XDAT steps into the cryptocurrency space; aims to become a global trusted brand
Bitcoin [BTC], the largest cryptocurrency by market cap and the first of its kind, is often referred to as a revolution. The digital currency’s potential to disrupt the financial industry is recognized by many, and the innovation of Bitcoin has led to the creation of several other coins with a different utility. As the market gradually expanded, the adoption of these cryptocurrencies also grew over time.
One of the major factors contributing to the adoption of Bitcoin and other currencies is noted to be cryptocurrency exchanges, often referred to as the gateway to the crypto-market. The exchanges not only open the market for investors but also play a vital role in the development of the space by providing various services to its users.
To ensure the continued growth of the overall space, an exchange platform must ensure that it tends to all the need of the traders and investors in the space. This could range from providing the best trading tools for top-notch traders and services to creating a user-friendly platform for the beginners. So far, only a handful of exchanges have been able to satisfy their customers, although none of them have managed to perfect all the services available in the market.
XDAT – Exchange of Digital Assets with Trust, a cryptocurrency trading exchange, has entered in this space with an aim to make the ends meet. The platform was created by Prashanth Swaminathan, an Investment Banking Veteran, who worked for Morgan Stanley London for 10 years. The EU-based exchange, launched in 2018, is managed by a team of experts, with most of them formerly associated with leading firms in the financial and technical industry.
With their years of experience, the team has built a secure, easy, and transparent exchange for the people participating in the cryptocurrency space. The platform’s aim is to “redefine the global landscape of cryptocurrency trading by becoming a global trusted brand that sets its policies and procedures in full compliance with the incumbent regulations of its jurisdiction”.
To achieve this, the exchange has complete Know-Your-Customer and Anti-Money Laundering [AML/KYC] policy, which is required to be complied with, by all the users of the platform. The exchange has also applied for an operational license with the local regulatory body in Malta and also works with the legal counsels, with an intention to abide by all the rules and regulation laid down by the country’s officials. This also ensures a relationship built on trust between the customer and the exchange platform, making it more reliable than the other exchanges in the space.
The platform offers trading services for fiat-to-crypto transactions, crypto-to-crypto transactions, and crypto-to-fiat transactions. The platform offers trading services for fiat-crypto-fiat transactions and provides deep discounts on transaction fees and attractive incentives to promote trading. Much to users’ delight, the exchange also has one of the best referral programs and the lowest transaction fees across exchanges in line with their vision on ‘Crypto for All.’
The exchange currently supports 10 of the market’s top liquid cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Ethereum Classic [ETC], Bitcoin Cash, EOS, XRP, Dash, True USD [TUSD], and the Euro. The exchange plans to list more cryptocurrencies and open fiat market for more coins in the future, especially coins that have good liquidity and have the potential to disrupt its respective industry.
What drove you to create XDAT? What was your perspective of the cryptocurrency industry when you first heard of it?
In my decade odd career in investment banking, I witnessed the massive transition from cash to digital currencies. Having become an investment banker with Morgan Stanley, in London, right before the great financial crisis in 2008, I have seen the limitations of centralized banks first-hand and believe that cryptocurrencies have a great future to operate as a parallel economy.
However, along the way, especially in the last few years, I believe that this industry has lost its way, and the focus is almost entirely on price paranoia and institutional adoption, rather than education and adoption within retail society. When you look at crypto exchanges, they primarily cater to crypto enthusiasts who are also invariably tech savvy. This leaves out more than 95% of the global investing population.
XDAT was formulated to deviate from this approach. The goal of XDAT is to make crypto trading as simple as possible for anyone and everyone with specific custom made interfaces for beginners and advanced users to provide a seamless trading experience. On XDAT, one can trade in fiat-crypto-fiat and crypto-crypto in a secure and easy manner.
We are vehemently striding towards bringing our vision, “CRYPTO FOR ALL” to life. We want to emerge as ‘The’ Exchange of Digital Assets with Trust. As many look at cryptocurrencies with an iota of doubt, we want to make sure that our users place their trust in us, for mass adoption.
XDAT claims to be one of the most secure and transparent digital currency trading platforms. How does it set to achieve it?
