A digital asset trading platform says its “superior circulation capabilities” can help tokens thrive in the crypto world, through financial-level services that enable tokens to be issued more quickly.
BitForex claims that many of its rivals lack transparency when launching currencies — and their desire to maximize profits can act as a major obstacle when entrepreneurs are attempting to launch new digital currencies.
The company hopes to integrate the token economy into the real world quickly, as it believes this would “promote economic and social innovation.”
One stop shop for crypto users
BitForex says that its suite of services has already gained popularity in the crypto world, with an emphasis on customer service, strong security and a resilient technical infrastructure, as well as internationalization. At present, it offers transaction services for more than 100 types of cryptocurrency and plans to launch an ecosystem for digital asset derivatives, including option contracts and futures contracts.
It is also unveiling the BF Token, which is designed to allow revenue to be shared among BitForex users who trade on the platform. When the token goes live, the company says that this will be the main payment method for trading fees and any other costs that traders incur. It is hoped that this distribution system could see traders cover some — or even all — of their costs.
Although listing the BF Token on exchanges is described as a possibility in the future, BitForex is currently planning to list it exclusively on its platform, and the token is going to become available as soon as its Initial Coin Offering concludes.
Plans to become a market leader
BitForex has the ambition of becoming the world’s number one crypto asset exchange by December 2018, with CNBC recently estimating that the cryptocurrency market is going to be worth $1 trillion by the end of the year.
The company claims it has already soared through the ranks on CoinMarketCap — going from a ranking of 63 in May 2018 to being in the top 10 in July. BitForex claims it currently has more than 1.8 million users, with 15,000 new accounts being registered on a daily basis. Its team says the goal of becoming the market leader is “based on our proven growth history.”
When compared with other exchanges operating in this competitive market, BitForex claims it has amassed an “unfair advantage” through its staff — many of whom have previously worked for major organizations, including Microsoft, Tencent, Lenovo, the World Bank and Merrill Lynch. It says the pedigree of its workforce is what “explains such fast growth in such a short period of time.”
The company says all of its team members possess “deep experience” in blockchain and a passion to see the technology succeed. It claims that senior managers have more than 10 years’ experience in the financial sector, with at least seven years specifically related to the burgeoning blockchain sector.
A win-win ecosystem
Its white paper explained: “Currently, most digital asset trading platforms on the market have some problems, such as opaque currency mechanisms, single trading products, closed operations, etc. We believe that openness and co-governance will become the development direction for the digital asset trading platform industry.”