Renksi did a great job to explain how @BeldexCoin actually works. If you look at the graphic below, it does look a bit similar to an exchange. You deposit (mint) your assets into Beldex, so it means that you are minting new Beldex assets, which can be transferred within the Beldex Ecosystem but totally anonymously. This is similar to an exchange where the internal transfer is not visible from outside. The difference is that Beldex is not a centralized CEX where you need to KYC yourself and where your data could maybe be requested and ultimately surrendered, but a decentralized protocol where the transfer itself is natively anonymous. At the moment where you want to get your assets out of the system again you can redeem it from the privacy protocol and get your assets back on any kind of address. As Renksi is explaining it, Mint -> Transfer -> Being anonymous -> Redeem.