• Thu. Apr 18th, 2024

Successful launching of Liquid Swap DeFi Platform allows Crypto.com to follow Binance

Sep 12, 2020
Successful launching of Liquid Swap DeFiplatform allows Crypto.com to follow Binance

The world-renowned payment card provider within the crypto industry, Crypto.com, has successfully introduced its much-awaited liquidity swap platform. The initiative to launch the platform was soon after the Binance launched its platform which is also similar to the Crypto.com.

The platform which has been named “DeFi Swap” has been developed to allow its users to exchange or swap tokens without any interruption in hosted pools which is also capable of yielding farming incentives. Crypto.com was able to provide its users a much cheaper rate as compared with its competitor, Binance, who is charging a considerably high amount of fees from its users which fee is based on the availability of liquidity and tokens in the pools. Binance had last week launched a similar scheme under the name “Binance Liquid Swap”.

However, according to Crypto.com’s white paper, the DeFi Swap offer has not been made available for the time being in various crypto-user countries which also include the US and Singapore on top. While developing the platform Crypto.com has also kept for itself the option of siphoning off up to 0.05% per swap to provide an automatic mechanism to fund the protocols in order to further develop and research. In contrast with the conventional order book, the DeFi Swap users will also be able to trade against those crypto assets which are liquefied by other token holders who have kept their crypto assets for the purposes of acquiring interests and for getting a share in the transaction fee.

While replying to a question posed regarding Binance that whether Crypto.com is in competition with Binance, MrisMarszalek, who is the CEO of Crypto.com said that they are not at all in competition with Binanceor others and in case there is a competition, then the competition is very much with the banks and financial institutions and particularly not with the crypto startups.

In its initial phase, the recently launched DeFi Swap offer by Crypto.com is an accomplishment that will benefit wrapped ether (WETH), Compound (COMP), USDT, CRO, USDC, dai, stable coins etc. said the CEO of Crypto.com.

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