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Crypto Exchanges Redefine Financial Services with Blockchain

Crypto Exchanges Redefine Financial Services with Blockchain News
  • Bybit rolled out the token launch site Bybit Launchpad.
  • Nexo offers a wide range of crypto services — buying, selling, trading, etc.
  • ZoomMe remittance by CoinZoom is revolutionizing traditional remittance.
  • AAX is offering up to 60 percent on crypto savings.

The last couple of years have shown explosive growth for DeFi. As a result, hundreds of new exchanges, both centralized and decentralized, have entered the market.

However, most exchanges offer limited services like trading, buying, and selling cryptocurrencies and other digital assets. Yet, of late, there has been a surge in the number of exchanges that bundle other features and services, some of which have the potential to disrupt traditional brick-and-mortar banking and payment services.

Among the many players, prominent exchanges like Bybit, Nexo, CoinZoom, and AAX are spearheading several new initiatives, each designed to help accelerate the mainstream adoption of cryptocurrencies while establishing digital assets as a medium of exchange and not just a store of value.

Bybit To Launch Bybit Launchpad

Bybit, one of the most popular global crypto derivatives trading platforms, rolled out its token launch site called the Bybit Launchpad on September 22, 2021.

Bybit Launchpad serves as the exchange’s token launch platform, helping innovative crypto and blockchain projects gain more widespread exposure. It also allows users to access pre-listing rounds and earn extra tokens without leaving the Bybit trading platform. The service will be open to all Bybit users who have completed at least KYC L1 to ensure compliance with financial and regulatory guidelines.

To celebrate the launch of its new platform, Bybit is offering its users a chance to earn up to 3,500 free BIT tokens, the native token of one of the largest decentralized autonomous organizations (DAO), BitDAO. The giveaway will be held between September 22nd and September 26th. The daily average USD balance of users’ wallets will be tracked for five days before Bybit rewards users based on wallet balances. The higher the wallet balance, the higher the corresponding BIT token rewards.

Additionally, users will also receive one lottery ticket for every USD-equivalent over five days. Following this, Bybit will organize a lottery to randomly select 400 users and offer them 2,500 free BIT each.

Nexo Adds Crypto Card And Lucrative Cashback

Launched in 2018, Nexo is one of the first platforms to offer crypto-collateralized credit lines. With more than a million clients spread across more than 200 countries and regions, the platform already offers a plethora of crypto-related services, including the option to buy, sell, and trade.

However, Nexo’s two core products are credit lines and its ‘Earn Interest’ income products. In contrast to other service providers, Nexo’s credit lines are backed by a borrower’s crypto collateral and are usually overcollateralized by 2% to 500%, thus eliminating the need for credit checks. Credit lines feature interest rates ranging between 5.9% and 11.9% based on how many NEXO tokens an individual owns.

Another hidden gem of Nexo is its ‘Earn’ product, offering users up to 12% interest for deposited fiat currency and stablecoins, and up to 10% on select cryptocurrencies. Further expanding its suite of products, Nexo has rolled out the NEXO Card, a crypto-backed credit card directly linked to a user’s Nexo wallet in partnership with Mastercard, enabling easy access to funds without banks.

Existing users can order and manage the card from their Nexo Wallet App and use it to pay for goods and services across 40 million+ merchants globally. Plus, there are no monthly, annual, or FX transaction fees on the card, and users can earn up to 2% cashback on all transactions, credited directly into a user’s account in either NEXO tokens or BTC.

ZoomMe Remittance Service By CoinZoom

Remittances are one of the significant contributors to the international flow of money. However, traditional remittance services usually charge anything between 5% and 9%, and potentially even more, depending on the total amount sent. As a result, people are constantly seeking more cost-effective alternatives.

To address this demand, CoinZoom, one of the largest and highly-regulated global crypto exchanges, has rolled out its crypto-backed remittance service called ZoomMe. Joining CoinZoom’s existing crypto products like its crypto savings account, exchange, and range of CoinZoom Visa cards, ZoomMe supports a free money transfer service where users can seamlessly send both fiat and cryptocurrencies at no cost.

In many ways, ZoomMe represents a serious threat to the likes of Venmo and PayPal. The platform doesn’t charge any hidden fees or commissions for global transfers by combining existing money transfer platforms with blockchain technology, enabling a large chunk of the unbanked population to gain proper access to advanced financial solutions.

Furthermore, CoinZoom also offers several retail banking-type solutions for cryptocurrencies. For instance, the CoinZoom Earn feature allows users to earn as high as 20% APY on over 40 cryptocurrencies. Its range of CoinZoom Visa Cards is accepted at over 53 million merchant stores worldwide in addition to 1.5% cashback paid in ZOOM tokens alongside access to ZoomMe global payments.

AAX Offers Up To 60% On Crypto Savings

As one of the most prominent exchanges in the Asia-Pacific region, AAX, has established itself as an all-in-one crypto platform offering a range of services, including trading on up to 50 pairs, perpetual futures contracts, BTC and USDT settled contracts, crypto savings account, spot market, and more. Among its many products, AAX is currently offering up to 60% APY on n selected cryptocurrencies, including BTC, ETH, USDT, and USDC.

First launched in 2019, AAX is the world’s first cryptocurrency exchange powered by LSEG’s Millennium Exchange technology, the same technology that powers the London Stock Exchange. In addition, AAX is the only crypto platform to be a part of the London Stock Exchange Group’s (LSEG) Partner Platform.

With most orders processed in under 800 microseconds, AAX is one of the rare crypto trading platforms that stands toe-to-toe with traditional capital market technology offerings, all while setting a higher bar for performance and security.

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Ezra Reguerra is the Senior Editor for CoinQuora. He works in the editorial aspects of the publication. His tasks include writing, overseeing the content team, setting goals, and approving content.