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TraderX Launching Innovative White Label Solutions for Cryptocurrency Exchanges

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In 2020, CoinBase reportedly made $1.3 billion in revenue and had a net income of $322 million while 2021 was even higher at $1.8 billion in revenue and an annual net income of $3624 million. As appetizing as those profits might sound, creating a cryptocurrency exchange can be a costly and complex endeavor, and development costs are one of the main financial barriers to entry that can make it difficult for ordinary entrepreneurs to start their own exchange.

The costs of operating a cryptocurrency exchange can be mainly divided into 3 categories:

  • Development Costs of the Complete Trading System

Cryptocurrency exchanges require specialized software to handle the buying and selling of digital assets. This software can be complex and costly to develop, especially for smaller exchanges and doesn’t include the costs for security systems.

  • Long-term Fixed Expenses such as Wallet, Liquidity, and Server Operation Maintenance

Liquidity costs refer to the ability of an exchange to have enough funds so buyers and sellers can be quickly and easily matched. Other related costs include server and wallet maintenance, which both are to ensure trades can safely occur without issues.

  • Human Resources Cost for R&D, Operational, and Technical Support

Hiring staff and keeping highly professional employees trained in both web3 and experienced in technical exchange support becomes more expensive due to the high demands of such individuals.

All these costs together can be extremely high and possibly price out an ordinary entrepreneur from creating their own exchange, making it almost impossible to enter the market and own a portion of the industry. These 3 costs can be greatly reduced by using label services. Enter TraderX.

TraderX, Your Turnkey Solution to Building A Cryptocurrency Exchange

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Headquartered in Singapore, TraderX, a global blockchain and fintech company, offers a solution to the financial barriers to entry for creating a cryptocurrency exchange for ordinary entrepreneurs. The company provides turnkey solutions, which means that it provides entrepreneurs with all the necessary software and infrastructure for running a successful cryptocurrency exchange. This eliminates the need for entrepreneurs to develop their own technology and security systems, reducing development costs.

Additionally, TraderX provides liquidity solutions, which help ensure that the exchange has adequate trading volume and can attract customers. This eliminates the need for entrepreneurs to invest in expensive liquidity provision strategies. The platform also includes marketing and advertising tools that help entrepreneurs promote their exchange and attract customers, reducing the need for large marketing and advertising expenses.

The all-inclusive turnkey solution contains their comprehensive SAAS service and shared liquidity while the customizable packages are ideal for those who already have their own market making and liquidity for their trading pairs. The support services don’t stop there as marketing packages for new exchanges are also readily available, making TraderX undeniably useful for entities who aren’t interested in building a team from scratch for the various operations required of a centralized cryptocurrency exchange.

Having prominent and existing exchanges invested in TraderX and years of business experience within the field, the company offers its services at more reasonable rates compared to fellow competitors, making them one of the few options to thoroughly consider when looking for technical back-end solutions for new centralized exchanges. Enterprises can focus on the operations, sales, and marketing part of their exchange business without needing to onboard web3 technical staff for back-end development and network maintenance.

Deployment & Transaction Speeds Beyond the Industry Average

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Applying for a banking or exchange license in applicable countries might take years but setting your cryptocurrency exchange shouldn’t. Based on cutting-edge technology and an innovative backend management system, TraderX seeks to revolutionize how exchanges should be and the minimal amount of time required to deploy an MVP and even shorter for the fully functioning version. With a minimal outlay of 1 month, all back-end work for perpetual futures, delivery futures, and other prediction markets can be up and running with assistance for both software and liquidity.

Speed isn’t just involving your ability to join the market. Competing services mostly provide an average API capacity of 100 transactions per second. This can drastically limit the scalability of an exchange’s business down the road. TraderX provides 10,000 TPS to avoid any bottlenecks at the API front and ensures clients can focus on running their exchange business regardless of how big they scale their business.

