BGOGO Exchange (BGG) Sees $420 Million 24-Hour Trading Volume, Looks To Disrupt ICO Model
BGOGO Exchange Records a Whooping $420 Million 24-Hour Trading Volume, Disrupts the Traditional ICO Model
Despite the prevailing market conditions, Bgogo Exchange, a new name to the digital asset exchange world, has announced that it recorded an impressive $420 million USD trading volume after the first day of trading.
The exchange, which officially listed BGG/ETH and BGG/BTC trading pairs on September 16, 2018 said it underwent a heated and volatile stage followed by a leveled and steady progression. Currently, BGG has maintained a value three times the price of Genesis Mining.
Citing its mantra as “the cryptocurrency exchange of the community, by the community for the community”, the company said its success is attributable to this mindset which propelled it to disrupt the current ICO model.
The current ICO model fosters sharp practices and scams by offering investors an opportunity to profit by granting them exclusive access to blockchain projects at an early stage prior to the project's debut. However, some of these so-called “projects”, “exchanges” and “token funds” have taken advantage of current trends and utilize their resources to mislead and siphon money from common investors.
What BGG did differently
BGG said it offered a new level of transparency which saw it published and update the positions of its supernodes regularly on its website for the public.
Upon listing BGG on its platform, the 21 reputable institutions that make up the supernodes were granted access to their holdings. Thus far, most of the supernodes have held their allocations, refraining from selling them in the secondary market. Reputable institutions such as Sky9 Capital, IMO Ventures, Utopia Capital, Dfund and ICO Drops have actually increased their BGG positions.
With this level of transparency, BGG says it wants to set an example to combat the current imbalance that is plaguing the industry.
Also, rather than using its tokens for fund raising to finance its projects, the Bgogo teams say that the BGG token serves as the most important mechanism for user growth. Bgogo said it adopted a practical outlook for financing its projects instead.
With all these measures and more, the company said their trading volume surpassed $420 million USD with over 5,000 users online simultaneously within the first 24 hours of BGG trading pairs going live, exclusively on the Bgogo exchange.
This traffic and liquidity are comparable to other in-house projects by industry giants. BGG has also reached stability at three times its Genesis Mining value. Community leaders have even volunteered to maintain and improve the spirit of Bgogo as it continues to grow.
Unique to the cryptocurrency exchange community, Bgogo's implementation of trade mining has performed very well as reflected by BGG's steady growth rate.