At XDAT, we follow comprehensive procedures to achieve KYC and AML, especially while adding users to our exchange platform. Users cannot trade without completing their Full KYC. We also strictly adhere to regulatory compliance and GDPR standards. Additionally, we provide our users with robust security and multiple secure layers for protecting our users’ assets, should they choose to leave them with us.
Following incumbent regulations and manifesting trust is quintessential for us, only when we match our investor expectations can we penetrate further into mass adoption and achieve CRYPTO FOR ALL.
How is the platform working towards achieving its vision – Crypto for All – and how does XDAT differentiate itself from other digital asset exchanges?
XDAT acknowledges the broad spectrum of users who visit and trade on our platform. For better user experience, we have custom-made interfaces for beginners and experienced traders. Our collective belief at XDAT is “CRYPTO FOR ALL” and we take significant measures to provide a seamless trading experience for all our users.
For beginners, we are rewarding all our first-time users with KYC Incentives. Further, we are providing multiple features for them:
– Accepting deposits in EUR
– Featuring a simple ‘Buy & Sell’ dashboard
– Facilitating fiat-crypto-fiat trading
– Offering 18 trading pairs and many buy-in options
– Providing 24*7 customer support
Apart from the above, we have introduced some pro-level features that are unique to XDAT, which are not available even in the most established cryptocurrency exchanges. For accurate trade placement in our order section, the platform provides options, such as Stop-Loss, Trailing Stop-Loss, Fill or Kill, Immediate or Cancel, and Reserve Order.
In this bear market, XDAT aims to build a global crypto community through our initiative “Bullwhip Movement” for mass adoption.
Could you elaborate on the Bullwhip Movement?
The intent behind the Bullwhip Movement is to create a new wave of adoption of cryptocurrencies amongst users. We want to create a positive ripple of adoption that leads to an amplified nature of adoption and trading. We envision to initiate this ripple effect as our primary step to fulfill “CRYPTO FOR ALL.”
To manifest this belief, we are investing over €1,000,000 (1 Million Euros) to create the world’s largest crypto inclusive ecosystem. Through this initiative, we are incentivizing our traders up to €2000, for we believe that only when they grow, do we grow.
Bullwhip Movement: Phase 1, is our first step to facilitate crypto for the masses. At, XDAT we are working many more revolutionary products that may simplify crypto trading.
Who is your target audience for the Bullwhip Movement? What are the benefits of becoming a Node in the Bullwhip Movement?
Our target audience will primarily include early adopters of crypto, crypto traders, crypto enthusiasts, experienced traders. Predominantly, anyone who wants to earn while trading in cryptos, even if they are individuals who want to trade in cryptos for the very first time.
The Bullwhip Movement encourages individuals to become ‘Nodes.’ Our Nodes will be our endorsers, who will propagate the movement by adding new users through their referral link. Nodes shall enable trade activities on our exchange. In return, for their participation, they shall receive a Community Token (XCTY) when they achieve €1000 cumulative trading from their referred users. Apart from that, they can also earn incentives worth €2000 when they reach trading volumes and massive KYC & Transaction Incentives.
Apart from the Bullwhip Movement, are you offering some incentives for regular users on XDAT platform?
At the moment, crypto needs as many ambassadors to support crypto adoption, and we believe that the Bullwhip Movement will be a channel to encourage crypto trading in this bear market. But, if our users choose not to be part of this initiative, we are still rewarding our users with KYC incentives, referral incentives, and the lowest transaction fees across exchanges.
What do you think are the important steps that are required to get XDAT to the list of top exchanges in the space?
Crypto space is still very nascent and we believe that the landscape will keep changing over time. We believe that the following factors will be essential in determining the top exchanges over time – bringing in more fiat capital, generating trust amongst the masses, and providing easier access to crypto.
XDAT aims to become the largest global exchange by the end of 2020. We’ll grow organically and inorganically towards this while focusing on being fully compliant with incumbent regulations. We also aim at operating across the globe, expanding to various geographies to foster widespread adoption of crypto. Bold words, but we see ourselves on par with other renowned crypto exchanges.
The Bullwhip Movement is our first step towards revolutionary leaps in the crypto sector. We are simultaneously working on diverse products that will revolutionize the way users transact in cryptocurrencies.