Goodbye to Absurd Fees

No longer are the days when integrating a new chain or trading pair on a weekly basis would be too costly to imagine. Clients who also wish to deploy their tokens on a variety of exchanges would also enjoy the added benefit and guidance from TraderX without the absurd time required for contract deployment or ridiculous fees. TraderX’s SAAS structure includes all back-end functionalities required for a functional working product. This also includes support for server hosting, supporting new chains for wallet management, and liquidity management for trading depth without clients needing to pay for each add-on.

24hr Technical Support, on the House

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For anyone who might already have experienced using exchanges, you’d know if something could go wrong, they sooner or later will.  24/7 customer support is paramount for any black swan events that occur in the web3 industry. TraderX believes such emergency support for all who run exchange businesses should be the norm.

TraderX dedicates a team of professionals to provide prompt resolutions during duress. This is achieved by relying on the company’s in-house team of technical staff and customer support staff working as one during potential times of emergencies. Supported languages for emergency customer support are as follows: English, Japanese, Korean, Russian, Turkish, Chinese, Vietnamese, Thai, Indonesian, and Spanish.

TraderX & Security

Security is paramount for any centralized exchange to thrive. Almost half of the top hacks involving the most liquidity lost happened to exchanges for their poor security protocols and policies. All of these issues can be properly addressed with data encryption, hardware wallet management, and frequent security audits to test the robustness of the exchange’s security practices. TraderX ensures such practices are regularly taken, helping clients to avoid making similar mistakes that failed exchanges have in the past.

TraderX provides a comprehensive, cost-effective solution that eliminates the need for entrepreneurs to invest in expensive technology, security, liquidity, and marketing and advertising. This makes it possible for ordinary entrepreneurs to enter the cryptocurrency exchange market and start their own exchange, putting the future of finance within reach of your fingertips.

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For more information, visit their website or email TraderX directly to speak with one of their representatives. Emails can be in any language and the right representative will respond promptly. The next bull cycle and mass crypto adoption by enterprises and governments. Are you ready to own a piece of the newly evolving exchange industry?

Fintech

How to identify authenticity in crypto influencer channels

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Modern brands stake on influencer marketing, with 76% of users making a purchase after seeing a product on social media.The cryptocurrency industry is no exception to this trend. However, promoting crypto products through influencer marketing can be particularly challenging. Crypto influencers pose a significant risk to a brand’s reputation and ROI due to rampant scams. Approximately 80% of channels provide fake statistics, including followers counts and engagement metrics. Additionally, this niche is characterized by high CPMs, which can increase the risk of financial loss for brands.

In this article Nadia Bubennnikova, Head of agency Famesters, will explore the most important things to look for in crypto channels to find the perfect match for influencer marketing collaborations.

 

  1. Comments 

There are several levels related to this point.

 

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LEVEL 1

Analyze approximately 10 of the channel’s latest videos, looking through the comments to ensure they are not purchased from dubious sources. For example, such comments as “Yes sir, great video!”; “Thanks!”; “Love you man!”; “Quality content”, and others most certainly are bot-generated and should be avoided.

Just to compare: 

LEVEL 2

Don’t rush to conclude that you’ve discovered the perfect crypto channel just because you’ve come across some logical comments that align with the video’s topic. This may seem controversial, but it’s important to dive deeper. When you encounter a channel with logical comments, ensure that they are unique and not duplicated under the description box. Some creators are smarter than just buying comments from the first link that Google shows you when you search “buy YouTube comments”. They generate topics, provide multiple examples, or upload lists of examples, all produced by AI. You can either manually review the comments or use a script to parse all the YouTube comments into an Excel file. Then, add a formula to highlight any duplicates.

LEVEL 3

It is also a must to check the names of the profiles that leave the comments: most of the bot-generated comments are easy to track: they will all have the usernames made of random symbols and numbers, random first and last name combinations, “Habibi”, etc. No profile pictures on all comments is also a red flag.

