Crypto.com upgrades trading system, announces zero-fee crypto trading for new users
Hong Kong’s Crypto.com is foraying ahead with improved infrastructure as cryptocurrencies start to take precedence in the traditional finance sector as a “hedge” akin to gold.
The new specs improve on exchange matching speeds and order management, apart from other significant improvements.
As per a tweet on June 18, Crypto.com announced it had successfully completed an upgrade and featured a new matching engine, a better order management system (OMS), a unified REST, and a Websocket API.
https://t.co/vCNztABJoG Exchange upgrade complete! ✅
New Matching Engine, OMS & REST/Websocket APIs, 10x performance.
New infra, new promos:
🔥 0% trading fee for 1st 90 days for new users
🔥 50% trading fee reduction for existing users
Sign up: https://t.co/MKqYF2KxLp pic.twitter.com/tgR3VVe3Y6
— Crypto.com (@cryptocom) June 18, 2020
Crypto.com touts the improvements will lead to a “10x increase” in system performance and throughput, which in turn, attracts new traders and investors to the platform and allow the firm to meet its ambitious 2020 roadmap.
In a release, Crypto.com said the Unified REST and Websocket API provide “ease of adoption” for both API platforms, with the latter even allowing for advanced algorithmic investing and high-frequency trading.
The company further touted the addition of “high-availability and resilience to every component,” which in turn increases system stability and eliminates single points of failure.
Margin trading coming soon
Overall, the changes allow for Crypto.com to move to margin and derivatives trading, which are next on its roadmap for the year. Building a powerful and robust risk engine to manage margin trading would see the exchange join firms like Binance, which have introduced leveraged crypto-instruments after huge market demand in 2020.
Crypto.com’s native exchange launched in beta mode last year and was one of the areas the firm say explosive growth in, apart from its crypto credit cards and interesting-bearing crypto products.
Kris Marszalek, the co-founder, and CEO of Crypto.com spoke on the development:
“We launched the Crypto.com Exchange last Fall with a goal of creating a trading platform so secure, liquid, and user-friendly that it becomes a natural choice for both institutional and retail customers.”
He added the firm has seen “tremendous traction” in the first six months of Beta and will continue to rapidly improve its offering to drive continued growth.
Traders around the world are increasingly focussing on the cryptocurrency market as financial turmoil and political unrest plague most countries. Some investors, such as Paul Tudor Jones, have already purchased Bitcoin futures to hedge against market risk and fears of hyperinflation.
To increase its brand presence among new and existing traders, Crypto.com announced a few promotional incentives, as listed below
- Zero percent trading fee for the first 90 days for new users (new)
- Up to 50% trading fee reduction on all trades for existing users (new)
- 2% bonus deposit interest rate, applicable to all deposits made to the exchange wallet in the first 30 days after the successful sign-up
- A Special Syndicate BTC 50 percent off event celebrating Crypto.com’s fourth anniversary on June 30
Users can use the CRO token on Crypto.com for added incentives, with the latter featuring deep liquidity, low fees, and best execution prices.
Earlier this month, Crypto.com became one of the first cryptocurrency firms to receives privacy-based security certification. As CryptoSlate reported, the Hong Kong-based firm received an ISO/IEC 27701:2019 privacy certification after extensive and numerous third-party audits.
Reinforcing our commitment to compliance, privacy and security — well done @JasonCISO and team —securing ISO 27701:2019 as the first cryptocurrency company globally! #SecurityFirst 🔐 https://t.co/1NbXZyUlBp
— Kris | Crypto.com (@Kris_HK) June 2, 2020
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