For a long time before cryptocurrency business was in a state of embryo, and then slowly and painfully rose to his feet, one of the exchange platform provides more than 80% of all bitcoin trades. At the time, Mt.Gox was the undisputed leader and monopoly in the industry of digital currencies. This status allowed the leadership in the person of Mark Karpeles assets to expose users to unnecessary risks, to ignore the accumulated problems and remain afloat. Crash of 2014 was a disaster of gigantic proportions, but also gave the opportunity to others to draw the right conclusions and learn from the mistakes of its predecessors.
Since then much has changed; now it is impossible to say that the market is a monopolist, however, deny that the leading positions are occupied by only a few exchanges, it would be silly. Investors no longer scared by the news of the theft of $530 million from Japan’s Coincheck, but only rumors about a possible break-in Binance can throw quotes bitcoin in a bloodbath.
This is not to say that Binance is a monopolist in the market of cryptocurrency exchanges, but confirms that the problems have a large enough market still affect investor sentiment, even if the supposed theft of tens of millions of dollars are not able to fundamentally influence the development of the industry. Of course, the background information used for price manipulation, but only because the average investor still believes in the significance of insignificant events.
So, we’ve already determined that everything that is somehow related to Binance, can affect the state of the market. But if to forget about the quotes, you will notice that Chanpen Zhao decided not to repeat the mistakes of the past and, instead of consolidation and the pursuit of monopoly, chose the distribution model. Binance offers not a single solution but many on the same infrastructure: OTC, decentralized exchange and regional trading floors that support Fiat money.
Accents that makes the biggest by trading volume stock exchange in the industry, talking about the importance of regional players that give their users access not only to stabilium, but Vietnam couples, as well as provide operational support by narrowing the target audience. To work on a smaller scale, but in many places is good, tells us Binance. A kind of another interpretation of the paradox «less is more».
ForkLog decided to find out what cryptocurrency exchanges are playing at the regional level in the CIS and what they offer to their users.
A major player in the domestic market is a stock exchange Yobit providing liquidity for small cryptocurrency projects and allowing users to trade a wide range of altcoins.
This model is often criticized by the community, as trade cryptocurrencies with minor capitalization involves greater risks, but in the case when they met, the dividends due to the sudden movements of prices can at times exceed profit from marketable digital assets.
If we look at a model with a third party, it can be assumed that among the hundreds of projects that will fall into oblivion in the medium term must be at least one innovative idea. Probably, the listing procedure on Yobit once will reveal a previously unknown gem.
Yobit also encourages the activity of traders, free giving small amounts the equivalent of different coins. It is also worth to add that Yobit one of the few platforms that offers traders to interact with digital currencies in game format using Dice.
At the same time, the exchange allows you to invest the received free coins in a special program to receive subsequent payments from the special Fund. The purpose of the function InvestBox is to promote the developers of their projects among the community of traders.
In 2011 in Russia was created by BTC-e, which went on to become a legend of the business, and a story about a devastating fall. You can argue long about the reasons for her collapse, complaining about the mentality of the Russian people and in General business in the CIS, but for a long time BTC-e has occupied a niche in the industry and was a response to the demand for Russian users. Mock ruins and everyone can, however, draw the right conclusions — not all, as is shown by the restart of the exchange under the brand WEX.
A Holy place is never empty, and competitors, which previously had to be satisfied with second places, got a chance to occupy the niche until the mastodon to writhe in agony. A prominent player in this context is a UK registered exchange EXMO, which surely operates on the CIS market.
Not to say that the users Express very positive view about the EXMO, however, none of the exchange cannot boast of perfect service. Over the past year, the top management of the organization fell two possibilities to strengthen the position of history from WEX in Russia and care Binance from Belarus, and they have been used, which indicates the ability to catch the wave.
In addition to the input/output of Russian rubles and Ukrainian hryvnias on Bank cards, which certainly attracts the users of these countries in the first place, on the EXMO appeared the OTC marketplace for the big players, making deals worth over $100 thousand. At the same time, the exchange provides services for merchants willing to accept bitcoin and Ethereum to be paid, thus expanding your business and the processing sector. And if the same Binance a Playground Launchpad for tomenselo, EXMO, in turn, suggests Initial Exchange Offering [IEO].
It is noteworthy that, even before the rumors about the IPO of the largest exchanges have become mainstream, in EXMO ForkLog announced that canadian public company GoverMedia Plus Canada Corp. received exclusive rights to negotiate the purchase of the platform for 180 days. In case of success the company under the brand EXMO will be quoted on the Canadian stock exchange (CSE).
In Ukraine objectively is ranked Kuna exchange, headed by Mikhail Chobanyan. It provides users with 18 trading pairs with the Ukrainian hryvnia, as well as with digital analogues of the Russian ruble and the U.S. dollar. At the same time, by analogy with the same Binance, Kuna offers to holders of tokens KUN a number of privileges.
Note that Kuna is perhaps the easiest and legal way o crypto funds on the cards Visa/Mastercard of Ukrainian banks. The company has also developed software for bitcoin ATM who are already working in major cities, and continues to develop the concept of electronic token based on the hryvnia, regardless of the national Bank.
Recently, the exchange has added new ways to Deposit and withdrawal of currency is the Kuna and Advanced Cash Code. The latter will allow users to transfer assets between accounts on the exchange and outside the exchange space.
In addition, the exchange has launched a beta version of the mobile application API Kuna, which allows you to monitor the market and trade and also gives more opportunities to set up trading bots.
It is important that the support team Kuna after updating the design switched to clock mode, and the platform is ready to conquer new markets, including Russia, Georgia, Belarus and Kazakhstan.
In the CIS market are the smaller players — such as, for example, Coinsbit and until very recently Ukrainian Liqui. Bearish trend in cryptocurrency market, like any other, validates the business for the strength, and to resist have failed to do, which is quite natural.
So, in the case of Liqui inability to provide liquidity to its users was a decisive factor, and came to the conclusion that the activities of the platform should stop, what will happen in the next month.
Many of this year crippled and hacker attacks. The new Zealand stock exchange Cryptopia, which is also popular in the former Soviet Union because of the number presented her assets, was the victim of a hacker attack, the damage from which is estimated at more than $16 million.
And while some players use the situation to expand, other competition can not stand. It remains to hope that the bitter experience of the predecessors of the local exchange in the CIS and beyond will continue to improve the infrastructure, security and service component.