The cryptocurrency exchange is still a good business.
Recently, the Currency Exchange announced the eighth BNB quarterly destruction report. The number of tokens destroyed exceeded 800,000, with a total value of more than 23 million US dollars. The fire currency also quickly disclosed the HT repurchase data for the second quarter of this year. The repurchase amount reached US$53 million, a 232% increase from Q1, a record high.
Just as these exchanges have shown great results, other new exchanges such as Matcha and BiKi have also broken through and played with the big game.
- Koreans don't love Bitcoin anymore? Trading volume of the two major exchanges fell by nearly 70%
- Bank of Korea strengthens monitoring of anonymous transactions in cryptocurrencies or related to new FATF regulations
- Pick up IEO! Can Sthum's new gameplay at Bithumb Global Station create the next wave?
- Why South Korea's top crypto exchanges delisted cryptocurrencies on a large scale
- Korea Exchange Bithumb enters STO field
- After many times of theft, the Korean exchange Bithumb lost $180 million last year.
In fact, from the establishment of the first domestic exchange, to the current situation of hundreds of battles, the players on the trading platform track, in order to occupy a place, all have their own tricks.
Some of them hope that they will sink into the sinking market, and they will seize a large number of users through on-line self-contained traffic projects; others will meet the needs of a certain market segment through differentiated operations…
In this fast-paced killing, how do cryptocurrency exchanges break through?
“Security”, “Globalization” and “Differentiation” are some of the key words given by Bitmumb Global CMO Sunny.
New and old fusion
After the Spring Festival in 2019, the entire cryptocurrency market began to change quietly.
The currency security took the lead in launching the IEO horn, the exchanges began to keep up, the IEO gameplay was copied and flooded; BiKi, Matcha and other rookie exchanges quickly broke through the game of “barbarism”, and the heat went straight to the first-line exchanges; traditional financial institutions also rushed. The message that the layout cryptocurrency is outgoing.
Under the stimulation of many good news such as IEO, Litecoin fork and over-the-counter funds, this year's cryptocurrency market has gradually shown signs of recovery.
Soon, bitcoin prices have been rising all the time, and the trading platform that provides transaction matching services has once again become hot and the gameplay has become more diverse: grab the tokens, go online with the resonance coins, small coins, and launch leverage and futures. , financial management and other financial products.
With a variety of barbaric or novel gameplay, some exchanges compete for users and succeed in "upper" in this wave of bull markets.
Bithumb Global also enters at this stage. “The background with Bithumb is indeed one of our characteristics compared to other platforms,” Sunny said.
It is understood that under the holding group behind Bithumb Global, there is another Korean currency exchange, Bitmumb. "The two exchanges are structurally parallel."
In other words, Bithumb Global and Bithumb are actually a coalition relationship. “We can use the resources and experience that Bithmum has accumulated over the years to provide users with a full range of services.” Sunny further explained that the two platforms now share orders, ensuring deep transaction depth and smoother user experience.
“Crystal currency trading is a cross-regional, global business, and exchanges can scale up.” In a previous interview, a practitioner told 31QU that the exchange union did have its own advantages, but the alliance still needed to resolve the deal. The difference between the two, "If the membership level is uneven, why do business-good exchanges share traffic and users with small exchanges?"
Bithumb may be able to provide Bithumb Global with a cumber, but for the new platform, whether it can form its own competitiveness, in the end, it depends on itself.
For entrepreneurs who are on the trading track and are about to enter the market, one question worth pondering is how to find a breakthrough point in the case that the head exchanges such as Coin, Firecoin and OKEx already have a leading edge. , finally determine a foothold of your own?
Sunny believes that two points are very important: one is to focus on the product, and the other is the user's refined operation.
“In terms of products, Bithumb Global has opened four major sectors, namely spot trading, C2C, BG Stagging and BG Staking; among them, spot and off-market are the most basic sectors, BG Stagging and BG Staking are based on market demand. , launched innovative services."
According to Sunny, BG Stagging is the Bithumb Global Global Launch Project Reward Zone, which launches the Stagging campaign to provide users with access to top-level projects, providing customers with secure, stable, and zero-cost asset value-added channels, “Simply, It is to let users have low barriers to contact with top-level projects."
“The ones that we can recommend are quality projects that have been carefully screened.” Sunny told 31QU that BG Stagging has launched two projects, the first project Dmension (EON) and the second phase FABRK.
The Staking section is a supplement. "If it's in a bear market, Staking allows users to get through the tough times with a boost, so for the platform, you really need the corresponding cryptocurrency derivative service," Sunny said.
On the basis of good products, we can attract users and do further operations.
“The effect of the first phase is definitely beyond our expectations.” Sunny told 31QU, “The original plan was for three days, but the first day of the event was not long before the entire prize pool was quickly taken out, so much so that we Every day, I have to add red envelopes to the prize pool to satisfy the participants."
It is understood that the first phase of BG Stagging has a total of 2,936 participants. The platform has sent EON worth US$550,000 and BUSD worth US$110,000. “EON did not break after the opening and is currently stable at around 2 times”.
Activities are a way of refining operations. In addition, exchanges must adjust their rules in a timely manner.
“The first phase of the event was a good one. We naturally launched the second phase of the project EON. We made some adjustments to this rule.” Sunny told 31QU that Bitumum Global added a rule to the total assets of the user four days before the event. Take a snapshot and get the corresponding lottery coefficient based on the average of the total daily assets. The new user locks 100 USDT to get 1 lottery chance, and the old user's corresponding assets can get 1.1~1.3 lottery opportunities. “The purpose of the adjustment is mainly to give back to the old users.”
Pre-judgment of trading business
This year, not only the players of the original currency of cryptocurrency, but also many subjects outside the circle, such as institutions such as Bakkt and LedgerX, are also targeting the cryptocurrency trading track. The pursuit of compliance is for the giants to consider whether to enter the market. When, the first question to consider.
“To be a long-term development, compliance is an indispensable condition.” Sunny emphasizes that “Bithumb Global will embrace regulation in different countries, whether it is applying for a license, a bank account, or a trust, to meet compliance requirements. Users provide compliant digital financial services."
Unlike other exchanges that focus on the domestic market, Bitumum Global clearly chooses a different direction: for global incremental markets.
“From the beginning, our positioning is the platform of globalization. The operation team is an international team. The trading system also provides multi-language version. It is large enough to announce and small to remind us. We all have different languages. It is quickly communicated to users around the world.” Sunny revealed that Bithumb Global will soon open a number of direct currency transactions, such as Peruvian currency, Vietnamese Dong, etc., “localized and regulated operations through local partners.”
It is understood that Bithumb Global is currently actively preparing to enter 12 countries including Europe, South America, Australia and Thailand.
However, the global cryptocurrency regulation has changed dramatically. Some countries and regions have changed their regulatory policies on cryptocurrencies. Whether Bithumb Global's ambitions can be finally realized will still require time verification.
“In the context of the current stable head market and the second-line heads are constantly turning, we hope to create our own advantages through globalization, opening up new markets and strengthening refined operations.” Sunny Said.
Bithumb Global went live in May this year, with KYC certification, transaction ranking, participation in the contract simulation to send the US dollar, recharge the money, etc., successfully completed the cold start, and accumulated nearly 300,000 pre-registered users in two months.
How new cryptocurrency exchanges break through in the fierce competition. In the early days of the blockchain and cryptocurrency industries, this will be a topic that all exchanges need to explore together.
Text / 31QU Ganoderma Lucidum