Launching a Project? How Choosing the Wrong Exchange can be Fatal
REMCO describes why they decided to list their token on DigiFinex, a Singapore-based cryptocurrency exchange, and what dangers projects need to look out for.
As the market comes back to life, listing activity on crypto exchanges has also picked up. But in the wake of recent scams and scandals, choosing the wrong crypto exchange can doom your project to failure.
REMCO is the native utility token for a remittance platform with a substantial user base from its parent company. The REMCO project launched in late 2018 with an ICO, and as of Feb, engaged LATOKEN to conduct an STO. To increase trading liquidity and volume for their tokens, as well as reach savvy investors and engage bigger communities, REMCO is now in the midst of finalizing plans to list on DigiFinex.
DigiFinex is a world-class digital asset trading platform headquartered in Singapore. Services include launching initial exchange offerings (IEOs) as well as listing premium blockchain projects. Apart from its comprehensive suite of services that include marketing, PR, and technical advisory, DigiFinex is also a widely preferred exchange partner for many tokens because of its core values of trust and integrity.
Here are 3 recent examples of how investors or projects have been burned in the past, because of questionable behavior or downright fraudulent practices!
Cobinhood is a Taiwan-based crypto exchange that also offers ICO services. The industry alleges that events unfolding at Cobinhood make things look like an exit scam, because the exchange filed for bankruptcy all of a sudden even after raising $3.5 million from a recent ICO.
A crypto exchange called Goxtrade was recently accused of posting unaffiliated persons’ photos on their website, listing them as staff. This is an attempt to mislead the public into believing the project has a credible team. The website has since been taken down.
QuadrigaCX was at one point the largest Canadian crypto exchange. The scandal involves the CEO dying overseas, locking up $150 million in customer funds because he was the only one with access to the cold wallets’ reserves. But investigations revealed these wallets are now empty.
So, what made DigiFinex a natural choice when we were looking for an exchange to list on? These are the qualities to look out for when selecting where investors can access and trade your project’s tokens:
- Team: Are management concerned with your project’s success? Is the team competent enough to deliver on their promises? Do they have good principles?
- User base: Does the exchange have trading volume that can provide liquidity and interest? Are users receptive to new products?
- Value: Does the exchange charge exorbitant fees for listing? Do they provide more value than you pay for?
Good luck! REMCO will begin trading on DigiFinex on June 14th, 2019.
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