BitBounce Announces Cryptocurrency Exchange
BitBounce, a blockchain-based email spam solution developed by husband and wife team of Steward Dennis and Alexis Roizen-Dennis, is starting a new cryptocurrency exchange platform called CredoEx for token holders to exchange their Credo. CredoEx will set the ball rolling with Credo to Ether pairing but additional cryptocurrencies and national currencies will be added in the future based on market requirements, the company said.
The San Francisco-based startup put more than US$11 million through an initial coin offering (ICO) in September 2017 with notable venture capitalist Tim Draper reportedly purchasing 10% of all tokens in the ICO. Before the ICO, Draper has made multiple stakes in the startup.
The Credo token, which propels the BitBounce platform, is currently listed on two trading platforms: Tidex and OTCBTC. By starting its very own exchange, BitBounce will get rid of the extravagant fees cryptocurrency trading platforms often charge startups to get their token listed.
According to a study released earlier this month by Autonomous Research, cryptocurrency trading platforms are pricing anything between “US$1 million for a reasonably regarded token, to US$3 million for an opportunity to get quick liquidity.” It is comparable to what Earn.com is offering customers. Formerly known as 21 Inc., Earn.com allows users to earn bitcoin for answering messages and completing tasks. Earn.com was recently taken by Coinbase.
BitBounce claims over 300,000 active users and more than 1.1 million registered accounts. Its user base is said to be expanding 46% month over month.On the BitBounce platform, fees charged to reach inboxes and to incentivize responses are paid in the Credo token.
Steward Dennis, one of the co-founders, said, “We created CredoEx to serve as the primary source of liquidity for BitBounce users so that they can easily convert their earned Credo into other currencies. Additionally, CredoEx will serve as the means for enterprises and other partners to buy Credo for incentivized campaigns as we grow. We see CredoEx positioning Credo as a central and important token within the crypto ecosystem by establishing active trading pairs with many other currencies and tokens.”
In addition to providing a source of liquidity for Credo, Dennis said the company built CredoEx to “improve upon some of the issues many of us experienced with other exchanges including higher site reliability as well as more user-friendly user experience.”
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