Best Practices for Token Listings: Startup Bonuses Webinar #2 with Circle’s Jed Breed
This article was originally published on BlockTEST.com on October 16th, 2018.
Our second Startup Bonuses Webinar in conjunction with HealthChainHack aired on October 15, 2018, featuring Jed Breed, Senior Manager of Crypto Assets at Circle, who spoke on the best practices that startups and developers should look out for when looking to have tokens listed on an exchange. BlockTEST co-founder Jennifer Jiang introduced Breed by recounting the ongoing progress of HealthChainHack. BlockTEST’s testnet opened for public beta testing last week, and teams getting ready to evaluate their solution prototypes using the technology.
Breed introduced Circle as a finance company with the goal of changing how people create and share value, and his role at Circle, where he leads listing partnerships, prioritization and due diligence for digital assets. He started out in crypto as a miner in early 2013, and was an early evangelist of Ethereum. Before joining Circle, he led growth and partnerships at Grapevine through its acquisition this summer. Prior to that, he was CEO of We The People, a politics app that reached #7 on the list of top free apps in the iTunes app store.
Breed first outlined Circle’s token listing process in two main stages. The first stage serves as an initial screening — the Circle team gathers information from inbound submission forms and outbound research. After an initial interview, the next stage serves as a “deep-dive” evaluation for each digital asset which includes product reviews, engineer interviews and legal evaluations. In this second stage, Circle focuses more intently on the actual functions and offerings of each case, and implements a full code audit to evaluate how stable the asset is.
Going further, Breed illustrated five primary categories when considering token listings: 1) business model, 2) technology, 3) people, 4) market dynamics and 5) general fundamentals. Breed highlighted the comprehensiveness of the process — in fact, Circle utilizes third party audits of digital assets in further addition to Circle’s own extensive due diligence research. What’s more, Breed underscores the importance that the current stage of development plays in any token’s overall audit. Critically, Circle does not list any token until it has shown utility. Breed then helped to walk crypto teams and developers through the process of figuring out the most important components in the process of token listing.
At the end of the webinar, Breed made sure to cover the crucial and unavoidable technicalities incorporated in the token listing process, like company location and legal matters.
Throughout, Breed emphasized one core question for crypto teams and developers: does the crypto project create real value for a meaningful number of end users? Jiang closed out the talk with a final remark: “Money is getting smarter, and people who have true passion to use blockchain as a tool to improve the world will be eventually rewarded.”