Exchange, Everything.
Decentralized.
Top 10 Fintechs in Switzerland
Built in 102 Days
available in Europe, Asia and North America
SIBEX is a decentralized plattform for the secure exchange of crypto assets. It enables everyone to trade securely and directly between BTC and any ERC20 Token. SIBEX runs on full nodes and uses atomic cross-chain swaps, it does not require any account creation and eliminates middlemen completely. Sibex helps to eliminate the counterparty risk and leverage new arbitrage opportunities.
In late May 2019, the team of Axelra and Sibex started building the MVP together and shipped it after 102 days on September 6th.
Axelra built the first paltform of SIBEX, which included a daemon (comment SU: what daemon?), communications server, a REST API, a CLI and a GUI. We implemented an atomic swap protocol using hashed time-locked contracts to enable on-chain cross-chain transactions between the bitcoin and ethereum blockchains.
Together with SIBEX, Axelra built the a decentralized P2P crypto trading platform and launched the alpha version after 72 days. Notable investors, including Chinese venture firm Fenbushi Capital, Swiss stock exchange group SIX and blockchain-focused investment firm Accomplice VC participated in the round, among others.
SIBEX is available in Europe, Asia, North America and LATAM and offers constant order flows from financial institutions, broker-dealers, electronic liquidity providers, custody providers, miners and exchanges.
«SIBEX is a platform for fully decentralized cross-chain atomic swaps - no account creation, no middlemen, no wrapped tokens, global liquidity.»
Dr. Guil. Sperb Machado, Vice President of Engineering & Co-Founder
- Sibex Digital Platform
- Sibex Website
- Product & UX
- Infrastructure Setup with Notes
- Frontend, Backend and Smart Contracts and the Integrations
Starting with the idea of two interfaces: a Graphical User Interface (GUI) and Command Line Interface (CLI).
These interfaces are designed to simplify the trading of Bitcoin, USDT, and Ethereum. Users can trade programmatically using a REST or websockets Application Programming Interface (API). Additional capabilities and interfaces, such as a classic OTC order form for settling trades, were planned for future releases.
SIBEX uses hashed time-locked smart contracts for cross-chain atomic swaps. Currently BTC, ETH, and USDT (ERC20) can be traded and it is planned to add further blockchains and currencies. With SIBEX, a user has full control over its funds as the user is running its own Bitcoin and Ethereum nodes. Thus, no more exchanges that can disappear with your money overnight, trade against you, sell your data to criminals, or loan your deposit to margin traders without your knowledge or consent.
With SIBEX you have price discovery and all the benefits of a dark pool. All participants see the same order-book updated and historical hourly average prices always reflect the real market price. Participants in the trade do not need to trust each other and benefit from an immediate mutual settlement. The assets never leave the custody of the participants until the trade is executed and completed. SIBEX is built for professionals trading with digital assets and on commodity markets.
We handed over to Daniel, Quentin, Justin and Guil in the End of Q1 2020.
«At the start of this venture, great progress was made in a short time frame with Axelra. This allowed us to perform product-market fit early. Once in the market, the team changed the handover from fast-paced to a stable and rock solid release cycle.»
Dr. Guil Sperb Machado, Co-Founder & Vice President of Engineering Sibex AG
SIBEX uses hashed time-locked contracts for cross-chain atomic swaps. Currently BTC, ETH, and USDT (an ERC20 token) can be traded and there are plans to add further blockchains and currencies. With SIBEX, a user has full control over their funds and users can run it on their own Bitcoin and Ethereum nodes. Thus, no exchanges are involved that could disappear with your money overnight, trade against you, sell your data to criminals, or loan your deposit to margin traders without your knowledge or consent.
With SIBEX you have price discovery and all the benefits of a dark pool. All participants see the same order-book updated and historical hourly average prices always reflect the real market price. Participants in the trade do not need to trust each other to trade and benefit from an immediate mutual settlement. The assets never leave the custody of the participants until the trade is executed and completed. SIBEX is built for professionals trading with digital assets and on commodity markets.
The SIBEX daemon runs on an amazon hosted virtual machine running linux, which their user deploys when they setup their SIBEX environment. The daemon connects to SIBEX servers, tasked with matching orders placed on the system. In addition, the daemon connects to both ethereum and bitcoin full-nodes, which are also deployed at setup. The user interactions with the SIBEX system via his preferred browser, maintaing full control over the daemon and especially their own personal full-nodes.
SIBEX was built with golang using gitlab pipelines for building and deploying. The communication was partially done with websockets, partially with a REST interface. While the GUI frontend was developed with React, we also implemented an interactive CLI. The hashed time-lock smart contract for the Ethereum side were implemented with Solidity, and for Bitcoin, the Bitcoin opcodes were used directly. For integration testing, the dev chain mode of Parity was used as well as regtest on Bitcoin.