CRYPTO NEWS

Bitflex Commences BETA Testing With Zero-Trading Fees

PRESS RELEASE. Seychelles, June 20, 2022 – Bitflex Inc. (the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that the Company will commence BETA testing of its cryptocurrency exchange and plans to officially launch the exchange by October this year.

The Bitflex exchange offers an aesthetically pleasing interface built-in with news, notifications, and charting tools to create a superior environment for users to make the most educated trades. The BETA platform will offer up to 8 trading pairs for linear perpetual swaps. BETA versions are immediately available on https://www.bitflex.com.

“We are so excited to finally be opening up beta testing after a long road of development,” states CEO Ee Wui Yang, “we are confident the platform we have built will provide a safe and enjoyable trading environment for our users.”

“In addition, we are also providing zero-fee trades in our platform for the first month from our BETA testing launch which means anyone who signed up during the BETA testing does not need to pay any trading fees when they trade here. We are one of the few, if not the only crypto exchange in the world that is currently giving out this benefit.”

“We are doing this for a good reason as we understand that our platform is still in the works and there may be many areas of improvement needed for it to eventually compete with other crypto exchanges like Binance and ByBit and we want to provide an incentive for traders to come into our platform and help us build it through constructive feedback. Hence, we are more than happy to absorb the costs of their trading fees first.”

Bitflex Public BETA Testing

Bitflex encourages users to engage with the app’s beta version and discover potential issues and bugs. The development team relies on the testers’ feedback to identify and solve flaws. In return, testers can access exciting reward opportunities for their work. To this end, the team announced the necessary steps for participating in the public testing:

  1. Interested users can follow our Twitter page for the latest updates on the exchange.
  2. Join our BETA testing via a link.

Bitflex designed this space for fellow testers to interact and discuss individual experiences on the app. The team provided tutorial videos to help users understand the app’s features and navigate through its environment. In exchange for their public testing activity, Bitflex will be announcing a “Bug Bounty Campaign” soon to reward users handsomely with USDT giveaways!

Bitflex hopes that the beta testing will help it achieve the highest quality standards and deliver the best results. Bitflex’s team includes highly skilled professionals with backgrounds in investment banking, blockchain, data, and fintech.

Learn more at: https://www.bitflex.com

Email: [email protected]

Social Media Platforms:

Twitter: https://twitter.com/bitflex

Facebook: https://facebook.com/bitflex.global

LinkedIn: https://www.linkedin.com/company/bitflex

Instagram: https://www.instagram.com/bitflex

Telegram Channel: https://t.me/bitflex_announcements

About Bitflex

Bitflex is a cryptocurrency exchange trading platform that puts control back into the hands of traders while maintaining a scalable, secure, and performant exchange. Users can enjoy zero-free trades while trading perpetual swaps during our Beta Phase while having the opportunity to participate in numerous campaigns with highly attractive rewards.

Media Queries:

Nicholas Jack, Public Relations Lead
Mobile: +6017-2880051

E-mail: [email protected]

 

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

BoE calls for tougher rules as crypto market plunges $2 trillion

Bank of England’s (BoE) Financial Policy Committee believes the crypto industry needs more stringent regulations as the crypto market cap’s decline from almost $3 trillion in late 2021 to $900 billion in six months exposes vulnerabilities in the market, Bloomberg News reported July 5. The central bank reportedly said that the extreme volatility highlights weaknesses::Listen

Bank of England’s (BoE) Financial Policy Committee believes the crypto industry needs more stringent regulations as the crypto market cap’s decline from almost $3 trillion in late 2021 to $900 billion in six months exposes vulnerabilities in the market, Bloomberg News reported July 5.

The central bank reportedly said that the extreme volatility highlights weaknesses such as liquidity mismatches that have caused leveraged positions to unwind as well as fire sales of crypto assets.

While carrying a significant potential to damage the market, the current volatility in crypto prices does not yet pose a risk to the overall financial system, BoE said. However, it noted that inaction would lead to systemic risks as the crypto market’s link to banks and other markets keeps growing.

The bank said:

“This underscores the need for enhanced regulatory and law enforcement frameworks to address developments in these markets,”

BoE on volatility

The Bank of England has previously spoken about the potential of the crypto market while expressing concern over volatility.

BoE’s Deputy Governor for Financial Stability Jon Cunliffe commented on the industry’s potential and said:

“I expect crypto technology and finance to continue because it has the possibility of huge efficiencies and changes in market structure”.

However, he continued by adding that crypto is nowhere near being properly integrated with the traditional system because of its volatility.

Current volatility prevents crypto from being integrated into the financial system to harness its full potential because the prices carry the risk of dropping to zero. In the case of full integration, banks would have to mitigate those potential losses.

Therefore, BoE argues that the risk of dropping to zero should be eliminated first, and the best way to do so is by introducing strict regulations.

The central bank is already working on a crypto regulation for the region, according to their announcement in March 2022.

The current bear market

A recent Glassnode report showed that the current bear market is the worst in crypto history. This is the first bear market where Bitcoin and Ethereum traded below their ATHs from the previous cycle.

The report stated that the 2022 bear market is:

“[…] one of, if not the most significant in history, both in its severity, depth, and magnitude of capital outflow and losses realized by investors.”

The post BoE calls for tougher rules as crypto market plunges $2 trillion appeared first on CryptoSlate.

Bitflex Commences BETA Testing With Zero-Trading Fees

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