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Below is our recent interview with Sheldon Xia, the Founder & CEO at BitMart:
Q: What is BitMart?
A: BitMart Exchange is a premier global digital asset trading platform in the cryptocurrency market with over 540,000 users worldwide. As officially operated on March 15, 2018, BitMart has ranked among the top 8 crypto exchanges on CoinMarketCap. We currently offer 164 trading pairs with one of the lowest trading fees in the market. We recently launched the international blockchain incubation platform BitMart Labs, aiming to facilitate the development of blockchain projects, thus creating an ever-evolving blockchain ecosystem.
Q: How do you stand out from other cryptocurrency exchanges? What makes you unique?
A: There are a multitude of cryptocurrency exchanges in the market now and they are doing relatively well. I think the real breakthrough is to screen good projects and let investors make the most money from them.
BitMart Exchange has one of the lowest trading fees in the market (only 0.05%) and a strict coin listing mechanism to ensure transparency. We have analysts focusing on marketing, operation, technology, products, integration and a 7-member committee to conduct project review and scoring. Qualified projects will obtain complete listing assistance including code review, technical docking and publicity preparation, etc.
Aiming at localized marketing operations, BitMart currently has branch offices in New York, China, South Korea and Hong Kong. We have been featured on industry leading publishers and also have a strong digital presence across Facebook, Twitter, YouTube, Bitcointalk, Reddit and Medium all over US, China, Japan, Russia, Turkey and Vietnam. We are not relying on a single market. We select projects from different countries to ensure a diverse user base as well as community maintenance.
BitMart also has a world-class technical team. Our technical experts are from Silicon Valley with top school background. They help ensure a highly secure and efficient matching engine technology and user-friendly interface.
Earlier this year, BitMart Exchange U.S. office was officially registered as a money service business (MSB) with the U.S. Financial Crimes Enforcement Network (FinCEN). This ensures BitMart can perform crypto-to-crypto trading in most U.S. states and territories. We are also applying for Hong Kong Fintech Supervisory Sandbox. In alignment with BitMart’s continuous efforts to be fully compliant all over the world, BitMart Labs are also partnering with multiple prestigious law firms in regards to different jurisdictions, assisting the selected projects in legal structuring, STO, compliance policy design and implementation.
All those above makes us stand out in a crowd.
Q: What are the steps that you have taken to ensure that the exchange resists hacking attempts?
A: Security is an eternal problem. A good exchange will never stop improving its internal, external, data, assets security as well as compliance audit, information control etc.
BitMart is built on the Google Cloud Platform.2.1.1. It adopts cutting-edge Internet technologies, optimizing for the performance of the exchange and providing high performance core matching engines. More importantly, we try to make full use of the security features of it such as KMS and HSM. I think a full tracking of the SDL process, the basic security code base, the pen test, and the chain-end security is also very necessary. In the field of digital assets, we have applied multi-level wallet (four-level wallet model, including cold, warm, hot, and user wallet), isolation signature, and data protection etc. to ensure a secure trading environment for BitMart’s users.
In terms of external safety, we invite senior safety technical experts to implement safety measures at all levels and to train our technicians on best practices. We purchased safety products from well-known manufacturers such as WAF and Anti DDoS protection. Third-party blockchain security service – Xiamen SlowMist Technology Co.,Ltd is also involved to conduct security audits and defence deployments on a regular base. In addition, we offer rewards to users who report security vulnerabilities every now and then.
Q: What does it take for coin to be listed on your exchange?
A: BitMart has top project analysts and a project review committee in our coin-listing team. To ensure the fairness and transparency, projects will be sent to our project analysts first. They will submit a comprehensive report regarding the team background, product progress, technical difficulty, development prospects, financing, community status, and brand awareness to the project review committee.
There are 7 member-professionals in this committee who focus on marketing, operation, technology, products, teamwork and integration. They then will score the project based on their own expertise. Once the overall score is higher than our benchmark, listing process will begin right away. Our listing process includes code review, technical docking and publicity preparation, etc. which takes about 2-3 weeks. To ensure the fairness, all judges are anonymous and independent.
To prevent abnormal scores, we also have two additional mechanisms. One is automatic decryption. If the selected project is finally listed online, it will be disclosed within 15 days among committee members. If it’s not listed, we will also disclose it within 30 days after scoring. This is for committee members to discuss a specific project and prevent them from submitting abnormal scores. Another mechanism is our prestige system. When abnormal scores repeatedly occur from a member, he or she will be removed from the review committee. We will have regular elections in regard to selecting committee members.
In terms of project preferences, I value those which can provide solutions for the core technology, underlying protocol and greener algorithm, industry applications based on public chains and blockchain services that can form a digital service ecosystem such as media, e-commerce and integration, etc. Moreover, in the technical direction, I like projects purely guided by technology or have strong financing capability that can solve technical problems through capital.
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Q: The cryptocurrency market is not doing very well currently, what is the future of cryptocurrency exchanges?
A: Bear and bull markets are the yin and yang of an investment cycle. Both are inevitable. However, as long as there are digital assets, there will be trading platforms. Short-term market conditions will not affect the development of the cryptocurrency exchanges in the long run.
Also, being centralized, most big exchanges have lost customer funds to hackers and been involved in scandals in a bear market. Therefore, we need to collectively take a step towards improving the conditions for entry into cryptocurrency. We need a place where the exchange of cryptocurrency itself represents blockchain technology. That being said, we need exchanges that are decentralized: controlled by the users, transparent, immutable, without a single point of failure. I think that’s the future of cryptocurrency exchanges and we need to work towards it.
Q: What is on the roadmap for BitMart moving forward?
A: Currently we offer spot trading. We are planning to open OTC trading in February 2019; futures and other derivatives in June 2019 as well as decentralized trading by the end of 2019. Our ultimate goal is to become a whole-network digital asset trading platform which meets the needs of all types of investors, as well as builds a one-stop financial solution for small businesses.
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