The increase in the popularity of cryptocurrencies is marked with a proportional increase in the number of crypto-exchanges on planet Earth.
Yet, the topic of security remains questionable, with news of an exchange hack/theft hitting the news headlines almost every month.
For me — the dictionary definition of an average crypto enthusiast — the search for a reputable crypto-exchange, based on factors like security, ease-of-use and reasonable client support, never seems to come to an end!
Let’s keep aside hype and promises and dissect reality — exchanges like Bittrex, BitFinex, and Kraken, are royally failing to keeping up with the demand from crypto-users.
They have all suspended user registrations at some point in their existence, and BitFinex requires new users to start trading with a minimum of $10K !!
In fact, a number of points irk me, and I have detailed them all here —
Anyway, back to reality.
My unending google search, and forum research, led to this upcoming new exchange which LOOKS good to me.
Located in Liechtenstein, ETERBASE (notice the absence of “H”?)makes a positive impression the moment someone looks at it’s sleek website.
A ton of features are written about, and promised to be offered.
Aiming to set the gold standard for crypto-exchanges — the team of Eterbase consists of experienced finance professionals, who according to their LinkedIn profiles, have some MUCH NEEDED experience in the crypto space as well.
And experience is possibly the biggest factor when it comes to the Crypto market !
Blockchain is a tech tool — and a complex one at that — and teams need first-rate developers to help you set it up.
If they have no blockchain master at hand.
Fatal. Right ?
Moving on — Eterbase claims to offer a trading platform that could rub shoulders with those at Wall Street. The white paper refers to their system as as an;
“intuitive user interface that allows traders to access a range of powerful features with a single click instead of navigating page after clunky page of information.”
Another point mentioned all through their report was that of compliance.
In the blockchain sector, there’s nothing more controversial than the question of being regulated or not.
While some argue that regulations are against the true ethos of cryptocurrencies, the other believe that regulation is inevitable, and possibly even required, to avoid a BitTorrent like classification of their blockchain project or company.
Eterbase is clear on which side they take over this aspect — and position themselves as the “first regulation-compliant European cryptocurrency exchange”.
Being regulated is a rare thing to speak of in the cryptocurrency domain.
In contrast to other crypto-exchanges, strict regulations ensure a high-standard of technical, legal, and administrative functions, and also erasing the possibility of an exchange shutting down overnight, running away with investor funds.
The promised trading safety is a huge point in Eterbase’s favor, in the wake of crypto-traders grappling poor exchange security that holds their hard-earned funds!
I am not undermining any exchange here — its highly possible that Coincheck never thought it could propel to being one of the world’s top exchanges in a matter of months, and probably, they were not readily equipped for it.
However, the unfortunate NEM hack took place, exposing the poor security issues of many-a-crypto-firm.
And in the absence of regulations — it was easy to simply say that the fine print on the last page of a certain section of the website spells out that “The Exchange is NOT responsible for loss in investor funds.”
But with regulations, there’s no chance of this ever taking place.
Thus, being compliant is a huge BENEFIT for Eterbase.
Besides — crypto-exchanges deal only in the trading of cryptocurrencies, and I see no reason why the community should extend the “decentralized” ethos of digital assets to platform that simply facilitates the trade of those assets.
Also — there are several decentralized exchanges on the market, and due to a strike of misfortune, none of them function the way they should.
If you have used a decentralized exchange (or DEX), you’d be well aware of the thin volume books, slow trade matching, and due to a combination of these two factors : high levels of price manipulation.
A centralized, regulated crypto-exchange makes all these problems history !
Coming to the technical aspect, the Eterbase whitepaper details a multi-core trading matching engine that can process more than a million trades per second per trading pair.
NOW THAT’S WHAT I AM TALKING ABOUT !
In the wake of institutional investors such as George Soros and the Rockefeller family expressing an interest in crypto-trading, it is super-imperative that they seek a secure, regulated, compliant, and fast crypto-exchange.
Adding to the cherry on the cake, Eterbase — as per the whitepaper —will be certified as an Electronic Money Institution, which allows the exchange to offer personalized International Bank Accounts to all its users to allow for seamless fund transfer irrespective of the client’s location.
In addition to this, Eterbase will issue branded, secure debit cards to allow their users to use their cryptocurrencies anytime, anyplace !
A progressive project in the truest sense of the word !
And keeping all of this in mind, I can well say this the Eterbase project looks set to take 2018 by storm, by sticking to its core compliance values.
Also — the exchange offers its own tokens, called ETX, which explore a deeper concept then simply providing a discount on trading fees.
In fact, I am so allured by the ETX concept that I might write another article which concentrates solely on that point.
P.s — I am no stakeholder of the project, but I write about projects I am deeply interested in.
Create your free account to unlock your custom reading experience.