Bitcoin.com, a leading news portal which relays information about Bitcoin Cash and Bitcoin, launched its new crypto exchange to the audiences today in the midst of the severe backlash that ex-CEO Roger Ver received on a Twitter post comparing the exchange to MtGox.
Exchange Offering Negative Trading Fees
To enthral traders on the platform, the exchange is offering “negative 0.3 percent trading fees,” a feature with which feature traders can earn money back on all their transactions. Furthermore, pre-registered traders will get a 25% off on future transaction fees.
The new exchange will cover several base trading pairs consisting of Bitcoin (BTC), Ethereum (ETH), bitcoin cash (BCH) and Tether (USDT). Other coins to be listed on the launch include Ripple (XRP), Litecoin (LTC), EOS (EOS), Tron (TRX), Stellar (XLM), Dash and Zcash (ZEC).
Purportedly, the exchange seeks to establish a firm ground and compete with the established exchanges such as Binance and Coinbase. The exchange will offer high-end security features, cold storage options, institutional-grade encryption, and two-factor authentication.
Danish Chaudhry, managing director of the exchange, expressed his enthusiasm and said,
“We’ve had a great reception from the community already with over 11,000 pre-registers. Crypto is all about accessibility to the financial system. We’ve been on a mission to make crypto usable for all. The negative 0.3 percent fee process will encourage newcomers to “get paid to trade.
Moreover, the promotion is valid up to $ 1 Billion worth of cumulative traders on the exchange. Also, the promotional period will last till December 2, 2019.
Exchange Faces Backlash from Crypto Community
The current version of the site was launched by Roger Ver in June, 2015. Recently, Roger Ver became the victim of numerous trolls. The crypto community took several turns to mock the upcoming exchange and said that the exchange will have the same plight as Mt Gox.
The latter is a failed Japanese Bitcoin exchange which went bankrupt in 2014. It was one of the world’s largest crypto exchange. However, it gained infamy on the account of 850,000 Bitcoins being stolen from its wallet.
Furthermore, just a day after announcing the launch of the new exchange, Roger Ver stepped down from the CEO position of Bitcoin.com. He then revealed Stefan Rust will be the new Chief Executive Officer. This led to further skepticism about Ver’s exchange.
While a part of the crypto community left no stones unturned to bash Roger Ver, few users were positive about the update.
‘I just love what @rogerkver does for space! I am not just a bitcoin disciple but I stand for all true cryptos’
The Slow and Steady Growth Factor
Bitcoin.com has slowly been expanding its services beyond being a news and information site. In August 2017, it launched a mobile wallet for Bitcoin(BTC) and Bitcoin Cash(BCH). As per claims, the wallet has been downloaded more than 2 million times.