Burency: Security and Legitimacy Compliant Crypto Exchange for Ventures

Mouayad Yousef ,  COOWhile the growing acceptance of blockchain and cryptocurrencies among enterprises in the West are acknowledged, the progress gained by Middle East countries is highly overlooked. Enterprises as well as governments in Middle East are buckled up for the optimal utilization of the burgeoning blockchain technology market that could pave the foundation for a giant leap in its economic policies. Being a legitimate exchange that allows users to convert between crypto and fiat, Burency based out of Dubai, UAE caters services to build blockchain architecture software for enterprises. The company manifests the best technical solutions that are suited to deliver innovative products of businesses.

Presenting a Credible Gateway for Crypto Exchange
Burency develops blockchain applications for supply chain as well as ecommerce platforms, and coding smart contracts using Solidity for Ethereum and Rootstock for Bitcoin. Being an Arab focused crypto exchange the company has acquired full coverage insurance from Lloyds of London. Burency has envisioned bringing the
blockchain innovation to the Middle East and assist SMEs in utilizing the technology to its best use. This mission is ventured by the company’s R&D center that assists enterprises harness the power of blockchain through blockchain architecture and coding smart contracts. As with the vast big data that are structured and unstructured, Burency is aiming to have a data center to store and process blockchain and cryptocurrency data to utilize them in the form of analytics for traders as well as analysts. Additionally, Burency is seeking transparency through licensing for all its business lines besides annual audits of big firms in the industry. Through its crypto exchange, Burency is expected to bring an end to crypto losses and ensure a safe environment for users to trade. Accordingly, the company has managed to get a custodian, Regal Assets in Dubai, for all crypto trades on its exchange. Regal Assets is not only a custodian, but ensures that every user on the exchange is insured with coverage provided by the Lloyds. “Through blockchain mining, Burency is addressing the excessive energy consumption using proof-of-work algorithm. We found that it can substitute the dependency on electricity with hydropower for a more ecofriendly use and cheaper costs”, explains Mouayad Yousef, COO, Burency.

The company aims to launch 50 crypto currencies where users will be availed the option to convert between crypto and fiat after the exchange is fully licensed

With an objective to protect users from hacks and other frauds Burency conceived its exchange platform which acquired insurance from Lloyds through Nebbex protocol. The Nebbex protocol will be linked to Burency’s exchange where all coins stored on Burency will immediately be moved to Nebbex wallets for maximum security storage. The companyaims to launch 50 cryptocurrencies where users will be availed the option to convert between crypto and fiat after the exchange is fully licensed. Mouayad Yousef contemplates to set up a blockchain R&D center specialized in providing highend solutions for blockchain and cryptocurrencies by the second quarter of 2020. Burency foresees to release an IOS and Android application, along with commencing the operation of its data center in the third and fourth quarters of 2020 respectively.