The announcement of the VFIN project, a new player on the cryptocurrency exchange scene, recently became a topic of debate among cryptocurrency veterans and some industry experts. The ambitious plans of the newcomer to revolutionize the way we trade and invest in crypto caught the attention of many seasoned players on the market.
We decided to interview the team behind the VFIN exchange to get a glimpse of their vision for the future of the cryptocurrency market and how they plan on providing a step-up from current solutions.
What is the current state of cryptocurrency trading? What do you think has been the most significant progress versus the biggest issues that still need resolution?
Exchanges have really come a long way since their early days in terms of functionalities, the average cost, duration and flexibility of deposit options, trading pairs and other aspects. They are now offering more bonuses to keep users active and their increased numbers have created a more competitive environment, requiring them to elevate their game and offer a better experience to their users.
With that being said, exchanges still have their issues. Most notably, security and the way they handle investors’ funds are among the most frequently mentioned problems. Billions of dollars have been lost already either to hacker attacks, fraud or inexperienced users who were not instructed properly by their platforms on how to handle their accounts’ safety. There are also other problems though, like high fees and bad user experience, as well as lack of incentive programs. These issues are holding back exchanges from unfolding their full potential.
The regulatory oversight on exchanges is now considerably higher than a few years back. After the collapse of FTX, this became even more apparent. The opinions on that are quite mixed, as many cryptocurrency investors see a danger in external government affiliated organizations mendling with crypto exchanges, but that’s what it is – at least for the moment until there are better mechanisms in place.
How is VFIN different in this regard? What added value are you going to offer compared to the current market leaders?
Our vision is to offer a full-fledged ecosystem, essentially creating more than just a traditional centralized exchange. We want to provide users with the utmost variety of functionalities when it comes to trading and investing in cryptocurrencies, while also elevating their experience through a wide array of interaction possibilities that will make VFIN essentially a social trading and investing environment. By designing various reward mechanisms and a comprehensive gamification program, our most faithful users will be encouraged to continue trading on the exchange through trading fees, discounts and other perks. The financing and payment options that will bridge the gap between fiat and crypto are also an essential part of our USPs that we expect to be received positively by cryptocurrency enthusiasts.
One of the core focuses of our efforts will be aimed at ensuring the utmost security, as well as the most transparent storage of funds. We are committing to regular audits by external third parties of the funds of our investors, most of which will be in cold storage.
Beyond that, designing the most intuitive UI and UX was one of the most important tasks we have been tirelessly working on over the last two years. We gathered a considerable amount of user feedback and studied the leading cryptocurrencies exchanges in-depth, which allowed us to find the most important problem areas and design new improved ways for users to quickly and easily access the functionalities they need.
Last but not least, we are also going to offer very low trading and withdrawal fees during the first couple of years after the launch of VFIN, providing us with a competitive edge.
What are the first steps of the project development? How does the roadmap look for the upcoming two years?
2024 and 2025 are going to be very important years for us, as we will unfold the first development phase after years of careful planning. The first big step is going to be our token sale, which will pool funding for the development of the exchange. The VFIN token will give its holders a share of all trading fees and subscriptions we collect in the future and will be obtainable at discounts during the early stages.
In 2025 we expect to launch the first version of the exchange. We have already done the heavy work of the design and the technical planning and are ready to initiate the project within a year after the fundraising round.
For at lære mere om VFIN-projektet og dets vision for kryptovalutamarkedet, skal du sørge for at besøge projektets hjemmeside og læse hvidbogen, som giver dybdegående information om omfanget af udvekslingens funktionaliteter: www.vfin.tech
Source: https://blockchainreporter.net/an-interview-with-vfin-on-the-current-state-of-crypto-trading-and-the-projects-revolutionary-vision/