Although the cryptocurrency space is a lucrative industry, it has been hard for newcomers to gain traction. First mover advantage is massive in this field, what takes place within a month in crypto can take other industries an entire year or more.
Yet, there are those that manage to break through and offer far more than established industry giants do.
The good thing about newcomers seeking to give established names a run for their money is that they know they have to really step up their game if they want to survive. A few come up with some really good campaigns to complement their services to gain and retain users.
BitAsset, a Hong Kong-based cryptocurrency exchange, has been steadily winning new patrons for itself. In an interview with Blockcast, BitAsset co-founder Robert Hu shared his thoughts on how the new exchange plans to conquer the wild and erratic market of cryptocurrency.
The Initial Incentivization, and the Bigger Plans Ahead
Last month, BitAsset decided to slash any charges and let users transact over the network for free until September 7. They also launched a trading game with 160,000 USDT at stake for the top users on the exchange—a very tempting reward.
But new user incentivization aside, what sets BitAsset apart from the rest is something far more permanent; the team behind the exchange isn’t just made of developers. They have Wall Street veterans whose experiences and expertise in financial products could help them catch up with – maybe even get ahead of—the industry giants that have dominated the space.
Hu says the team is already up to something, although he did not disclose the full details.
“In addition to spot trading, we are capable of developing a series of related products and achieving products variation which would be expected to release in 2018 Q4.”
Credibility and Experience: Wall Street Masters to Grace the Cryptocurrency Exchange Development
While commitment and dedication are admirable traits, in a market as cut-throat as blockchain and cryptocurrency, it’s just not enough to make it through. Companies need to have the knowledge and experience of dealing with financial products, and the mechanisms and infrastructure required to enable them. On top of this, they also have to overcome one of the biggest hindrances to any new players in the field, public skepticism. Some prefer established names, while others are not willing to risk it with any unfamiliar platforms.
Hu explained how a reliable, credible, and highly experienced team is vital to the operations of an exchange, and even more so for establishing public trust—something critical yet waning in today’s cryptocurrency climate.
“Chase, our CEO, Bella, the CSO, and I are all from traditional financial institutions. Tai, our CTO, and Luman, our Chief Product Manager, come from popular global stock exchanges.”
“Since the members of our team are mostly from the traditional finance sectors, I think on top of offering a more selective investment portfolio and a more professional information analysis would be ‘establishment of rules.’ It is essential for the platform to develop trusts among all users especially now with the lack of transparency and fairness regarding the token-listing guidelines and user transactions,” Hu says.
“BitAsset is confident [in their ability] to create a higher level of trust with all users by having a team from Wall Street that is well equipped with finance knowledge. Our team has designed the underlying structure and those derivatives,” Hu explains.
The Full Benefits of Cryptocurrency Meet the Customer Service of Traditional Banks
Additionally, BitAsset’s role doesn’t end with just setting up and launching the platform. One of the biggest worries for the ordinary user is having no recourse for when something goes wrong. Sure, cryptocurrency exchanges do provide customer service helplines, although, responses can be slow and sometimes generic. Hu says BitAsset will be a socially interactive exchange that will provide service the same way users get assistance from bank personnel.
“The core team pitches BitAsset as ‘a socially interactive driven exchange that offers a high standard on par with traditional financial institutions.’ What exactly does it bring along with a servicing standard on par with traditional financial institutions? We think that the exploration of higher efficiency and professionalism can fulfill the customized needs from an ordinary user to high net-worth individuals and institutional users. The professionalism of product and services are two crucial areas.”
“I think the team is the key factor to make anything happen, and a quality team is the reflection of worldview, execution, and tactic,” Hu asserts.
Do you think that BitAsset can bring the credibility and stability that are needed in the crypto exchange market? Let us know in the comments below.
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