CryptoBridge is a trading gateway running on the BitShares blockchain. BitShares has been active since 2014 and they focus on businesses, organizations or individuals, with an amazing eco-system and free-market economy. They use a DPoS system that almost certainly guarantees the chain can’t be hacked and they also boast an average transaction speed of 1.5 second and low fees. They are also ranked 3rd on the most active blockchains with regard to daily transactions:
It is for these reasons that CryptoBridge chose such a powerful and secure blockchain and they describe themselves as “the premier gateway” to the BitShares decentralized trading platform. Their goal is to “connect users and traders of crypto assets with new, up-and-coming projects and to consistently provide superior service to both of these groups.”
Their target audience is altcoin traders who “are fed up with the performance problems, thefts, manipulation, hacking incidents and government take-downs associated with centralized cryptocurrency exchanges” and offering markets for newly launched digital assets. Scalability of trading volume is set up for growth as the BitShares platform can handle up to 100k TPS.
An introductory promotional video can be found below featuring the voice of popular Crypto influencer NotSoFast.
In July 2017, CryptoBridge launched their own cryptocurrency called BridgeCoin (BCO). The purpose of the coin was to fund the initial start-up costs for the project, and was announced in advance for anyone interested to mine it. BCO allows for holderst o stake and gain a percentage of the revenue generated from trading fees, which encourages users to share in the success of the platform. A few key features of BridgeCoin can be found below:
- 27 million coins mined
- No ICO
- No Pre-Mine
- BCO Holders can stake their coins to earn 50% of trading revenue
This coin is also unique in that the longer you choose to stake it, the higher the proportionate staking weight (and therefore your payout) is.
BCO is currently valued at around $10 million USD
The CryptoBridge team are efficient in hitting their roadmap goals – a key factor that investors look for.
Perhaps the most groundbreaking achievement for this coin was the future listing of Ethereum trading pairs.This will open up a whole new realm of possibilities and new traders to the platform as it means that more ERC-20 based up-and-coming projects will be listed. This will only improve an ever growing ecosystem for traders and it will be interesting to see how this project progresses as we are currently trading over $700k daily volume.
So what will the new listings be? You can find them on CryptoBridge’s most recent development update.
I sat down with Scott Wehman, Head of Marketing, to discuss the future direction of project further after some significant announcements.
What is the team’s background?
CryptoBridge is a team of about 20 people spread around the globe (mainly in Europe but also Asia and the United States). We all found slightly different paths into the cryptosphere, but the pair of core developers Crypto and Bridge were the first on the scene. They met early on in BitCoin’s history while deeply involved with mining pools. Following some lengthy correspondence and developing a level of trust, they eventually got involved with BitShares and became proficient working with it.
This eventually led to the idea for CryptoBridge. Initially these two were joined by a small group of trusted acquaintances and managed all aspects of setup and the launch, but since then the team has grown and allowed for more specialized / dedicated roles to be assigned to particular team members.
What was the driving force behind starting your own exchange?
Actually, we’ve recently discovered that in our operational jurisdiction we’re not technically classified as an exchange at all. This, along with the current fogginess around the meaning of the word “DEX” has led to our decision to discontinue describing our project in these ways. We’re simply one of several gateways to the BitShares ecosystem (a blockchain that consists of several decentralized digital asset financial systems).
Regardless, CryptoBridge was designed as an answer to the continued problems associated with centralized trading platforms: lack of transparency in the order books and trade activity, devastating hacks, etc. While we’re still preparing for the development of our core concept (decentralized capital deposits – aka the Federated Gateways), we feel we’ve offered an alternative which is far more secure and gives users an abundance of information they wouldn’t have with our competitors as well as providing a more grass-roots, community project feel similar to many of the projects that we list for trading.
2018 was a tough year for the Crypto market. However, from a tech perspective, we witnessed even more innovation and advancements than ever before. Can you talk about the progress you made last year? What was your finest achievement in 2018?
I would say 2018 was a watershed year for CryptoBridge. Our user base and trade volume increased significantly, as did the number of trading pairs. This growth began to stress our existing staff and infrastructure mid-year and led to a period of protracted difficulty managing support tickets and functionality, but we made it through that and improved dramatically. Once things had stabilized, we resumed some of the objectives from our roadmap such as progress on the mobile app and improving our communication about development. We also managed to integrate Ethereum, Zcash and Cryptonote protocols as well as adding XRP right before the close of the year. We would definitely say that surviving the aforementioned burst of sudden growth was our greatest triumph, however.
