The Crypto Protocol Trying to Unite Every Exchange Order Book

Imagine the liquidity of every crypto exchange, but in one giant pool - one all-seeing order book that listed every conceivable bid and ask for any asset.

Led by Polychain Capital, with participation by Dragonfly Capital Partners and Chapter One, the Paradigm Foundation has raised $1 million to build a decentralized order book open to anyone that wants to trade crypto.

It's all part of a plan Paradigm's CEO, Liam Kovatch, calls the company's mission "To create open, borderless, and efficient global markets."

For traders, one order book that shows every possible counterparty on earth is an enticing proposition.

Though as Kovatch pointed out, Paradigm takes it slightly further than a Web 2.0 site like Kayak can, because it's built on the decentralized web.

In a sense Paradigm is a bet that the walls between the big crypto exchanges will inevitably fall.

Dragonfly specifically aims to capitalize on crypto's growth in Asia, and it firmly believes that Paradigm is building necessary tooling ahead of trends already underway there.

"What is remarkable about crypto and crypto companies is how willing they are to disrupt themselves," Alex Pack, Dragonfly's managing director, told CoinDesk.

"There is plenty of room for centralized entities in a paradigm world," Pack said, rattling off examples like order matching, market making, automated trading engines and more.

On Binance, the order book is changing thousands of times a second, he said.