INTRODUCTION
The creation of Bitcoin has ushered the world into a new technological age which introduced decentralization in the financial system. This new technological age gave birth to Blockchain technology and cryptocurrencies are also known as digital currencies. Gradually and steadily, cryptocurrencies are gaining the attention of more investors all around the world. From 2009 to 2019, cryptocurrencies are one of the fast-growing sectors of the world’s financial system with about billions of people living in this new era of technological advancement either buying or selling cryptocurrencies for other cryptocurrencies.
With such attention growing, many blockchain technology enthusiasts developed online marketplaces and platforms where these investors and other crypto enthusiasts can buy and sell these cryptocurrencies such as Bitcoin and Ethereum known as exchange platforms. The underlining purpose of these platforms was to make it easier for people to have access to cryptocurrencies and use them for their online transactions and investments, but the majority of these platforms have the common forms of problems facing the majority of them. These problems include; lack of security, simplicity, poor functioning of the platform, high fees, and slow function of such platforms making it difficult for proper buying and selling for crypto enthusiasts and novice investors.
THE VALUE PROPOSITION OF EUROPEAN CRYPTOCURRENCY EXCHANGE (EUCX)
With such challenges, the European Cryptocurrency Exchange (EUCX) was created to close and break these gaps. In order to bridge these gaps, the European Cryptocurrency Exchange (EUCX) platform will adopt a value proposition which is made up of six divided aspects. But in this article will just discuss a few of the value proposition made by this exchange platform in bridging the gaps most exchange platforms can't.
Transparency
The first aspect of the value proposition that will be adopted by the European Cryptocurrency Exchange (EUCX) is transparency. Base on the study done by the European Cryptocurrency Exchange (EUCX) team, they notice that most of the exchange platforms are opaque for industries which claim to be built on open source software and the notion of complete transparency through public blockchain ledgers. The opaqueness of these platforms can be seen with the listing requirements for a cryptocurrency to be traded on the platform. Teams of those cryptocurrencies applying to get their token or coin listed on an exchange, usually do not know what the costs are going to be and, more importantly, the fundamental requirements.
In order to resolve the issue with transparency, the European Cryptocurrency Exchange (EUCX) team have the following base rule regarding transparency. The rule will be that all publicly available information must at all times be easily obtainable through the official website of EUCX. This information will include the following:
Annual reports;
Listing requirements;
Fund wallet addresses;
Contact information;
EUCX Leadership;
Shareholders;
Donations of any kind;
Terms & conditions;
Privacy policy;
External audits of any kind.
Fiat on-ramp
The second aspect of their value proposition is Fiat on-ramp on the European Cryptocurrency Exchange (EUCX) platform. This will allow users to easily exchange fiat for cryptocurrencies. EUCX team plans to start the development of a fiat on-ramp on the condition that the hard cap of the Token Sale is reached and/or other means of funding allow the team to create or obtain enough liquidity in order to properly run an on-ramp. But creating a fiat on-ramp with sufficient liquidity is a challenge in this day and age. Without the proper amount of liquidity, the risk increases that users are forced to wait for their funds to become available to them. That is simply unacceptable. Hence, the requirement that the Token Sale hard cap is reached and/or sufficient liquidity is available in one form or another.
Regulatory Compliance
A research made by the European Cryptocurrency Exchange (EUCX) team showed that in 2020, the biggest hurdle for any cryptocurrency exchange within the EU is to be compliant with the AML5 law. This anti-money laundering and counter-terrorism financing law is the first financial law to include a definition and regulatory requirements for cryptocurrencies. From the inception of EUCX, the founders emphasized regulatory compliance as being one of the core values. As it stands now, there is a clear lack of compliant exchanges. Even if cryptocurrencies are not officially regulated yet, it is the opinion of EUCX that exchanges should comply with the current financial laws, regardless of applicability.
It is in the best interest of EUCX to do everything humanly possible to show the world that cryptocurrencies don’t have to remain the proverbial red-headed stepchild in the financial world that it is now, by actively approaching regulators and government organizations. Regulatory compliance is a big part of the mission of the European Cryptocurrency Exchange (EUCX)
Currently, EUCX is putting the last touches on their AML/CTF/KYC policy, to have it reviewed by the Dutch central bank (“DNB”) later this year, when the AML5 law is finalized. Next, to company policies, EUCX is cooperating with government organizations to develop new techniques in order to increase transparency and traceability of cryptocurrencies, as is required by the new AML5 law.
Customer Support
Of all the operational aspects of any organization, customer support is often the red-headed stepchild of the family. When it comes to fast-growing (fin) tech companies, this isn’t much different. All too often, companies (not only exchanges) underestimate the logistical challenge of this aspect. The European Cryptocurrency Exchange (EUCX) team analyzed researches made by people and institutions and identified that One key factor of customer support is effectiveness.
Effectiveness is directly tied to the support team’s knowledge of (possible) issues that they may have to resolve. Based on a study by Statista, 27% of American customers report ‘lack of effectiveness’ as their main source of frustration. Other sources of frustration are lack of speed and lack of accuracy. On top of that, customers’ expectations of customer service are increasing. According to research made by Microsoft, 54% of their users say they have higher expectations of customer service than they did just one year ago. Effectiveness, speed and accuracy can only be solved by proper training, communication with the DevOps team and good old work experience. As part of the development cycle, any new or changed features are therefore presented and thoroughly explained by the DevOps team to the support team.
Since customer support is the medium the European Cryptocurrency Exchange (EUCX) can effectively resolve and know users problems, the EUCX customer support will be delivered through multiple service channels which include:
Email
Instant messenger (Telegram, Mobile App, etc.)
Social Media (Twitter)
Telephone (only available to Business users)
CONCLUSION
The purpose of these value propositions is to provide a curated and reliable platform for all levels of traders. Platforms where traders do not have to think twice about the legality of the tradable assets or whether or not the platform will disappear overnight without a trace.
ROADMAP
TEAM MEMBERS
For more information about this project please visit the following official links of EUCX.
Website: https://eucx.ioJoin
Telegram: https://t.me/eucx_community
Twitter at https://twitter.com/eucxio
Sub-Reddit: https://www.reddit.com/r/EUCXio/
LinkedIn: https://www.linkedin.com/company/eucx