Earlier this year, QUOINE launched QRYPTOS, a new cryptocurrency trading platform. QRYPTOS is a very peculiar exchange which supports many different cryptocurrencies. The platform specializes in listing new coins with negative trading fees to generate initial liquidity. Negative fees are rather uncommon in the world of cryptocurrency exchanges.
QRYPTOS PROVIDES LIQUIDITY IN A DIFFERENT WAY
Although QRYPTOS was officially announced in June of this year, very few people have paid attention to this platform so far. That is rather remarkable, especially considering how this fully digital, crypto-only platform is doing things very differently. When the exchange adds a new currency to trade, it will temporarily offer negative fees on all trades. That means people will get paid to trade said currencies and bring some liquidity to this platform. It is better than 0% trading fees, but for some reason, it is not catching on quickly.
To many people, there may not necessarily be a reason to use QRYPTOS over any other platform. There are plenty of cryptocurrency-only trading platforms in the world today. QRYPTOS has a small list of actively-traded cryptocurrencies right now, although the negative fee rate is pretty interesting to take note of. After all, virtually all other cryptocurrency trading platforms charge fees. There are a few exceptions across Asian exchanges, though not all of those platforms are accessible to Western users. However, QRYPTOS may prove to be a different creature altogether.
The platform has another intriguing feature as well. The company launched a beta desktop client earlier this year, which makes accessing the platform slightly more convenient. The company aims to make trading convenient and efficient regardless of one’s previous exchange with cryptocurrency. Catering to both novice and advanced cryptocurrency users is a smart approach, although the platform’s success remains to be determined at this stage.
The company is fully compliant with all Know Your Customer and anti-money laundering requirements in Singapore, where it is based. That is a good start, as cryptocurrency exchanges often face additional scrutiny from regulators. It seems unlikely QRYPTOS will suffer a similar fate, assuming the company stays away from listing ICO tokens in the future. After all, those ICOs are the downfall of major cryptocurrency exchanges in China right now. Companies in other countries may be affected by these issues as well moving forward.
What is interesting to note is how QRYPTOS utilizes a similar trading engine to QUOINE. Providing efficient trade execution solutions is one of this company’s top priorities right now. QRYPTOS aims to facilitate up to one million transactions per second at peak performance, which will not be all that easy to achieve. However, it shows the company is focusing on scalability first and foremost, which is something several other exchanges seemingly lack right now.
It is an intriguing incentive structure which may set QRYPTOS apart from the rest of the pack. Every market trade completed by market makers will result in being rewarded with 50% of the taker fee collected by QRYPTOS itself. This taker fee is also fixed at 0.15%, which makes the platform far more competitively priced to some other solutions. It will be interesting to see how QRYPTOS shapes up in a year from now. There are some definite advantages to this platform in its current form.