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Crypto Company Change Launches Zero Fee Trading App

As competition heats up in the crypto industry companies are increasingly cutting trading fees to lure new customers to their platforms.

Singapore founded Change has launched a crypto trading and conversion app with no fees. The firm, currently based in Estonia, is marketing the app under the name of “Change Wallet” for consumers based in the European Economic Area. The target market is interesting, according to an ING survey in June two thirds of Europeans had heard about cryptocurrencies and a quarter of them planned on owning some in the future.

Change raised $17.5 million in its initial coin offering last year and claims to have 5,600 contributors. Its mission is “To aggregate all financial services in one sophisticated platform, enabling payments, transfers, and investments worldwide. Change is set to simplify and modernise mobile finance, focusing on security, efficiency, and equal access to opportunities,” according to the website.

According to reports the app will initially support Bitcoin, Ethereum, Ripple, Litecoin, and Tether. It will be available on Android and iOS. Change CEO Kristjan Kangro said in an interview that cryptocurrencies will soon be used just as much as traditional money by the people when paying for good and services.

Former CEO of DHL Global Forwarding and member of the Change advisory team, Roger Crook, added;

“I’m backing this project because I think it’s got an extremely great future, and I see that Change is going to have challenges going forward. I have no doubt that this business is going to thrive and grow globally over the coming years.”

Change has become the latest crypto startup to offer zero fee trading. US based Robinhood launched its zero fee trading platform in February and has recently added Litecoin and Bitcoin Cash support. The Robinhood app started off limited but can now be used across 17 states. The firm raised $363 million in May during a funding round to expand its crypto platform country-wide.

Other corporations such as Japan’s Line have offered zero fees for the first month as an incentive for new users. Line launched its crypto exchange Bitbox this week with support for almost 30 cryptocurrencies.

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Ripple Market Strategy Standing Out in the Race

San Francisco based-start up Ripple is following a different pattern of marketing for its blockchain supported financial solutions that it is offering. Keeping in mind that the number of coins in the crypto-verse is exploding with a rise in a daily basis, different-but smart is needed.

Ripple Target

The firm has a very clear cut path and a specific target niche. As explained in details by Daniel Aranda – Managing director of xSpring during the CryptoComare MJAC Summit.

xSpring Initiative is run by Daniel Aranda which is initiated to invest in, acquire, incubate and provide funding/grants for firms and projects plans that are run by entrepreneurs who are going to use XRP and the XRP Ledger. In which case the ones that find use of the decentralized solutions that the firm offers for clients will be favorite.

While talking about the Internet of Value, Mr. Aranda noted the similarity but yet difference between the IoV and today’s Internet. Likewise the packages of data that today’s internet transfers, value-money will be transacted for the IoV. He strongly supports the idea that payments play a vital role on building the fundamental walls for the internet.

“As we were thinking about different use cases… around payments… the highest friction and pain point that we found was around cross-border. So, if you think about here in the UK, you have services like the Faster Payments Service, CHAPS, and BACSRTGS from the Bank of England, you have great payment systems that already exist on a domestic or regional level… so there is SEPA in the EU as well… but because there is no global central bank, you don’t really have a global consolidated payments system… you have layers that maybe simulate that, things like Visa and MasterCard or even SWIFT as a messaging service… And we thought that a decentralized architecture, blockchain technology, and these public ledgers could really help kind of interoperate a lot of these different systems. So, with that thesis in mind, we just started looking at markets [to see] who would be the first users, who is the right first customer to focus work.”

On the process of expansion and learning, they found out that banks are the primary part-takes in the payment architecture that is already there. That is why Ripple’s financial solutions have been welcomed by banks as an outfit that seeks to solve real world banking problems. This has seen more than 75 banking establishments come onboard the platform this year alone.

Keeping in mind that the team is not looking to reform the whole system but offer better solutions to existing issues, many believe that the coin XRP could be positioned as the global currency many seek.

“So our software solutions, our enterprise solutions, right now, are sold to around 120 financial institutions around the world.” – D. Aranda

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