Crypto Exchange platforms have been a very important tool for Blockchain and Cryptocurrency users. Crypto exchange platforms allow exchanging one Cryptocurrency for another, the buying and selling of coins, and the exchange of fiat money into Cryptocurrency.
The platforms has great impact on the crypto space. Founders of two major exchange platforms – Ethan Ng, CEO BIKI EXCHANGE and Franklin peters, CEO BIXFXT EXCHANGE were our guest on CoinNewsExtra virtual blockchain and Cryptocurrency panel discussion season1 episode 5, on the topic impact of crypto exchange platforms in crypto and Blockchain development and Adoption.
Biki exchange is one of the world-leading community exchange. It started operation in June 2018 with presently 2000 community partners and over 200,000 community members.
On the other hand, BIXFXT EXCHANGE is a Nigeria Cryptocurrency exchange. It started operation in 2017 and is mainly Afrocentric. It has registered ausers of around 30000 from different part of the world.
What should be done to encourage more people into the crypto space?
In a very young industry, the push and the global attention that has come to this industry has been massive because there are individuals who have come up with different ideas and projects and are pushing the message out there for people to understand the uniqueness of this industry.
This is the first industry that has given individual autonomy and power over their finances and project because of how decentralized it is.
What we need to do to promote more Adoption is to keep pushing the message out there. We should keep building a product that is interactive with people to the point that they don’t have to see it as rocket science.
Because one of the issues is that people hear Blockchain and Cryptocurrency and it sounds absurd to them.
Our duty is to bring it home to a point that people get to understand that Blockchain is a Decentralized kind of Finance and technology that doesn’t require you to hire the services of a third party.
It is just for us to build solutions that would be easy for people to come to terms that this is what they have always known; this is what they have always done but in a more Decentralized version.
Also, We need to keep pushing the message. Even when we are pushing the message, we need to break it further down so that a layman will understand.
The level of passion is what this industry needs. The last time we saw more people coming into the crypto space was in 2017 during the ICO era.
Now we are looking at the next way of innovation that can grow the crypto space.
Recently, we have been hearing news of Central Bank Digital Currency(CBDC) in HONG KONG, CHINA, CANADA AND KOREA. This CBDC will influence the majority of Multinational Companies(MNC) to come to the space. The MNC will then influence the small and medium enterprises to come to the space. And the best way the mass audience can come to the space is through the network of small and medium enterprises.
The usage of Blockchain in Games and other entertainment platforms will draw more people into the crypto space.
Also, On exchange platforms, the fees and services should be attractive for people to use.
How is Regulation affecting the Crypto space?
In the early part of January, the Singapore government announced the regulations of Cryptocurrency projects and exchanges in Singapore. Exchange Platforms are in midst of Application for a license with the Singapore government.
Ethan said: “When we see such regulations coming in, it is also proving the confidence to the mass market that it is a safer environment.”
Exchange Platforms Compliance with Regulation
“We have an AML-CFT policy and KYC policies across world databases to find out about terrorists and diplomats. We need a money laundering policy. This will ensure that we are compliant with the local regulations.”
We need to have a comprehensive risk management policy. We need to showcase the security of our wallet and what we are doing to protect it.
In Nigeria, over the past two years, there has been a movement for regulation in Crypto space.
What we have in Nigeria presently is the sandbox that allows us to play fairly in the industry with them having a close watch on us to be sure that we are not harming ourself and people in any way.
We hope as time goes on they would end up coming with a regulation that will favour us.
As a company, we must work according to the guidelines that SEC has provided. Our AML and KYC policy are on point.
We make sure that we know everybody who is registered on our exchange before you can make any fiat transaction.
How Exchange platforms have been encouraging Crypto and Blockchain Education
They have a “decentralized Academy” which partner with viable Blockchain platforms across the globe to educate people on the benefit of Use case and the future of Blockchain.
“We have been able to educate thousands of people. We noticed that anybody who is properly educated about Blockchain always embraces it as part of them and through the academy we hope to reach out as many people as possible,” said Franklin.
BIKI EXCHANGE educates people on the topic based on the basics of Blockchain and Cryptocurrency. Ethan said, “One of the things that are working for us is we are doing weekly classes.”
The weekly classes are very interactive and the participant gets to ask and answer basic questions. Interested participants can join the class on the Biki Exchange telegram group.
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