - fitting all those small pieces into one great puzzle,” concluded Boesing.