Cryptocurrency exchanges are set to undergo some major changes in the years to come. Cryptoa positions itself as a hybrid exchange platform which will pave the way for broader cryptocurrency adoption. It will neither be a centralized exchange nor a decentralized exchange, but rather a combination of both.
The Cryptoa Concept
It sounds a bit unusual to combine the best of centralized and decentralized exchanges. At the same time, they both offer advantages and drawbacks, as neither system is perfect. For the Cryptoa team, their main objective is to ensure both concepts can be combined into one viable offering and hopefully increase overall cryptocurrency adoption in the process.
How Does it Work?
Becoming a hybrid cryptocurrency exchange combines functions of both trading platform types. Cryptoa wants to solve the lack of trust and centralization. To do so, the company will maintain a very lenient KYC process in order to be compliant with regulatory measures. Additionally, there is a zero-fee listing fee to accommodate the listing of new tokens and currencies on this platform.
Under the hood, Cryptoa will allegedly use an infrastructure very similar to that of NASDAQ. That is a rather bold claim, although the founder of the exchange apparently has close ties with the NASDAQ platform. It is a bit unclear how that will play out exactly where cryptocurrency is concerned, although it may introduce some interesting options.
On the fee front, there is no trading fee for users to worry about. Additionally, the withdrawal limit will be higher compared to most other exchanges, although it remains to be seen how long that can be sustained without a thorough KYC process. Among the supported currencies are Bitcoin, Ethereum, XRP, USDT, NEO, Monero, and EOS. More currencies are expected to be added as more time progresses.
The Road Ahead
It is always difficult for new cryptocurrency trading platforms to gain any real traction. With centralized and decentralized exchanges currently taking center stage, it seems highly unlikely Cryptoa will succeed anytime soon. At the same time, the platform is taking a different approach, which could go a very long way in terms of improving the ecosystem as a whole.