The crypto market is gradually bouncing back to life, and there’s more than the recently approved Bitcoin Spot ETF to watch out for in 2024!
As of writing, Bitcoin’s price is up 105% over the past year, yet the interest on Google Trends in this newest addition to Wall Street’s basket of portfolios is nowhere near the levels witnessed during the bull market of 2021.
Should history rhyme, BTC will likely rally even higher this year after the halving, which is expected to take place sometime between April and May.
But if you’ve been around the Web3 ecosystem, you probably understand that this nascent market is still facing fundamental challenges, most notably the on-ramping and off-ramping of investors looking to get crypto exposure.
How can newbies and veterans buy their desired crypto assets without worrying about the risks associated with centralized or decentralized exchanges?
The Crypto Exchange Conundrum
Today, there are over 970 crypto exchanges, most of which are no older than three years. To add to this, the growing popularity of Layer 2 chains has made it very seamless for anyone with some technical experience to launch their own Decentralized Exchange (DEX).
But here’s the catch: most of these crypto exchanges eventually become obsolete, and in the worst cases, mismanage clients’ funds, as was the situation in the FTX saga. Even Binance was recently caught up by the DOJ’s wrath and fined up to $4.3 billion after pleading guilty to money laundering charges.
The question then becomes, why are all these crypto exchange providers facing almost similar challenges, especially when it comes to regulations, and where is the safest place for crypto traders to buy their digital assets?
MultiBank.io
In my opinion, one of the biggest challenges that crypto exchanges are facing is the lack of a financial history to inform the structuring of their products and offerings.
Of course, the argument that crypto should be considered an entirely new asset class holds water. But at the same time, the nature of crypto borrows from the very fundamental tenets of traditional finance.
This is where MultiBank.io, a subsidiary of the famous MultiBank Group, emerges as a better crypto exchange alternative. For context, MultiBank Group is one of the leading financial institutions offering access to the global derivatives market; the daily trading volume on their platform averages around $12.1 billion.
To add to it, the Multibank Group enjoys over 14 operational licenses across the world and has never been at odds with any regulator since 2005.
A Crypto Exchange for Everyone
The latest addition to the MultiBank Group’s portfolio suite is what has particularly caught my interest: a crypto exchange built with the expertise of traditional finance gurus.
MultiBank.io is designed to offer access to the larger crypto market, featuring both spot and leverage trading. What makes it stand out from the likes of Binance and Kraken is MultiBank Group’s longstanding history in finance.
Moreover, besides tapping into the Group’s knowledge of how to navigate in different regulatory jurisdictions, the MultiBank.io platform will make it very easy for prospective crypto investors to top up their accounts through credit cards and banks, both in USD and EURO.
This is currently one of the primary challenges facing crypto exchanges, as we’ve seen in recent years. Some have pulled out from supporting credit cards or completely exited some markets, especially in Europe, following the adoption of the MiCA rules.
A Glimpse Into the Future
With authorities globally now more focused on crypto activities, anyone trading through a centralized crypto exchange should prioritize two things: security and effective money controls.
MultiBank.io exhibits both characteristics, but what I’m enthusiastic about are the features that will follow the debut of the crypto exchange. The platform intends to introduce advanced functionalities such as a futures exchange, copy trading, and other types of tournaments for both new crypto users and veterans.
It is also worth highlighting that the MultiBank Group launched a mobile application, dubbed MultiBank-Plus, at the start of this year, alongside redesigning their website.
“We are thrilled to introduce MultiBank-Plus and the transformation of our website as part of our ongoing commitment to delivering excellence in the world of finance. We believe these enhancements will significantly elevate the user experience and mark a new era for MultiBank Group in 2024.” – MultiBank Group Chief Commercial Officer, Marc Aspinall.
Conclusion
The crypto market is set for exciting times ahead, but knowing where to start is probably the biggest milestone. Time and again, we’ve seen crypto exchanges pose a serious threat to the survival of the crypto market. Well, the bad news is that it will probably happen again and again, but the good news is that more experienced players in the traditional finance realm are dipping their feet into crypto. This will likely result in better avenues to trade crypto, setting the stage for the next wave of adoption!