In this blog post, we take the opportunity to update you on one of the biggest items we’ve been working hard on for the past few months: our very own cryptocurrency exchange!
As you’ll have known from discussions on Slack and from our various Quarterly Reports, we have been building an exchange as an extension of the MoneyPot multi-crypto, cross-app wallet platform
We would like to share now that the product is approaching operational readiness and we’re targeting a beta launch for early June. The exchange will go live on PotEx.io.
Here’s what you can expect during our live beta:
1. Support for 8 cryptocurrencies
Out of the gate, we are going to be offering trading for Bitcoin (BTC), Aidos Kuneen (ADK), Ethereum (ETH), Litecoin (LTC), DashCoin (DSH), Garlicoin (GRLC), FlashCoin (FLASH), and our very own MonsterByte (MBI).
2. Support for Waves-based tokens.
We have always believed in the Waves platform as one that will do very well in the future. Recent developments such as smart contracts have not yet pushed volumes on the Waves decentralized exchange but it is only a matter of time before people recognize just how solid a platform Waves is, and just how scalable it is (it is still the fastest blockchain in existence)!
As such, PotEx will look to support Waves and Waves-based tokens, starting with our very own MBI tokens.
3. Lower fees for traders and developers
PotEx will feature low fees on trades (0.1%) to attract new traders. Additionally, developers/owners will find our listing fees far more reasonable than what’s currently out there.
4. Seamless integration with MoneyPot-enabled gaming apps
All PotEx users will be able to easily use their deposits across any of the MoneyPot-enabled gaming sites, including some of the most recognizable titles that helped make crypto gambling so popular such as Bit-Exo and CoinMillions.
Why our own exchange?
There are quite a few arguments for a cryptocurrency exchange but PotEx actually fits our strategy and vision going forward.
1. Lower entry requirements for new coins
The most obvious is the opportunity for better exposure for a crowded cryptocurrency market, made more attractive by lower fees for trading and listing.
For the foreseeable future, PotEx will support some of the most-used cryptocurrencies and tokens but will also be targeting coins and tokens that are facing a hard time to get out into the wider market (not unlike ourselves!).
The prohibitive cost of listing fees at major exchanges is the main obstacle here, as the entry barriers for new cryptocurrencies are only getting higher. Our experience with our own MBI token tells us that even tokens associated with successful products and real-use cases can struggle for recognition and widespread use, simply because of the lack of financial resources to compete with larger-scale blockchain projects corporate start ups.
2. Added utility
The other opportunity is our unique gaming services, products and platforms, as an extra an immediate utility for new coins and tokens yet to attain mainstream adoption. This is something we believe no other exchange offers and will set PotEx apart from the competition.
It’s no secret that the majority of cryptocurrency actually have no real use attached to them, with transaction volumes purely comprising of trading. Most holders are still waiting for a product to develop, while existing products are based around highly specialized industries which simply do not yet have enough demand or usage to drive value.
Gambling itself has proven to be one of the most resilient industries even in negative economic climates, growing steadily in revenue and adoption every year since available online. It is a recognized and mature industry that coin developers can immediately tap into.
Once supported on PotEx, coins can easily be used for recognized names in gaming across all our supported apps — this at once grows our own user base, while helping new coin communities find more ways to use them, and develop volumes so useful for building value.
With Monster Byte, and PotEx powered MoneyPot, we will have a very attractive offering of a multi-currency, cross-app wallet, gaming products to use it on and an exchange. There really will be nothing quite like it.
Sign up for early access at PotEx.io now!