EOSDT Will be Listed On Bitcoin.com
Another day, another exchange lends its support to our EOSDT stablecoin on EOS and the proof of concept for Equilibrium, the decentralized finance framework that serves as a foundation for developers to accelerate developing DeFi projects.
Bitcoin.com hosts a variety of tools for crypto users, like a news service, a crypto wallet, and a full-fledged crypto exchange. That exchange launched in September 2019 and has been building up a list of assets that it supports for trade. It already includes names like Bitcoin Cash, Flex, and SideShift.oins that collection of supported assets — Bitcoin.com users can buy and sell EOSDT with cash or other crypto assets. Available trading pairs are EOSDT/BTC, EOSDT/BHC, EOSDT/US
Tomorrow EOSDT listing will happen at 9AM UTC. EOSDT jDT, and EOSDT/ETH.
To coincide with our listing on the Bitcoin.com Exchange, we sat down with Danish Chaudhry to ask him some questions about the future of the exchange.
Danish Chaudhry is the Head of Exchange at Bitcoin.com's exchange. He holds a Bachelor of Science from the University of California and a Masters degree from the prestigious London School of Economics and Political Science. Prior to taking up his role at Bitcoin.com, Danish worked at iconic companies such as Ernst & Young and BlackRock. In his spare time he mentors at Virgin Group's Virgin StartUp, a not-for-profit company supporting entrepreneurship in the UK.
What can you tell us about your new exchange, Bitcoin.com? Why did you decide to launch another exchange?
The Bitcoin.com Exchange was launched to support Bitcoin.com’s mission of providing a secure ecosystem of services surrounding cryptocurrencies to anyone in the industry. After having launched a wallet and a peer to peer marketplace, adding an exchange to support free markets and choice was a logical evolution. As Bitcoin.com is one of the most trusted brands in the industry, we wanted to provide traders with a venue they can go to without having to fear the loss of funds or lack of communication.
You had 18,000 traders registered on for your new exchange just two weeks after launch — what did you do for that?
Prior to launch, we were already promoting our exchange to our existing userbase as well as to the wider crypto-interested audience. We allowed people to pre-register which made them eligible for winning prizes out of a more than $10,000 prize pool. Furthermore, we were running a negative fee promotion, where we paid traders back their fee plus awarded them with 0,03% of their accumulated trading volume.
What services besides trading are you planning to introduce to your customers? Do you have any plans for a fiat gateway, margin trading, lending/borrowing, or derivative instruments?
Yes, we have plans to offer new features to our traders. We started with enabling the purchase of crypto with credit/debit card via our partner moonpay. We’re working on increasing the fiat gateways. Furthermore, we’re planning to add a futures product to the exchange, margin trading as well as leverage.
Tell us about your KYC policy, it is known that there are possibilities to withdraw somу amount without verification.
Yes, indeed. As long as traders stay under a limit of 1 BTC per day and up to 5 BTC/month, the only thing we ask from them is to verify their mail address and to set-up 2-FA. However, anyone who wants to trade and withdraw more than the given limits will have to go through full verification including submitting a photo of their ID as well as a proof of address and a selfie.
Name 3 the biggest advantages of your exchange.
- -Powerful and fast matching engine making sure orders are filled
- -Easy on-boarding and fast verification for the
- -SLP Token support
Security is a keystone for every exchange. Have you been under a hack attack? We’ve had some DDos attacks but they didn’t impact our business as our defence mechanism kicked in and defied the attackers.
How many different stablecoins are traded on your exchange now? Do you plan to support more stablecoins as they become more popular?
Currently, we have mainly USDT as a base-pair listed on the exchange. Apart from that, we’ve added TUSD as well as DAI as options for trading BCH. In the future, we’re planning to add more stablecoins pegged to different currencies to offer traders more choices.
What are your takes on decentralized stablecoins like DAI, EOSDT, Synthetix etc? What are the best ways for these projects to obtain more adoption?
We think that decentralized stablecoins are a fascinating approach to solve the problem of volatility of most cryptocurrencies while still sticking to the original idea of a decentralized network. Currently, many stablecoins still rely on rather complicated algorithms that are hard to comprehend by even people inside of the crypto-industry and therefore, might have a hard time gaining trust. Nevertheless, if decentralized stablecoins can establish a track record of keeping their stability despite market movements, that will help to instil trust in them and eventually lead to bigger adoption.
What do you think about the rising popularity of decentralized exchanges?
Decentralized exchanges are great for people that have some knowledge about blockchain and cryptocurrencies. Considering how DeFi has taken off in the last year, seeing a rising interest in decentralized exchanges facilitating a really decentralized financial system is not surprising. Nevertheless, we believe that there is space in the industry for both: centralized and decentralized exchanges, as they cater to different needs.
What has to happen for crypto to become popular for things beyond trading, speculation, and DeFi?
It has to step outside of the crypto-industry and start solving real people’s problems. Take crypto-lending platforms for example. A lot of them over-collateralize to hedge against volatility. However, that makes them less attractive to entrepreneurs who might need the money to start a business. Therefore, platforms like DAI mainly cater to traders who just need a certain asset for a short time, but not to anyone looking for some seed-funding or money to make a big purchase.
Traditional cryptocurrencies struggle to be a means of payments due to their high volatility. Stablecoins solve the volatility issue but often sacrifice on decentralization and have to follow stricter KYC procedures. Consequently, they won’t do much to bank the unbanked, as one of the biggest problems is that many unbanked lack an official ID.
As we can see, there are still some big challenges remaining when it comes to adoption of cryptocurrencies. We think that one part will be relentlessly educating people about the benefits of blockchain and cryptocurrencies and another part will be how regulations evolve around it. Furthermore, progress in regards to digital identities will ultimately play into the ambitions of stablecoins to become a solution for the unbanked.