The cryptocurrency world has a rapidly evolving aspect: Tokens. But few see the potential of tokens to become even more popular than cryptocurrencies. Because tokens can come into play for areas where a crypto currency cannot be used. For example, a token can be used as a means of payment, while discounts or campaigns can form the backbone of projects that can offer special advantages only to their owners. In other words, it stands out with its versatility.
Volodymyr Nosov, CEO of the cryptocurrency exchange WhiteBIT, which recently launched its own token, has made hopeful statements about the future of tokens. Reminding that tokens were developed only to use the load in trading when they first came out, Nosov believes that this has changed now. Because we see tokens in many different areas from travel to entertainment.
Volodymyr Nosov, CEO of the WhiteBIT cryptocurrency exchange, is hopeful for the future of cryptocurrencies:
Stating that the usage areas of tokens have increased significantly since 2017, when tokens entered our lives, Nosov said, “There are many ways to use tokens. However, the essence of the event is the same; make a profit. Also, the benefit of using tokens now applies to both users and the exchange itself. Exchanges can increase the liquidity of the market and expand the user base, while users gain additional opportunities thanks to tokens. “The success of many cryptocurrency exchanges today is largely dependent, more than anything else, on constantly maintaining trading volume, which is made possible by profits from tokens.”
Tokens issued by exchanges provide users with opportunities such as discounts on trade commissions, fiat deposits and withdrawals, additional income and rewards. In addition, token holders have the advantage of influencing the ecosystem of the exchange they are a member of. For example, deciding which cryptocurrencies to list first, airdrops and early access to promotions…
Tokens as the currency of the future:
Volodymyr Nosov states that unlike cryptocurrencies, token prices are rising steadily. For example, while in 2017 the KuCoin token was worth $0.81, today it is worth $9.52. In percentage terms, the growth rate is 1075%. While the FTX token was $1.8 when it first came out, it is now $26.73 with a growth rate of 1385%. Moreover, the 5 most popular tokens have a combined market value of $51.7 billion today.
“Exchanges not only create their own tokens, but also promote the greater use and utility of the token. Today, some exchange tokens have a built-in staking and reward mechanism. So the token actually becomes a dividend-paying asset. A person who deals with cryptocurrencies As a global currency, I see a great possibility for the development of tokens, their use, and their impact on our lives. As a future universal currency, the token today does not seem like a fantasy, but rather a very probable reality,” says Nosov.
WhiteBIT has also recently joined the caravan of those who have launched their own token:
Let us remind you that on August 14, the WhiteBIT exchange issued its own WBT token. According to the information conveyed by the exchange, 1 million tokens, which were put on sale in the first place, were purchased by users in just 15 minutes. WBT was primarily planned as an internal exchange tool aimed at providing additional benefits and convenience for WhiteBIT users. WhiteBIT will provide rewards for active trades on the platform, trading tournaments, airdrops, listings on other exchanges.
Also, WBT tokens benefits include integration with other exchange products; It provides rewards for purchasers, more bonuses, less commission and especially an increase in referral rate of up to 40-50%. In addition, a reduction in trading commissions brings discounts. Not to mention the right to daily free withdrawals from the ERC20/ETH network, free daily AML checks, fixed number of token supply and growth potential via weekly burn.
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