OCTION Announces Strategic Partnership with Singapore’s Largest Mining Farm
New collaboration between OCTION and Gen Alpha Solutions aims to bring about additional liquidity that will underwrite all options contract purchased through the OCTION trading platform.
Introducing Gen Alpha Solutions
Formed in 2018, Gen Alpha Solutions came from humble beginnings, where their initial focus was on mining and providing liquidity to exchanges. They endured fierce competition from rivals regionally and even battled through the “crypto winter”. However, their long run belief in cryptocurrency meant that they continued expanding throughout the “crypto winter” and with the recent bull market, has managed to strengthen their position as the largest and most comprehensive mining farm in Singapore. Gen Alpha Solutions is currently amongst the top 30 mining pools globally and continues to grow month on month, competing and striving to be one of the largest and most productive mining farms in the world.
Purpose of Partnership with OCTION
As an options trading platform, OCTION requires Writers’ liquidity through liquidity pool contributions to “take on” any options contracts purchased. This would provide zero-time decay and no requirement for market makers to provide liquidity via sitting limit orders as all orders are instantly taken up by Writers, ensuring maximum efficiency of liquidity as all unutilized liquidity is immediately available to underwrite new options contracts.
This strategic partnership between OCTION and Gen Alpha Solutions opens an unprecedented opportunity for both parties. OCTION will be the first ever options trading platform created on the Binance Smart Chain to have Writers liquidity provided by the largest mining farm in Singapore. Once the OCTION platform goes live, Gen Alpha Solutions has agreed to potentially provide the initial liquidity up to USD1,000,000 worth of cryptocurrencies. As the two key success factors of the OCTION platform are the size of the liquidity pool and the number of users purchasing options contracts, this represents a big milestone for OCTION to kickstart the platform, without having to worry about Writers liquidity shortage.
This partnership is mutually beneficial and would help leapfrog OCTION over its competitors, mainly of which are built on ERC-20, who are facing liquidity issues. Having shortages in liquidity could result in disruptions in the platform such as forbidding and limiting Holders from purchasing options contracts and liming the withdrawal of funds for Writers due to a lack of liquidity in the respective liquidity pools.
All in all, OCTION continues to strive to complete all the various elements required prior to the Beta launch, which is currently targeted for 31 May 2021. Exciting times ahead for those within the OCTION family!
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