 

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LEVEL 4

Another important factor to consider when assessing comment authenticity is the posting date. If all the comments were posted on the same day, it’s likely that the traffic was purchased.

 

2. Average views number per video

This is indeed one of the key metrics to consider when selecting an influencer for collaboration, regardless of the product type. What specific factors should we focus on?

First & foremost: the views dynamics on the channel. The most desirable type of YouTube channel in terms of views is one that maintains stable viewership across all of its videos. This stability serves as proof of an active and loyal audience genuinely interested in the creator’s content, unlike channels where views vary significantly from one video to another.

Many unauthentic crypto channels not only buy YouTube comments but also invest in increasing video views to create the impression of stability. So, what exactly should we look at in terms of views? Firstly, calculate the average number of views based on the ten latest videos. Then, compare this figure to the views of the most recent videos posted within the past week. If you notice that these new videos have nearly the same number of views as those posted a month or two ago, it’s a clear red flag. Typically, a YouTube channel experiences lower views on new videos, with the number increasing organically each day as the audience engages with the content. If you see a video posted just three days ago already garnering 30k views, matching the total views of older videos, it’s a sign of fraudulent traffic purchased to create the illusion of view stability.

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3. Influencer’s channel statistics

The primary statistics of interest are region and demographic split, and sometimes the device types of the viewers.

LEVEL 1

When reviewing the shared statistics, the first step is to request a video screencast instead of a simple screenshot. This is because it takes more time to organically edit a video than a screenshot, making it harder to manipulate the statistics. If the creator refuses, step two (if only screenshots are provided) is to download them and check the file’s properties on your computer. Look for details such as whether it was created with Adobe Photoshop or the color profile, typically Adobe RGB, to determine if the screenshot has been edited.

LEVEL 2

After confirming the authenticity of the stats screenshot, it’s crucial to analyze the data. For instance, if you’re examining a channel conducted in Spanish with all videos filmed in the same language, it would raise concerns to find a significant audience from countries like India or Turkey. This discrepancy, where the audience doesn’t align with regions known for speaking the language, is a red flag.

If we’re considering an English-language crypto channel, it typically suggests an international audience, as English’s global use for quality educational content on niche topics like crypto. However, certain considerations apply. For instance, if an English-speaking channel shows a significant percentage of Polish viewers (15% to 30%) without any mention of the Polish language, it could indicate fake followers and views. However, if the channel’s creator is Polish, occasionally posts videos in Polish alongside English, and receives Polish comments, it’s important not to rush to conclusions.

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Example of statistics

 

Wrapping up

These are the main factors to consider when selecting an influencer to promote your crypto product. Once you’ve launched the campaign, there are also some markers to show which creators did bring the authentic traffic and which used some tools to create the illusion of an active and engaged audience. While this may seem obvious, it’s still worth mentioning. After the video is posted, allow 5-7 days for it to accumulate a basic number of views, then check performance metrics such as views, clicks, click-through rate (CTR), signups, and conversion rate (CR) from clicks to signups.

If you overlooked some red flags when selecting crypto channels for your launch, you might find the following outcomes: channels with high views numbers and high CTRs, demonstrating the real interest of the audience, yet with remarkably low conversion rates. In the worst-case scenario, you might witness thousands of clicks resulting in zero to just a few signups. While this might suggest technical issues in other industries, in crypto campaigns it indicates that the creator engaged in the campaign not only bought fake views and comments but also link clicks. And this happens more often than you may realize.

Summing up, choosing the right crypto creator to promote your product is indeed a tricky job that requires a lot of resources to be put into the search process. 

Author Nadia Bubennikova, Head of agency  at Famesters

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Nadia Bubennikova, Head of agency at Famesters

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Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

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At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

The post Central banks and the FinTech sector unite to change global payments space appeared first on HIPTHER Alerts.

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

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TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

The post TD Bank inks multi-year strategic partnership with Google Cloud appeared first on HIPTHER Alerts.

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