Does Bits help me be compliant with new legislation?
As regulation grows increasingly tighter, it's likely that governing bodies will focus primarily on crypto companies that handle and manage user funds directly -- which means that by incorporating Bits you very well may benefit from tighter crypto regulation.
What happens if Bits gets hacked?
Bits is a technology layer that never takes custody of user funds. In the scenario there were a security breach, it would be possible for a hacker to execute trades prematurely (for example, if a user placed an on-chain request to buy Bitcoin if it crosses a $15,000 threshold) but it is not possible for the hacker to steal any funds.
Does Bits have an audit?
Our smart contract is in queue to be audited by Certik.
Where are user funds stored?
Bits does not custody any user funds, while still allowing your business to offer all of the functionality of a traditional centralized exchange.
How is Bits different from DEX aggregators like 1inch or Paraswap?
DEX aggregators like 1inch or Paraswap work to provide end users with the most competitive rates in DeFi. Bits offers DeFi infrastructure that allow your business to offer new types of trades (buy orders, sell orders, stop losses, etc) while earning a commission on each order and a percentage of user yield. The Bits API incorporates DEX aggregators to provide the most competitive rates in DeFi.