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Earlier this year, QUOINE introduced Qryptos, a brand-new cryptocurrency trading platform. Qryptos is an exchange which supports several cryptocurrencies. The platform specializes in noting new coins with unfavorable trading charges to create initial liquidity. Negative fees are rather unusual in the world of cryptocurrency exchanges.
Qryptos Provides Liquidity In a Different Way
Although Qryptos was formally revealed in June of this year, few individuals have actually taken note of this platform so far. That is rather remarkable, especially considering how this totally digital, crypto-only platform is doing things extremely differently. When the exchange adds a brand-new currency to trade, it will temporarily offer unfavorable fees on all trades. That suggests people will get paid to trade said currencies and bring some liquidity to this platform. It is much better than 0% trading charges, but for some reason, it is not catching on quickly.
To lots of people, there may not necessarily be a need to use Qryptos over any other platform. There are lots of cryptocurrency-only trading platforms worldwide today. Qryptos has a little list of actively-traded cryptocurrencies today, although the negative cost rate is quite interesting to remember of. After all, practically all other cryptocurrency trading platforms charge costs. There are a couple of exceptions across Asian exchanges, though not all those platforms are accessible to Western users. However, Qryptos may show to be a different creature completely.
Beta Desktop Client
The platform has another intriguing feature also. The company released a beta desktop client previously this year, which makes accessing the platform slightly easier. The company intends to make trading practical and effective despite one's previous exchange with cryptocurrency. Dealing with both newbie and advanced cryptocurrency users is a wise technique, although the platform's success remains to be determined at this phase.
The company is completely compliant with all Know Your Customer and anti-money laundering requirements in Singapore, where it is based. That is a good start, as cryptocurrency exchanges often face additional examination from regulators. It seems unlikely Qryptos will suffer a comparable fate, presuming the business keeps away from listing ICO tokens in the future. After all, those ICOs are the failure of significant cryptocurrency exchanges in China right now. Business in other nations might be affected by these problems as well moving on.
How Qryptos makes use of a comparable trading engine to QUOINE?
What is interesting to note is how Qryptos makes use of a comparable trading engine to QUOINE. Providing efficient trade execution services is one of this company's leading concerns right now. Qryptos intends to facilitate as much as one million transactions per 2nd at peak performance, which will not be all that easy to achieve. However, it reveals the business is concentrating on scalability primarily, which is something a number of other exchanges relatively lack right now.
It is an interesting incentive structure which might set Qryptos apart from the remainder of the pack. Every market trade completed by market makers will result in being rewarded with 50% of the taker charge collected by Qryptos itself. This taker fee is also fixed at 0.15%, that makes the platform far more competitively priced to some other solutions. It will be interesting to see how Qryptos shapes up in a year from now. There are some guaranteed benefits to this platform in its present type.
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