Presence Of Crypto Exchanges On The Rise: Many Make Moves To Stand Out From The Crowd
Competition, in many ways, is healthy for an industry as it offers consumers a variety of options to choose from. In the beginning, one may witness the poorest of qualities with very little features. However, this changes as popularity for an industry increases – leaving many wondering in what ways one can stand out from the crowd.
This is supposedly the case for crypto exchanges reports Bitcoin.com, who has since provided a breakdown of how crypto exchanges currently operate and what changes are being brought to people via two examples provided. The following is an overview of what has been shared:
1) Supporting One Another
According to the news outlet, one thing that appears to be trending among crypto changes is the support given to one another’s native token. Bitfinex is supposedly one to have since listed many competing exchange’s tokens. A recent one is KuCoin, who has since listed the Binance Coin [BNB] on their exchange to which the latter’s CEO, CZ simply congratulated them.
Speaking of CZ, the news outlet shared a tweet by the CEO, who since expressed that the foundation to any crypto exchange is the support they provide to good projects. This was said in reference to the different projects Binance has been supporting – leading their native token, BNB, to garner a lot of attention, not to mention their recent ath achieved.
2) Introducing New Features
Binance.com has recently shared details regarding the Coinsbit exchange, one that supposedly offers unique features to stand out from the crowd. Based on the claims made, the exchange will be offering microfinance – allowing users to lend and borrow money. This is relatively new within crypto exchanges. Coinsbit takes it a step further by ridding the overall process of checking one’s credit history, while ensuring privacy holds throughout the process.
Another feature that the exchange might roll out includes what’s called a “invest box service,” which will serve as a reward for anyone who deposits cryptocurrencies using the exchange.
3) Changing The Ball Game For Token Model
The second example provided is that of crypto exchange, Digitex, one that has been described as offering services out of the box, starting with the minting process of their tokens. In particular, the exchange plans to offer a “zero-free system subsidized by a low inflationary model in which new tokens can be minted with the approval of existing DGTX token owners,” reports Bitcoin.com.
The reason for doing this, according to CEO, Adam Todd, is to promote high liquidity within markets and to encourage traders to gain profits without having to worry so much about losing money in the form of trading fees.
This is just the beginning of the number of positive changes that crypto exchanges are bringing to the industry. Moreover, this is indicative of how creative said projects can get, offering insight on the unique ways the same services can be offered. Ultimately, allowing traders to pick services that resonate to them.