Tradesprite crypto exchange to use CGC tokens
Expanding the utility of CGC tokens
Expanding CGC’s utility
We are very happy to announce that Tradesprite (www.tradesprite.com), an upcoming crypto-exchange is going to use CGC tokens as its native exchange token. The exchange is expected to launch on October 10th. 2018.
Users of the exchange will be able to use CGC tokens to pay for the trading fees and monthly subscription fees. Along with providing immediate liquidity and enhancing the utility of the CGC token, Tradesprite exchange will serve as an entry and exit for borrowers and lenders on the Crowd Genie platform.
Tradesprite exchange will introduce CGC pairs against highly liquid currencies including BTC and USDT. The addition of new pairs increases the liquidity for CGC, which currently only trades against ETH at HitBTC and Cobinhood exchanges.
Continuing to maximize value to token holders
Crowd Genie team has decided that even if the CGC token is utilized on an exchange, the total supply of the tokens will remain unchanged at 30 million that is currently in circulation.
Fixed token supply, along with increased liquidity and transaction volumes should lead to better pricing for the CGC tokens
If there is demand for more tokens, we expect the pricing to increase as opposed to increasing the circulation of the tokens, to ensure that our token holders are rewarded.
Additionally, we will continue with our quarterly token buybacks program. The last one was conducted in August. You can keep track of the buyback program here: https://medium.com/crowd-genie-updates/token-buyback-updates-ca90e90faf6c.
Tradesprite’s key features
The exchange is built for traders who are looking for high speed, cost-effective exchange. The exchange is one of the first exchanges to build a subscription-based trading model, where traders pay 1000 CGC/ month for unlimited trades.
Along with this, the trading and order matching engine is one of the fastest engines in the market, with transaction speeds of 180,000 transactions/ second, similar to that on exchanges like NYSE and other well-known exchanges.
Tradesprite is built from the ground up taking into account the security of the funds, and has cold, warm and hot wallets to minimize risks of loss from hacking.
What’s in it for CGC token?
An exchange that enables liquid and cost-effective conversion to and from CGC is a strategic part of our Asian real-world lending platform.
The product development for our asset exchange continues with the alpha product expected to be launched by December 2018. As part of the design process, one of the key design needs for the platform is to have an entry and exit route for borrowers and lenders to convert their currencies into CGC tokens. Recently, in a post on the learnings from the design phase of the Crowd Genie platform, https://medium.com/crowd-genie-updates/crowd-genie-ecosystem-built-on-blockchain-80bfeb4d9348, it was identified that an exchange would be an important part of the ecosystem:
One of the key elements of the platform will need to be a process by which lenders can use tokens to invest into assets, and borrowers can then convert this into Fiat for use in their business, and on repayment, convert fiat to tokens. The exchange will be the entry and exit for users from the ecosystem.
After exploring multiple options, including working with OTC exchanges, we felt that working with an exchange would be the right fit for our needs. As can be seen from the below schematic, there is a need to have a deep, liquid arena where the platform users can quickly, without any high price slippage, be able to get in and out of CGC.
From an immediate standpoint, CGC’s use at Tradesprite will increase the volume and liquidity of the token dramatically, this in turn helps in better price discovery and increases the utility of the token.
As we sign off, we are very excited to see CGC be used on Tradesprite, and this adds an important building block in our journey towards a regional real-world assets platform.
Thank you for your support!
