MCS, a crypto perpetual contracts trading platform, with a global reach, announced that it had officially launched its operations on June 15. The platform is a futuristic crypto derivatives trading platform that is open to the whole world.
The Test was a Success
According to the announcement, the decision to launch the MyCoinStory platform was arrived at after the successful launch of the TestNet on April 13. Since then, MCS has been gathering data on how to perfect the platform. The data came from the Bug Bounty program and a mock trading competition for BTC/USDT perpetual contracts that they had organized.
Even before the official launch, MCS had attracted the attention of traders in the crypto space. During the TestNet phase, traders from 73 nations globally took part in the mock trading competition. The trail set a record trading volume of $27 billion.
A Platform Built for Traders
MCS is a trader-centric platform that aims to solve all issues raised by users quickly. To this end, it offers 24/7 customer support in English, Korea, and Chinese. All widgets on the platform are customizable to ensure traders are as comfortable as possible during the trading process. The UI used on the MCS platform includes an order book and chart to help traders trade with ease. In the future, the number of widgets will grow according to the feedback they get.
According to the Chair of MCS board, David Seo, various exchanges have emerged in the recent past. He noted that only the exchanges which get things right survive in the crypto market. The chair noted that MCS was not in competition with other platforms. Instead, the platform was more interested in raising awareness among as many potential users as possible regarding their unique products
Financial Engineering Team and Risk Mitigation Technology
MCS launched with a financial engineering team, the first of its kind in the sector. The team is going to create various crypto derivatives and financial-level data analysis. Besides that, the MCS matching engine processes over 250,000 transactions per second. It is divided into different modules to prevent the overload of the system.
To safeguard the assets of users, MCS is working with BitGo. BitGo offers security and custody solutions to crypto users. BitGo uses multi-sig cold wallet solutions that keep users’ assets safe at all times. Additionally, an in-house security team monitors the systems 24/7. If anything arises, they respond in real-time and deploy security measures against any threats.
Creating an Ecosystem
According to Chairman Seo, they describe MCS as a platform and not as an exchange since they intend to expand the ecosystem. In the future, MCS is going to support other areas of trade beyond crypto trading. All profits on the exchange are calculated and settled in USDT. The reason they use USDT is that USDT has abundant liquidity in the crypto market. Another benefit of using the digital asset is that the cost of using third parties in the transaction is eliminated. To determine the price of the stablecoin, MCS uses the prices of seven popular crypto exchanges.
Image Source: Pixabay
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.