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February 18, 2022
By admin-pat

AXIA and BitMart Announcement Further Explained

As most in the AXIA community already know, BitMart was recently hacked. This caused significant concerns over security offered at the exchange. Furthermore, it should be noted that at least what is known to have been lost to-date has never been refunded or recovered despite the promise of refunds being issued.

In addition to these obvious security concerns resulting in a further reduction of the total AXIA Coins at BitMart, many individuals that previously held their AXIA Coins at the exchange (as well as at KuCoin) have instead opted to take advantage of the innovative and unique staking program offered at AXIA Capital Bank. This appears to have created a trading environment below a level of what could be considered safe and reliable, which could cause undue risk for individuals.

Security and the protection of participants is always of the utmost importance for the AXIA Project and so a decision has been made to pause trading at BitMart effective immediately until such time as the launch of the AXIA Network.

AXIA has been counselled and advised by those that have significant experience in both crypto and traditional markets and provided with the guidance that this action is with absolute certainty in the best interest for everyone involved.

This trading pause will only occur at BitMart, please be assured that everything will remain in place exactly as is with KuCoin prior to the network launch as the security risks are not as high. Furthermore, it is worth noting that some time ago KuCoin was chosen as the exchange to display the AXC/USD exchange rate due to its higher reliability for users. Additionally AXIA will soon be conducting a number of communications initiatives with KuCoin including an AMA in the near future.

Moreover, this action also does not preclude AXIA Coin from being listed on additional exchanges in the near term.

Participants at AXIA Capital Bank will continue to be assured of the highest level of safety based on the free custody and cold storage solutions offered. Additionally, the AXIA team is very excited for the forthcoming launch of the decentralized AXswap platform that will go live following the network launch. As is always the case inside the AXIA ecosystem, AXswap will ensure that the highest level security for individuals is always in place as well as a favorable and safe trading environment.

Lastly, AXIA Capital bank members who are already involved in a staking program have the benefit of being able to spend their AXIA Coin online and in-store while generating favorable rewards. The spending capabilities and features will only continue to expand and grow over time from where they are today knowing the goal of AXIA is to not only establish a superior store of value, but create the preeminent medium of exchange for all its global participants.

Stay tuned for announcements on the official launch of the AXIA Network in the very near term.