A joint partnership between two crypto exchanges has been unveiled — and both companies say it could transform the listing process for coin projects.
In the past, crypto startups have faced an uphill struggle when trying to secure a presence on multiple platforms. This has been partially down to the time-consuming, arduous process of submitting an application. High costs have been another major drawback, leaving projects unable to reach a geographically diverse audience.
Bitrue and Coinone say they plan to change the status quo through their new agreement. Technological resources and infrastructure are going to be shared between the two brands. Better still, startups will only be required to pitch once in order to be listed on both platforms.
This approach is also expected to boost convenience for consumers, who often require to register accounts on several exchanges in order to access all of the coins and tokens they are interested in. As a result of the joint partnership, Bitrue and Coinone customers will be able to access a broader range of trading pairs, and enjoy access to new liquidity pools for the first time.
For Bitrue and Coinone, the collaboration makes business sense — and both platforms believe that similar arrangements between other crypto exchanges will begin to emerge next year.
Negotiations on their tie-up have been in the works for three months, a process that has been made easier because of how both share similar values.
Coinone is already one of Korea’s top three crypto exchanges, and Bitrue is hoping to capitalize on its partner’s success by beginning to gain in-roads in this market. This is set to complement Bitrue’s already formidable presence in English-speaking markets and across South East Asia. For Coinone, the partnership offers the chance to showcase their technology, and take a crucial step towards growing sustainably.
Bitrue’s Curis Wang said: “We’re thrilled to be working together with Coinone who share our outlook and are collaborating with us to mutually grow and expand in this industry together.”
His remarks were echoed by Coinone’s Kevin Cha, who believes both companies have the opportunity to make a positive influence in the global crypto industry.
Getting down to business
Bitrue and Coinone have already taken steps to bring their businesses closer together. They have recently listed the token for the games distribution platform Ultra, which uses blockchain-based technology to offer a complete ecosystem for avid gamers. Players can buy, resell and play their favorite titles in one place — and exclusive access to contests, tournaments and live-streaming is also provided.
Both exchanges say the decision to list ULTRA (UOS) was an easy one because of how the platform’s vision for the future aligns with its own. Like Coinone and Bitrue, Ultra is seeking to appeal to markets in the English-speaking world and South East Asia. Given how gaming is now worth more than the music and film industries combined, and continues to grow at a rapid pace, the exchanges say they are expecting great things from Ultra in the future. UOS was listed on Bitrue back on Nov. 15, and made its debut on Coinone a few days later.
Further initiatives to bring the businesses closer together are in the pipeline, with Bitrue’s utility token BTR set to launch on the Coinone exchange in the not-too-distant future.
Disclosure: This is a sponsored article