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With cryptocurrency making leaps and bounds as a nascent asset class, we’ve seen the emergence of several cryptocurrency exchanges fueling the crypto revolution. However, for cryptocurrencies, to reach their full potential, mass adoption is needed. The average Joe should have the means to trade or buy cryptocurrencies with the ease a professional trader would. This is exactly what XDAT wants to progress in the world.
XDAT – a cryptocurrency exchange based out of Malta – has taken its place in the global crypto revolution and aims to usher in the adoption of cryptocurrencies by capitalizing on trust and pro-regulation. We spoke to Prashanth Swaminathan – CEO of XDAT, and we’ve got some interesting insights about XDAT, the state of all things crypto around the world, and the adoption of cryptocurrencies.
Q: Can you tell us something about yourself and your role at XDAT?
A: My name is Prashanth Swaminathan and I’m the Founder & CEO of XDAT. I was an Investment Banker with Morgan Stanley, London for 10 years before I moved to the blockchain and crypto space. Investment banking is interesting and you get to work with some of the smartest minds in the world; however, it is now fairly well-evolved and hierarchical. I find cryptocurrencies and their underlying technology fascinating and I believe they have a very bright future, and as it is still in its infancy, I believe there will be a considerable long-term from a career standpoint as well.
With XDAT, my aim is to build a high-performing cryptocurrency exchange that will develop trust with the early adopters of cryptocurrencies and open its doors to anyone and everyone who wants to invest in the future of money. Our team is a mix of veterans from finance, FMCG, technology, and services who are working alongside blockchain and crypto experts in merging the conventional space with the new age.
Q: Could you provide our readers with a brief introduction to XDAT?
A: XDAT – short for “(the) Exchange of Digital Assets with Trust” – is an EU-based global cryptocurrency exchange with a simple vision of bringing ‘Crypto For All’. At XDAT, we will facilitate crypto-fiat trading for seasoned traders with maximum functionality; at the same time, we are also making the space very friendly and trustable for new investors by providing a platform that is transparent, regulated and user-friendly. It’s equipped to provide its customers with airtight security, high liquidity, and an informative knowledge base to educate its users.
XDAT is accessible for users from across most of the world. Our policies are in compliance with local regulations and ensure maximum security to investors with robust KYC and AML procedures.
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Q: What separates XDAT from other digital asset exchanges?
A: Digital asset exchanges are indispensable in the crypto-economy. However, there are some problems with the framework of existing platforms. There are 3 primary issues with the existing exchanges:
a) lack of fiat liquidity,
b) lack of trust, and
c) no approach for mass adoption and high fragmentation.
Addressing all these key problems is XDAT.
We are simultaneously working on a product that when released will revolutionize the way users can transact in cryptocurrencies. Our aim is to bring crypto for all. To that end, we will be working closely with our community and use their feedback to make it more user-friendly.
Q: Could you tell us the benefits of trading through XDAT?
A: At XDAT, we have consciously decided to have only the top liquid digital assets. So, we are currently hosting bitcoin, ethereum, litecoin, ethereum classic, bitcoin cash, EOS, Ripple, Dash, TrueUSD, and Euro. Going forward, we will add more fiat currencies, stable coins, and innovative projects that we believe are disruptive and will have utility.
With the new year, XDAT has also extended an Early Bird Discount for registrations with zero fees for makers and deep discounts for takers. Additionally, with its referral program, users can earn 40% of the transaction fees of their referrals for up to a year. We aim to be the most affordable fiat-to-crypto exchange in the world with the lowest transaction fee.
Recommended: Q: Where do you see XDAT in the next few years?
A: Our vision is to become globally the largest exchange by volume by the end of 2020. Our immediate aim is to crack the CMC #100 within three months and thereafter, consolidate and improve our position through new product launches and acquisitions.
Q: Globally, how are the governments reacting to cryptocurrencies?
A: There is a wide range of reactions, really. Japan is at one end of this spectrum as one of the most crypto-friendly countries that are issuing regulatory licenses and constantly evolving them. At the other end of the spectrum are countries such as Saudi Arabia and Pakistan that have outright banned trading in cryptos (although I am not sure how these are enforceable). All other countries are in the middle, although there has been a lot of movement to the left of the spectrum (towards Japan) with many other countries preparing regulatory frameworks and looking favorably at this space (US, Australia, South Korea, Bahrain, Thailand, Philippines, Malta, etc).
Q: In your opinion, what do you think would be the catalyst that would encourage consumers to use crypto for everyday transactions?
A: There are three major barriers:
● Lack of easy access points to crypto;
● A general lack of trust;
● Price volatility.
As far as the masses are concerned, these are the primary barriers to crypto adoption.
However, expediting mass adoption is dependent on the responsiveness of governments to recognize and accept cryptocurrencies as digital financial assets, and in regulating this arena with legal policies and frameworks. I believe that this will remove the primary barriers to mass adoption of cryptos.
In fact, I have envisioned XDAT to become a trusted brand that emboldens anyone from a layperson to a professional trader to partake in the trade of cryptocurrencies. All in all, with XDAT, we are aiming to build a long-term trusted brand with digital financial assets that can enable the much-needed wider adoption.
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