Proclaimed as an all in-one platform for digital currencies, Bitsmo has officially launched details regarding its cryptocurrency exchange, BCN, which is short for Bitsmo Community Network.
As for the exchange, it appears the Bitsmo platform will be connecting with over 30 existing and populated exchanges to date. This was supposedly done in an attempt to ensure that users get the best price for every investment made, while ensuring liquidity problems do not arise.
In terms of its features, the crypto exchange has been designed to support efficiency, as the team involved trust that it can produce results seven times faster than its competitor, Binance.
In addition, the exchange will comply by regulations, which is a factor that many novice investors are really watchful of. Like most exchanges, Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes will also be implemented, with additional measures taken to maximize security of one’s holdings (i.e. NSA, CIA and NASA).
While not all banks are entirely comfortable with supporting crypto transactions, the Bitsmo team has allegedly teamed up with “crypto-friendly banking instituitions that will allow coin transfers with your credit/debit card.”
Bitsmo Token, BTSM
The BTSM Initial Coin Offering (ICO) is currently ongoing as it will only end on October 14. For the time being, both the soft and hard caps are 3 and USD$20 million respectively. ICO prices are quite inexpensive, as each token is valued at approximately USD$0.18. As for the funds raised, 34.2 percent will be devoted to the Bitsmo platform, with the rest split among operations (11.8 percent), legal and licensing (12.5 percent), marketing strategies (25.9 percent) and the necessary R&D (15.6 percent).
Whether or not the BTSM will have real-life uses still remains unclear, however, the team involved has revealed some of its benefits, which include discounts on trading fees when BTSM is used, 25 percent of fees distributed among token holders, monthly buy backs, and 3 percent of fees devoted to charity to name a fraction.
For more information regarding the Bitsmo exchange and its respective white paper, go to: https://bitsmo.io