Peer-to-peer (P2P) cryptocurrency exchange provider Unichange.me has issued a statement explaining how popular bitcoin and crypto exchanges could improve their services by integrating smaller, P2P services. By providing these kinds of alternatives, the firm said, popular exchanges can achieve greater flexibility, making their customers happier.
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Unichange to Exchanges: Provide P2P Options
Instead of bashing large exchanges for not providing P2P withdrawal options, Unichange actually praised the big firms for their popularity and well-regulated operations.
The firm then offered those exchanges a word of advice: give customers more withdrawal options. At present, according to Unichange, the only option available for withdrawals is a bank transfer.
These transfers “requir[e] personal verification which may take a week,” Unichange said, “ not to mention the additional banking and transaction fees.”
“Bitcoin exchanges can attract more customers by offering additional funding and withdrawal options,” the company continued. “This will increase their turnover and strengthen their competitive position.”
The firm suggested cooperation with P2P exchange providers as a way to broaden transfer options for traders. Unichange provided the following list of advantages such cooperation could achieve for large exchanges:
- Security: All platforms care about their reputation and most of them follow stringent security policies applicable to both technical and financial aspects of the operation. Cooperating with such platforms will automatically ensure better security for the users.
- Reserves: By collaborating with multiple exchangers, the amount of transactions one can handle becomes practically limitless. A serious P2P exchange service provider holds a much larger reserve of digital currencies than any individual exchanger without a website can ever hold.
- Cost and Speed: The competitiveness of online exchange market constantly forces the players to make the best offers.
- Support: One of the advantages to cooperate with exchange services is the support team. People wish to receive high quality services, therefore qualified support of your partner’s service may even increase loyalty to yours.
In closing, the company stated that any legacy financial firm stands to benefit from P2P integration, increasing competition and improving quality of service.
“Electronic money exchange services are the answer to the financial market’s demand,” Unichange said, “and those who take advantage of these in time will strengthen their position in the industry.
Do you think big cryptocurrency exchanges should add peer-to-peer transfer options? Let us know in the comments below.
Images courtesy of Unichange.me.