It’s time for The Beaxy Weekly Overview#37.
In my Beaxy Weekly Overview, I will talk about all the things that happened previous week for Beaxy Exchange. For anyone wanting to read my previous blogs, you can find them all here.
Last week Beaxy announced their referral program. One of the perks of the referral program is that it enables participants to get 50% of fees from referrals for 90 days. After that you will still receive the standard 10% for life.
This promotion will run for 90 days starting from August 1st. Since trading fees won’t be activated until August 1st, this allows you to start collecting referrals now and then benefit for 3 months once fees are turned on.
During this 90 day period, you can earn BXY in four different ways:
- 50% bonus payout from users referred to Beaxy
- Prizes for placing on the referral leaderboard
- Random drawings from the replacement prize pool (more on that later)
- Beaxy Achievements
Read the full announcement here.
On Discord Beaxy’s Director of Marketing, Franklin Fitch shared a marketing update:
As you all know, we began to ramp up the marketing starting Monday and will continue to roll out new initiatives daily for the foreseeable future.
This is part of a larger ongoing effort to grow awareness that will play out over the next few months.
Here is the progress thus far:
Monday: We announced that we were starting the most lucrative referral campaign in crypto.
Tuesday: We continued the momentum of the referral contest by reaching out to YouTubers, Telegram Admins, Facebook groups, LinkedIn Communities, Discord Moderators, Ambassadors and more to spread the word.
Wednesday: We focused on building the user sales funnels aimed to increase volume and refined the systems designed to catch user data to help us make more informed decisions.
Thursday: We increased our ad spend and optimized our strategy to ensure that we get the best ROI on adspend.
Advertising is a formula that once you figure it out, you can simply increase your ad-spend to get more results. We have honed in on the correct structure and have already begun to scale up to increase traffic. Now that we have arrived at this formula and done adequate testing we will substantially increase budgets, increasing impressions, clicks, and sign ups as a result.
If you want to get all the news regarding Beaxy, be sure to join the Beaxy’s Discord here.
Last week Bay Abbott, Head of Partnerships at Beaxy, shared an update regarding the listing department and its fees:
Since shortly after our launch we have been in the process of optimizing our platform and hiring a new team of in-house developers to be able to list new and popular alts with speed and accuracy. Beaxy has and intends to continue to operate compliantly in the jurisdictions in which we conduct business; therefore, we require projects to complete a simple test to help us judge if the digital asset is a security as well as submit a legal opinion or memorandum from a reputable law firm.
All of our users must pass KYC / AML checks to make sure that bad actors are not using cryptocurrencies for illicit purposes and based on Secretary Mnuchin’s comments yesterday, July 15th, we are confident that Beaxy will be viewed favorably by regulators in the future.
With that being said, we want to make it clear that we will be aggressively listing quality projects in the future. A number of candidates have already been identified as quality projects and communicated with about the implementation of their coin / token onto our platform, available to invest in and trade for our users. Rounds 2 and 3 listings are already being implemented and we intend to make a few of the tokens, with liquid books, tradable in the coming week(s).
Next, listing new coins and tokens is not free for any exchange and we realized that a ‘listing fee’ has been abused in the past by our predecessors. So, we intend to re-approach the listing fee in a fair and transparent way. After the Listing, Legal and Development team’s salaries, additional server costs, running a node (if the asset is a custom chain), market making, marketing and a few other things are factored in, listing a new coin or token can cost us upward of ~$50,000.
However, if a project provides their own market maker the cost can be reduced by half so we encourage that any project that applies for listing in the future either provides their own market maker or should expects us to offset the costs with a fair, transparent, and itemized listing price. The listing cost will be requested in BXY.
Lastly, we encourage you to continue to suggest coins and tokens you would like to invest in or trade on our platform in the #listing-suggestions channel of our Discord. In the future you will have the ability to vote for alts you would like to see listed as a utility of the BXY token. We look forward to hearing your feedback as we start rolling out our listings over the next few weeks.
I like to clarify that listing a coin can cost Beaxy upwards to $50,000. That doesn’t mean that every project will have to pay up to $50,000 to get listed on Beaxy.
Article On ValueWalk
In this article, CEO of Beaxy, Artak Hamazaspyan, has a Q&A session discussing his views on bitcoin, Bitcoin alternatives like gold and cash, crypto regulation and the U.S. dollar.
I started working on Beaxy around August of 2017, but the idea to build a crypto exchange came well before that. Beaxy is an advanced exchange platform for cryptocurrencies featuring advanced order types and a number of other unique features that set us apart.
That’s it for now. All the best to everyone!
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Khilone is an investor and advisor of Beaxy Exchange.
The material contained in this article is not to be regarded as an recommendation to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information on this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.