There are more than 6000 different cryptocurrencies out there in the crypto world, with a combined market cap of above $2 trillion. Investors around the world are eager to trade in this rapidly-growing space, and a bunch of cryptocurrency platforms have emerged to meet the need for infrastructure required to support the exchange of digital currencies.
Anyone looking to buy, trade, or sell cryptocurrencies, from crypto newbies to pros, has to choose a cryptocurrency exchange platform that best serves their needs and goals. As there are countless platforms in the market, and many more emerging at the current time, the question is how to stand out from the competition in a highly saturated industry?
In an exclusive interview with DailyCoin, Mike Ermolaev, head of PR at crypto exchange platform ChangeNOW, explains what forces push the crypto exchange platform industry forward.
A Non-Custodial Crypto Service
ChangeNOW is a user-friendly platform for instant, limitless, and registration-free cryptocurrency exchange, founded in 2017. Currently, there are around 320 coins available on the platform for exchange. As the platform is non-custodial and doesn’t store funds, users are safe from hacks and fraud.
Ermolaev explains that their priority is building an ecosystem to provide customers with a broad range of services and tools. The company is currently working on ten different projects, and Ermolaev is pleased with the company’s results.
Recently, ChangeNOW released an official app, the NOW Tracker, for instant cryptocurrency exchange services. The tracker allows users to add any cryptocurrencies to a single portfolio and monitor their rates on the go, either automatically or manually.
As privacy is essential for the company, no personal data is collected or stored by the NOW Tracker, or any third party. All data remains on a given user’s devices, so only they can control it.
Ermolaev highlights that the next steps for the company will be scaling and enlarging the ecosystem. They are focused on releasing a wallet that allows their customers to store cryptocurrencies inside the ChangeNOW ecosystem.
Market Demand Diversity
CoinMarketCap rates 302 top-performing exchange platforms, with numerous exchanges not making the list. It may therefore seem complicated to get the spotlight in this saturated market and gather a substantial user base.
However, Ermolaev believes that big players monopolizing the market are not the answer to innovation.
"Why does the crypto market need one more crypto exchange service? In my opinion, diversity is what any market demands. If you have only one big service, it doesn't push the industry forward and only in rivalry and in the competition you can see the real move,
According to Ermolaev, crypto is experiencing a crucial moment. Despite the occasional fluctuation in value, Ermolaev points out that the market is growing in general. Cases of mass adoption are emerging, such as El Salvador adopting Bitcoin as currency, despite protests and associated risks.
"It is a precedent. We have been waiting for that for a long, long time, and it happened. You see, for example, the essential reactions. You see the official reactions of other governments like Cuba, for example, or some Central American states. It is essential for both mass adoption and the future of crypto,"
A big future goal for ChangeNOW is boosting the mass adoption of crypto. Mass adoption could be reached by developing the product and the ecosystem towards becoming a bridge between crypto and fiat services via cooperation with non-crypto FinTech entities.
On The Flipside
- As the crypto exchange market is highly saturated, ChangeNOW will have to fight for its spot in the light.
- The more prominent exchange platforms tend to attract higher numbers of users.
- The overload of information makes it hard for customers to distinguish the unique value proposition of different crypto service providers.
Why You Should Care?
The variety of exchange platforms and competition pushes the crypto exchange industry forward. ChangeNOW is a non-custodial, registration-free exchange platform that puts the privacy and trust of their clients first.
Watch the full interview next week here.