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International cryptocurrency trading firm EXMO has announced a full self-funding status for its product launch and margin loan facilities. As such, it has now dropped its initial plans to launch a public token generation event (TGE).
In addition to having achieved the required capital from its own funds, EXMO management has also taken this step to protect the safety of its partners, in light of the regulatory uncertainty regarding due process for selling units of cryptocurrency ahead of its launch. EXMO believes that calling off the TGE will prevent unnecessary exposure to risk caused by potential and unexpected changes in legal frameworks of its jurisdictions.
EXMO co-founder Ivan Petukhovsky explained that the tremendous rate of growth of EXMO’s platform, which has led to a current user base of over 1.5 million traders and sees more than 10,000 new registrations each day, has made the decision possible:
“A stable positive dynamics of all financial indicators of the platform and the incredible user number increase allows us to fully supply our product business plan.”
The crypto trading firm had previously collected funds in initial crowd sale phases, primarily to fund the development and roll out of margin loan facilities. This was to create a margin loan insurance fund, and to to obtain the necessary licenses for its product and activities, necessary for facilitating fiat currency transactions.
Margin loan functionality was in fact a feature demanded by its community of traders. Through this new product, traders gain the opportunity to leverage trades on borrowed funds, boosting the profit potential on crypto trading and allowing them to trade on a scale far beyond the limits of their own funding. An extension of margin trading, whereby traders have a higher asset purchasing power by borrowing broker funds, margin loans on EXMO tap into a growing peer network of over 1.5 million global traders.
The EXMO edge
Founded five years ago in 2013, the EXMO cryptocurrency exchange today has offices in London, Moscow and Kiev, and has grown to be the leading exchange in Eastern Europe, while fast becoming one of the global leaders in terms of liquidity and trading volume. From a trading volume of $192 million from 591,000 deals in 2014, EXMO now oversees some $1.8 billion across 24 million orders.
EXMO boasts some 1.5 million users from 200 countries, of which 50,000 are actively trading across 5 fiat currencies, 53 trading pairs, together generating daily trading volumes of $50 million.
EXMO users benefit from reasonable trading and exchange commission, a wide range of payment options with over 10 ways to fund accounts, secure asset wallets, lightning-quick transactions, API for algorithmic trading functionality and round-the-clock customer support.
For more information on EXMO, visit its website or read the whitepaper. To join the growing community, follow EXMO on Facebook, Twitter, and Telegram. Earn 25% of commissions from exchange transactions for introducing EXMO to your friends via the EXMO referral program.