We are excited to announce the initial launch of BITGEX.io! Users can now create accounts, share referral links, and suggest coins for the community listing vote. Please read our previous article here for an overview of this initial site launch!
An Overview of BITGEX
Three Problems with Proof-of-Stake:
- Most proof-of-stake coins are illiquid, meaning it is difficult to buy or sell them on an exchange without moving the price. A primary reason for this is that proof-of-stake investors do not want to miss out on their staking rewards while holding their coins on a traditional exchange. Most exchanges either A) don’t stake your coins or B) stake them and keep the rewards for themselves.
- Setting up your own staking is a technical, tedious, and error-prone process. This is a huge roadblock to mass adoption of proof-of-stake, and means that people who don’t have hours to learn how to set up their own staking miss out on many opportunities.
- There is no focused marketplace for sustainable proof-of-stake cryptocurrencies. Most exchanges do not specify the underlying form of network consensus each listed coin uses, whether it be energy-hungry proof-of-work or highly-efficient proof-of-stake. This matters to people who care about the real-world side effects of the cryptocurrencies they choose to support.
The Solution: BITGEX
A proof-of-stake focused exchange that automatically sets up optimized staking for all user deposits and removes technical barriers to entry. Users don’t have to worry about missing out on staking rewards while they trade. By allowing users to post trades without interrupting staking, we will be able to bring significant liquidity to the proof-of-stake market. While your coins are on BITGEX, they will be compounding, no configuration or technical knowledge needed!
Two-Part BITGEX Launch
We will be releasing BITGEX in two stages:
Phase 1: User Sign-up + Referral Program + Coin Vote (this release!)
To build a user base and raise awareness for BITGEX, we will have bitgex.io live, with limited functionality. Users will be able to create their accounts, get rewarded for growing the community through our referral link program, and submit and vote on coins for BITGEX to list. Since a marketplace is only as good as the buyers and sellers in the market, we want to ensure we have a large community following prior to a full launch.
Phase 2: Live Trading + Staking
This is the “main” launch. Users will be able to trade, stake, make deposits and withdrawals, monitor their staking, configure their account, and more! Over the next few weeks and months we will be working to finalize and test this functionality. We will also be undergoing an extremely thorough penetration testing process, as security is the number one priority of BITGEX. More details to come.
Now that phase 1 has been released, you can now create an account, submit coins for the community to vote on, and share your unique referral link to help grow the community. As a reminder, you will receive 20% of the lifetime trading and staking fees of anyone that signs up through your unique referral link. If your referrals sign anyone up through their unique referral links, you will also get 10% of those new users’ lifetime trading and staking fees. Additionally, users who sign up prior to our live trading + staking launch will get 25% reduced trading and staking fees for the first 6 months.