Hello! I would like to tell you about my visit to popular cryptocurrency exchange EXMO office in Barcelona and to share the results of our personal communication during the last couple of days. I hope it will help you to understand the people who stand behind EXMO and what their motivation is.
All this started when EXMO has added 2 new trading pairs in the beginning of 2016 – growing in popularity cruptocurrencies DASH and Etherium. As I follow up and participate in DASH project development for over 1,5 years, this situation couldn’t pass me by without giving me good vibes. And when I found out that EXMO became the first cryptocurrency exchange in the world that could implement the system of instant (2-10 seconds) deposit and withdrawal of DASH funds InstantX – it gave me confidence that adding DASH to EXMO platform wasn’t just an adding another fork to another exchange, but was an occurrence of certain strategic importance. Our following personal correspondence (part of EXMO team speaks Russian very well) has firmed my confidence – DASH has been added not spontaneously, but with relation to the further prospective.
The more we communicated, the more it became clearer that online format is becoming tight for us and we need a personal meeting – I wanted to tell them more about Dash and technology elements that are not obvious for most people. They in their turn wanted to know more about Dash and to use my marketing examination for company expanding and general functioning on the market. As a result they have compensated me all the transport expenses (I specifically stipulated that it won’t be an obstacle for me to write any negative feedbacks), and here I am sitting in their office in Barcelona – first day of live communication (I am not publishing my photo, as I want to keep my privacy):
Though I am not a trader, but in the first place I was interested in EXMO reliability – I would like, as we say it, “to look in the eyes”. Disappearance of exchanges (Mintpal, Cryptsy) with the balances of their clients became way too regular – it almost looks like a part of their business model. What I have to say – information and impressions I got there in some degree put me at my ease (but of course there cannot be 100% guarantee in this matter):
1. First, these people have experience in maintenance of traditional exchanges and in the providing their security.
2. All the soft from the beginning to the end is developed and tested by EXMO team itself. Additionally they conduct regular external security audit with the involvement of top experts and companies. In other words, best specialists are regularly trying to “crack them for money”.
3. Besides someone from “cool-hackers” is constantly trying to hack them 24 hours a day, however it doesn’t affect the current work of the exchange.
4. Nevertheless in the very beginning of 2-year history of exchange there were several accidences of real successful crackings of their system, however the consequences of these crackings turned out to be localized by plan due to EXMO internal security system that prevents significant losses.
5. According to EXMO leading experts, building secure trading platform that is able to endure round-the-clock load (including trading via API) is an overwhelming task for many current exchanges (which are able to work under a low load only), but it is the soft that provides not the trades, but internal security – a lineaments of real professionals. Development and maintenance of such soft is 5 to 10 times harder than development of the trading platform soft itself. And, as it is said to be, the lack of adequate security level has been brought many exchanges to failure.
6. Particularly by the reason of high-level requirements for security, EXMO is not going to add a great number of trading pairs, they are focusing on basic cryptocurrencies.
7. EXMO is working absolutely by legal and open means, meeting all the requirements of jurisdictions they are working within. It allows them with a clean conscience carry out their activity completely transparently. They even wanted to involve insurances companies for the full coverage of all possible risks, but haven’t found appropriate insurer who is able to complete this task at a reasonable price.
8. In spite of all the assurances and so on, I still think that the idea to keep all your DASH funds in the wallet (even in the EXMO wallet) – is not the best option. In my opinion, you should keep at the exchange only those funds that are really needed to carry out trading activity, and all the rest should be withdrawn to your local official DASH wallet.
After putting this uneasy subject at ease, we moved to a wide range of other questions. Here are some topics we have discussed:
Exmo sets the goal to become LEADING DASH exchange in 2016, as they see high potential of DASH. Thus the long-term goal is to keep positions they took up in 2016 in accordance with further growth of Dash. To complete this task in particular it is expected:
1. Adding USD/DASH trading pair during next couple of weeks.
2. Conducting an active joint marketing campaign with emphasis on key advantages of Dash cryptocurrency and on advantages of EXMO platform as well.
3. Unique technical features of DASH will allow EXMO to enter the new markets that have been out of their reach before.
4. Implementing new trading tools will allow to attract big traders to support status and instrumentarium of “basic DASH exchange”.
5. Considering DASH Masternode as a platform for development and implementation of promising decentralized services and derivative financial instruments DASH-EXMO.
6. As EXMO office has a separate entrance on the ground floor and they receive visitors, they want to buy one bitcoinomat with the function of instant (InstantX) DASH deposit/withdrawal with further perspective to deploy the net of such devices in Barcelona, Spain. Also EXMO is interested in vending machines with the function of instant DASH payments.
7. Involvement of marketing experts from among Dash enthusiasts that will be able to promote EXMO exchange to the new markets, (if you are interested in this, you can contact me or Margo directly: [email protected])
8. Presence of their own impressive “programmers potential” will allow EXMO to be the first to implement and to trial all planned Dash innovations related to development of Dah Evolution.
Unfortunately I can announce all other details and topics that we discussed at the meeting, because it can impede successful realization. Information will be disclosed following the implementation of plans…
I think that setting personal contacts with key players in the cryptocurrency world should become a regular practice for all members of Dash-community. For example, EXMO exchange (as any other service, I think) doesn’t want to invest money and efforts in development of joint projects if they don’t see the counter initiative and interest of DASH community. Apart from technological advantages, DASH community has demonstrated its capability to support EXMO (I hope this support and EXMO popularity will become even stronger) – this is very helpful for building partnership relations.
Operative solution of technical issues, coordination of joint marketing actions, finding out new win-win areas – all of this is important for Dash innovations not to stay theoretical, but to get speedy practical use all over the world. I think Dash people should create an institute and tradition of some sort of supervisors to work with key businesses in person. For example, I would be honored to supervise the collaboration with EXMO exchange and there could be many and many partnerships like this
In the world of cryptocurrencies there are not so many projects that are able to scale up by times – DASH and EXMO is a good example of such projects! God blessed us to combine efforts!