Beaxy Exchange Community Newsletter: 17th January 2020

nmesis
nmesis
Jan 17 · 6 min read

Introduction.

Hello, Beaxians!

Welcome to the first edition of the Community Newsletter for 2020.

First, on behalf of everyone at Beaxy Exchange, I would like to wish you all a happy New Year, and we hope you all had a fantastic holiday with your loved ones.

2019 was an intriguing year for the business. We encountered several challenges in our first year of operation like any business does, and suffice to say that we learned a thing or two about ourselves in the process. With that being said, let’s take a quick recap of some of the steps we took in 2019 before moving onto how we are marching forward into 2020 and beyond.

Recap.

A New Direction.

Towards the latter part of 2019, we worked hard behind the scenes on restructuring the business. Our efforts resulted in the appointment of a new leadership team and the business securing a new strategic partner.

We published a press release to this effect, detailing significant changes to the business and the impact of those changes on our direction moving forward.

You can find the full press release here: https://medium.com/beaxy-exchange/beaxy-exchange-update-5e4c34c8db77

Additionally, you can read more about our new leadership team in our Community Newsletter published 25th November 2019: https://medium.com/beaxy-exchange/beaxy-exchange-community-newsletter-25th-november-2019-7edf4a6c5443

Additional details on further additions to the leadership team and more details around the nature of the partnership are coming shortly.

Vision and Mission Statement, and the User Feedback Initiative.

After good progress was made on restructuring the business, we outlined our new Vision and Mission Statement.

The Mission and Vision Statement discussed our commitment to our customers and the wider crypto community, encompassing our aims and what we want to achieve. We strongly believe that high-quality customer service is paramount to the success of an exchange and as such, we strive to put our customers first. The statement elaborated on how we intend to do exactly that moving forward.

Another firm belief of ours is the importance of user feedback and the value it adds in helping to improve our product and service. After all, who better to engage than the people that use your product or service? To this effect, we launched our User Feedback Initiative.

The purpose of this initiative is to solicit the thoughts of experienced users of the exchange to improve Beaxy. Largely successful thus far, the initiative has yielded fruitful outcomes that we intend to incorporate into our strategies in the months to come.

To read more about our Mission and Vision Statement and the User Feedback Initiative, please take a read of the Community Newsletter published 13th December 2019: https://medium.com/beaxy-exchange/beaxy-exchange-community-newsletter-13th-december-2019-2e3342dc5063

The recap above is a brief round-up of a few of the things we’ve worked on since announcing our new leadership team and changes to our strategic direction.

It follows that with a new leadership team and a new direction comes new and exciting plans for growth and development. This plan is in motion and we’ll discuss it in a little detail below.


New Chairman of the Board — Brian Peterson.

Brian Peterson was announced as Beaxy Exchange’s new Chairman of the Board on 13th December 2019.

Quoting co-President, Nick Murphy:

“Brian is a tremendous new asset for us. He is well-known and respected in the financial community and his decades of experience working in markets will be highly valuable to the direction of our business going forward.”

Brian’s resume is highly impressive. His experience includes:

  • Leadership positions in quantitative trading at multiple proprietary trading firms
  • The responsibility of trading billions of dollars worth of assets
  • His work in the R language is a core part of using R for data science in financial markets
  • Member of the graduate faculty for Computational Finance and Risk Management at the University of Washington, where he teaches scientific processes for the development and evaluation of quantitative and systematic trading strategies
  • Has written several peer-reviewed research papers, cited by many academics in his field

Given his wealth of experience, Brian is a significant acquisition and we’re extremely excited about leveraging his knowledge to bring wisdom to the leadership team, improve our core product and help foster new partnerships.

For the full press release on Brian’s appointment, please click the following link: https://medium.com/beaxy-exchange/beaxy-announces-new-chairman-of-the-board-3a05c21ff8f2

Improving Our Incentives and Rewards Systems.

We are redesigning our rewards and incentives systems to benefit you. More perks, better reporting, seamless participation, bug fixes, and more will be upgraded so that we can give you the experience that you expected when you originally decided to participate.

Therefore, a few will be temporarily paused so that we can bring them back better than ever. We will be focused on improving the following programs including;

  • PLS system
  • Loyalty rewards
  • And, referral program

Upon the completion of upgrades to these programs, we will rollout new features and incentives to bring you the experience that you expected. We thank you for your patience and understanding and look forward to bringing you rewards and incentives that better serve your needs as soon as possible!

Exchange Activity.

Healthy order books are fundamental to an exchange’s success.

Beaxy Exchange is no different. For the exchange to attract traders (and subsequently trade volume) our books need to be sufficiently populated with resting orders and bid-ask spreads must be narrow. There needs to be a healthy price competition between both the buy and sell side of a market and this can only be achieved with a narrow bid-ask spread.

It’s no secret that we’ve struggled to achieve this in recent times, however, we’re pleased to say that a lot of progress has been made. We’re now in a position to leverage our new pool of resources to onboard liquidity from a network of quality sources.

So what does this look like?

Take our BTC-USDC book, for example.

We’re in the process of rolling out our solution and have started with the BTC-USDC market. Below is an example of it in action (as of 14th January 2020, 21:06 GMT).

The BTC-USDC pair on Beaxy Exchange.

The spread given by the example above ranges between $3-5. In comparison, spreads offered by competitors for similar trade pairs tend to range across similar levels.

Active books attract traders to an exchange. In turn, it can also have a positive effect on trade volume. More traders = more volume.

Rolling out our solution hasn’t gone unnoticed by members of our community on Discord, Telegram and Twitter either. Our community members have diligently observed the increase in activity of the BTC-USDC pair over the past week:

“Its nice to see the increase in volume on BTC-USDC hopefully it continues to be there and keeps growing Looking forward for that $1 Million volume each day”

“Spread decreasing, volume increasing

That’s for sure far from perfect but that’s a start, and they always said liquidity will be gradually introduced… So i think it’s starting to move on @BeaxyExchange

“I think the current Beaxy strategy to halt new listings and work on liquidity for current pairs was spot on and wise. Loving the work on the btc-usdc pair thus far. Shud ALL pairs have that sort of liquidity, I am definitely trading on Beaxy.”

To reiterate a comment made, this is by no means perfect. Not even close. We’re far from where our standards lie in delivering a successful exchange. But it’s a start.

Our broad plan is to roll out our solution across all the major pairs, to begin with, followed by an exchange-wide implementation. We’re excited about offering our users active books like the BTC-USDC pair above and improved volumes across the board in the period to come!


This is the beginning of our journey.

With a new partner, a refreshed leadership team, a highly experienced Chairman, access to new resources, and significant improvements to our offering — 2020 is shaping up to be an eventful year.

Thank you for your continued support!

— nmesis —

Beaxy Exchange

The official Medium publication of Beaxy Exchange

nmesis

Written by

nmesis

Head of Community at Beaxy Exchange

Beaxy Exchange

The official Medium publication of Beaxy Exchange

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