Cryptocurrency exchanges are an essential part of the ever-growing crypto ecosystem and remain to be one of the most heavily contested spheres of the crypto sector. The competition between the platforms is about to amp up as a new Hong Kong-based crypto exchange is soon to debut, courtesy Crypto.com.
Based in Hong Kong, Crypto.com is a cryptocurrency and payments platform that offers a wide range of products all aimed at promoting the adoption of cryptocurrencies. According to reports, the financial service provider officially announced the launch of its crypto exchange platform in the recent.
The new exchange platform will also follow the Crypto.com ideology of driving crypto adoption at a mass level and it will achieve that by facilitating over one million users to trade digital assets via its web interface, trading API and even its application.
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The newest addition to the crypto exchange world will be providing its customers with market competitive features so as to make their trading experience as breezy as possible. Some of the notable features of the Crypto.com Exchange include liquidity, competitive trading fees, institutional-grade security and custody and a very user-friendly interface.
Creating an exchange has been a natural extension and next step to ensure that everything stays in our own ecosystem.
Kris Marszalek, co-founder and CEO of Crypto.com, reportedly shared at BlockShow Singapore 2019. He further added that the next challenge for the company would be to onboard more users, despite the fact that Crypto.com already boasts about over one million users. In that context, he revealed that they plan on attracting more users by generating activity from their retail platform
The crypto world is plagued with the menace of hacks and security breaches, however, Marszalek emphasized that Crypto.com is completely secured and is one of the first cryptocurrency companies to have obtained the CryptoCurrency Security Standard requirements. He further continued:
The Crypto.com platform is trusted, secure and has never been hacked. The success rate for the new exchange is high due to these factors.
Moreover, the announcement revealed that the upcoming crypto exchange will be offering support to initially to nine of the most popular cryptocurrencies including, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), EOS, XLM, MCO and USDT. While the platform itself would be powered by the Crypto.com Coin (CRO), the native digital token, which will provide additional utility and benefits to users including liquidity, low fees and better execution prices.
As for the competition the new platform will be facing, Marszalek shared his hesitation regarding launching an exchange with the number of such platforms that already exist in the system, however, he concluded that an exchange is a necessary component for growing the influence of Crypto.com.