BiKi Exchange CEO, Ethan Ng, recently co-hosted London’s Invest and Trade event with blockchain VC and advisory firm, SMC Capital. After the event, Ethan revealed the secret to why the exchange has become so successful.
The Secret to BiKi’s Success in a Saturated Market
Following a fantastic evening of insightful panel discussions and fireside talks, Bitcoinist gained exclusive access to a private interview afterwards between the two hosting companies.
Mik Mironov, Co-founder and Partner at SMC Capital, was interested to understand how the BiKi exchange had achieved rapid adoption in such an already saturated market, and become a top 20 crypto exchange within its first year of launching.
In response, Ethan Ng remarked on the platform’s uniquely innovative business approach that sets BiKi exchange aside from other existing market participants,
We are one of the rare few companies that are growing 200 – 300% month to month, and how we do it is we really help new projects to grow. We went back to the drawing board and found out that the only solution is to do their PR and [build] their community.
We’re doing the hardest things first that means the most to them, that is going to cost a lot of time and resources. When we did this we found that this actually organically helped the exchange and the project.
Can’t Get Better Than Free
This particular free in-house marketing strategy has won tremendous favour with new emerging crypto projects, and BiKi exchange already boasts 250 cryptocurrencies on its platform with over 150 different trading pairs. It has amassed nearly 1,500,000 users to date and reportedly has over 130,000 active traders on the exchange daily.
Ethan later commented,
We care a lot about our users, we think about our users first… the new to crypto users that we onboarded are really heavily protected by us.
This is in reference to the Biki ‘risk guarantee fund’ whereby the exchange pays 20% of its monthly profits into a separate account that is reserved for compensating users in the event of a security breach.
The singapore-based crypto exchange received a $5million investment from Jun Du, one of the Co-Founders of Huobi – currently one of the largest crypto exchanges in the world, as well as a further $5million investment from Genesis Capital, Zhu Huai Yang, FBG Capital, ChainUP and others. It was reported that a sizeable portion of this investment was added to the BiKi back-up fund to ensure users were sufficiently protected against a system hack.
What do you make of BiKi exchange’s rapid success so far as an up and coming cryptocurrency exchange? Add your thoughts below!
Images via Bitcoinist
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.