FOX Token for New Trading System Established by ShapeShift Cryptocurrency Exchange

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 No-Fee trading, as well as a loyalty token, was put front by ShapeShift, a cryptocurrency exchange platform based in Switzerland.

 

Erik Voorhees, the founder and chief executive officer of ShapeShift, broadcasted the news in his November 20 tweet, where he stated that no-commission trading on their platform is made possible by their currently released loyalty token FOX token.

 

In order to conduct an exchange at a zero-payment rate, the customers of the said cryptocurrency exchange need to have the Ethereum-based (ERC-20) FOX tokens. He also noted that if a customer holds FOX tokens, they may trade at a no commission rate. However, if not, customers will have to trade at ShapeShift’s retail rate.

 

Voorhees also noted that a zero-payment trading is the answer to the two main difficulties of non-custodial exchanges. These problems, according to him, are highly-priced services as well as illiquidity.

Moreover, ShapeShift’s CEO expounded in a Medium post that this new trading system will give customers 100 FOX tokens at a substantiate signup. Every single FOX token bequests $10 of free trading volume every month.

 

In an interview with an industry publication The Block, Voorhees noted that he does not see the no-commission trading to affect the revenues of ShapeShift. Rather, the currency exchange platform intends to sell the Fox tokens to their new customers in trade for perpetual payment exchange services if the newly launched system succeeds.

 

A 30% increase in the number of customers who use ShapeShift as their trading platform is expected by Voorhees.

 

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