News Crypto.com announces a new exchange in Hong Kong

Crypto.com announces a new exchange in Hong Kong

-

- Advertisment -

What curious timing! Just as the Hong Kong government cracks down on crypto exchanges, the Hong-Kong based crypto wallets and payments platform, Crypto.com, announced a new one, together with a scary-sounding, token-fundraising platform called “The Syndicate.” 

But never fear: “We expect [the government] to warm up over time,” Crypto.com’s CEO Kris Marszalek tells Decrypt.

Under new legislation, exchanges trading securities must register with Hong Kong authorities. Hong Kong’s SFC has already said that bitcoin is not a security, but the implications of the ruling could be murky for he rest of Crypto.com’s initial pairings— ETH, XRP, LTC, EOS, XLM, CRO, MCO and USDT. Recently, the United States SEC took the creators of Block.One to court on the grounds that it counted as a security, and it’s not unreasonable to assume the SFC might swing the same way. 

Undeterred, the exchange is accepting signups for a closed beta that starts on Monday, ahead of a public launch set for early December, and has launched a crypto fundraising platform called “The Syndicate,” that will list token offerings. Marszalek says the new regulation is pretty much a non-issue: “On a global scale, it won’t have much impact on the market,” he says. 

Crypto.com’s 1 million customers might be willing to wade through regulatory uncertainty. And for institutional clients, Crypto.com is “offering access to our retail flow, fast APIs and fees that are lower than what they currently pay,” claims Marszalek.

Indeed, stake enough CRO ( Crypto.com’s coin) and the exchange will waive trading fees entirely, and offer staking rewards of up to 20 percent per year. To reach the 100 percent discount, you’ll have to stake $1.7 million worth of CRO; at today’s prices, that’s around 10 percent of the coin’s daily volume.

Without staking, fees reduce to 0.04 percent maker fees and 0.1 percent taker fees for monthly trading volumes of over $10 million—meaning that, to make it worth your while, you’d have to trade over $40 million per month (whilst staking $1.7 million CRO) for Crypto.com to waive fees entirely.

Staking CRO comes with other benefits. On the Syndicate’s platform, CRO holders can jump to the head of the line for new token allocation, and can buy newly listed coins at up to a 50 percent discount. 

“We will not be charging any listing fees and all proceeds from the event will go back to the project, turning this into a fundraising event for them,” CEO Kris Marszalek tells Decrypt.  

Marszalek says its products, such as the Crypto.com coin, encourage loyalty among its following, most of whom joined Crypto.com in 2019—likely the result of the launch of its credit and payments products, as well as a new trading engine.

Marszalek is banking on that new and growing userbase; other crypto exchanges, such as Bitpanda.com, struggled at launch due to a lack of marketing and low volume. “We already have a large and growing userbase, and customer acquisition is a problem that we solved before the decision to launch an exchange,” says Marszalek. 

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Crypterium Signs New Partnership with Apple Pay, Unveils its Virtual Card

In late 2017 when Bitcoin and other digital assets became quite popular, the consensus amongst enthusiasts was...

Top 5 Crypto Invoice Services for Making Business Administration Simpler

In the current economic landscape, the cryptocurrency’s worldwide adoption is picking up at an ever-increasing pace.

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining huge recognition in the market. It is used in building...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....
- Advertisement -

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Must read

- Advertisement -

Read Next
Recommended to you