BridgeCoin ($BCO), the cryptocurrency of CryptoBridge, has performed extremely well in this last year. This is arguably in part to the holders being able to share in the revenue generated by trade fees. Can you please provide a little detail as to the thinking behind this approach and why you decided to choose this and not a pre-mine?
A pre-mine can be a justifiable method for funding if balanced correctly and convincingly reasoned through effective communication, however, we decided it would be more in keeping with our roots to do a traditional fair mining launch. We also planned for the mining phase to be over quickly, and indeed we’ve already transferred BCO over to being a BTS asset exclusively. The arrangement of the staking rewards and having the supply fully mined keeps things simple for investors to calculate their potential ROI, and we wanted to place the emphasis on inviting people to become deeply engaged with CryptoBridge for the long-term.
CryptoBridge is releasing a big announcement today: you have added terms of service and user verification for people in the United States.
That’s correct. Today we’ve announced a new requirement to use the Gateway, which has been discussed and explored internally for quite a while now.
We finally decided that this would be the best way to move forward safely to avoid regulatory liabilities while also expanding the range of offerings we may list significantly. We believe this will underscore both our continued growth but also demonstrate the commitment to our users, many of whom have invested in BCO and will benefit from seeing the volume grow.
We certainly understand why this will cause some degree of frustration, but, we’d like to highlight that for the team… we see this as progress rather than remaining in stagnant, vulnerable waters. We recognize that some will see this as moving in the opposite direction of the “spirit of crypto” but adaptation is crucial to survive. In no way do we intend for this decision to communicate disdain for the premise of decentralized, self-sovereign money. We merely wish to steel our operation from larger forces that could threaten our goal of assisting community projects in reaching the marketplace. We also want to highlight that this is the minimum possible measure taken to grant that level of safety, and users in jurisdictions outside of the US will be able to continue using CryptoBridge without submitting any verification as before.
Among the specific benefits unlocked, we will now begin listing all variety of tokens and stablecoins in addition to more advanced (and difficult to support) protocols. We believe this sort of development will help increase attention and highlight the skillfulness of our developers while also demonstrating our role in the overall ecosystem very clearly.
The recent Cryptopia hack has clearly taken the Crypto world by storm and given the community a strong reminder that your coins are not safe on an exchange. Can you provide some thoughts on this and maybe some advice to new traders?
Yes, quite an unfortunate development but as you indicate: every crisis is an opportunity to learn. I think it’s simple to understand how important security is by using a very basic analogy: If trading is like buying groceries, do you leave the food or remaining funds at the store when you leave? Even if the manager is really nice and assures you they’ll keep everything safe where they keep theirs? Of course not, you take your groceries and the rest of your funds home with you.
If you’re new to trading cryptocurrencies, it’s important to know how they are secured, and that it’s entirely your responsibility to make sure they are. Otherwise, you’ve made a hasty decision, are taking on additional risk and leaving a lot up to chance unnecessarily.
One of the goals of your Roadmap is to add a Referral Program. This is always a very popular initiative within the Crypto world – can you provide any more details on this?
Yes, this initiative was one of the unfortunate casualties of the wicked 2018 summer. There are some particular technological considerations which need to be addressed before we may implement the referral program, and the time and resources available have been insufficient to pursue it further. We will most likely be revealing a new roadmap in the coming weeks and users will be able to look forward to where we have placed it on the timeline.
What can we expect from CryptoBridge 2019? Are there are many surprises around the corner?
Work on the design and implementation of the Federated Gateways is the ultimate challenge we want to pursue this year.
Beyond that, we also have a variety of ways we will seek to differentiate ourselves in the marketplace to make our platform as attractive as possible for both users and new listing applicants. While we have learned many valuable lessons from our mistakes (as well as those of others) throughout the last year, we are also exercising a lot of creativity in exploring new options to make us stand out in the crowded marketplace.
What are your views on Crypto as a whole for 2019?
So much has happened this year already, it’s difficult to predict what another 10 months will bring. In general, though, we see the digital asset economy maturing and professionalizing while also retaining much of the visionary and rebellious qualities. Striking the balance between (and effectively leveraging) these opposing forces will be absolutely key to surviving and ultimately succeeding.
Can you summarise your ultimate vision for CryptoBridge?
We aim to be synonymous with quality, security, integrity and reliability. CryptoBridge is striving to becoming the place where every newcomer trades their first altcoin, and the first place that very same altcoin finds a market. We want to bridge those two together.
I thank Scott for his time.
If you would like to learn more you can find CryptoBridges’s relevant information below: