The trading of cryptocurrencies in so-called decentralised financial markets (DeFi), which are based on blockchains and smart contracts, is rapidly growing via the almost 70 decentralised cryptocurrency exchanges (so-called DEXes) into a new form of global finance. Already today, around 2,000 cryptocurrencies or coins/tokens are traded on the crypto exchanges – with a daily turnover of around USD 5 billion, on some days up to USD 10 billion. In the last 6 years alone, the crypto market has grown by 45 000%; 450% since last May.
A big problem in the crypto market today is the lack of transparency regarding the different transaction costs in the various DEXes and the lack of insight into the fair price of a cryptocurrency in the respective crypto exchange.
For beginners in particular, this can mean that they have to pay up to 100% more for an exchange in cryptocurrencies than necessary. Even for experienced DeFi traders, it is almost impossible to get an overview with reasonable effort to get the best price for their swap.
The German start-up Crowdswap now solves this problem. It was founded by a mixed team of software developers from Germany and Iran. They are familiar with blockchain projects in the German energy industry and have spent a year developing best-price routing blockchain technology. With their system, which incorporates both the prices of cryptocurrencies and the associated transaction costs, they want to bring more transparency to the burgeoning global crypto market.
Transparency is also the thread that runs through the professional life of entrepreneur Christian Mülder, software developer, stock market trader and investor, and blockchain is the 100% instrument that makes this possible. As early as 2006, he was a co-initiator in the open source project B2B By Practice. The software is used by 60% of all German energy providers and realises the communication and mapping of processes of the German energy market with the help of a blockchain-like technology. His first company, which he sold in 2016, enabled him to get started as a trader and investor, and for him it was obvious from his own experience that transparency in the crypto market urgently needed to be established: “I was supposed to pay transaction costs of USD 100 when exchanging a coin worth USD 500. This was not communicated to me on the exchange. 20% in incidental investment costs is not acceptable. This gave me the idea to develop a price comparison for cryptocurrencies with my old comrades-in-arms,” says Mülder.
Crowdswap goes live with its crypto price comparison app in a beta version in June 2021, available for exchanges of the 2 000 major cryptocurrencies on the Ethereum network on initially 5 of the major DEXes. Traders can compare crypto prices, swap directly across different DEXes, and Crowdswap promises significant cost savings when swapping cryptocurrencies.
Crowdswap displays all prices and costs that a crypto trader can expect in a 100% transparent way and calculates the total price that a trader has to pay for a currency swap.
In the beta phase, Crowdswap itself does not charge any fees; however, they are already displayed in the price comparison.
Crowdswap / c/o Dreamrockz GmbH
53562 St. Katharinen
Phone: +49 2683 974 8030
Walmart Has Applied For Cryptocurrency Patent That Is Similar to Libra Token Proposed by Facebook
Walmart (NYSE: WMT) has applied for a cryptocurrency patent that has striking similarities to Facebook’s own Libra cryptocurrency. In the patent, Walmart thus the concept of a digital currency that has its ties placed with a regular currency, otherwise known as a stablecoin.
Walmart stated, “Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”
Walmart hopes that, by adding a “Walmart Coin” as an option for payment, may benefit some of its shoppers who opt to avoid using expensive brick and mortar banking services, among benefitting other users of the cryptocurrency.
5 Cryptocurrency Performers That Are In The News Today
Here are 5 cryptocurrencies that are in the news right now.
Neo (NEO) is an open source project that utilized blockchain technology and digital identities to digitize assets. The stock price at time of publication was $11.83
Monero (XMR) is a type of cryptocurrency that focuses on private and censorship-related transactions. It uses ring signature cryptography to reduce the amount of information used in cryptocurrency transactions. The stock price at time of publication was $82.27
Bitcoin (BTC): Bitcoin was the first majorly traded cryptocurrency stock and has prices surge into the tens of thousands. The stock price at time of publication was $10,043.60
Binance (BNB): Binance is a digital currency issued by the cryptocurrency exchange, Binance. It is based on the Ethereum blockchain and is similar to Ether. The stock price at time of publication was $27.65
Ethereum (ETH): Ethereum is a global, open-source platform for decentralized applications, enabling code writing that controls digital value. The stock price at time of publication was 217.04.