New crypto trading platform BB8 lets investors trade more than 1,000 digital currencies

Stocks and Financial Services Press Releases Wednesday February 28, 2018 17:43
SINGAPORE--28 Feb--PRNewswire/InfoQuest
Earlier this month, BB8, a new all-in-one crypto trading platform went live, enabling investors to manage their assets in one place.

Since the start of 2018, cryptocurrency investors have had to get used to a new market force -- volatility. Across many cryptocurrencies, prices have been fluctuating significantly, prompting investors to act fast and rebalance their portfolio, or take advantage of buying opportunities.

It may sound simple but for crypto investors, this process isn't easily executable.

While stock traders just need to log into their trading account to quickly buy or sell what they need, crypto investors often have to trade across multiple platforms (up to six to seven) at the same time. And that creates a problem -- by the time the crypto investors finish placing their first order, the spread may be long gone.

BB8 wants to make this whole process faster, easier and hassle free. The new platform is designed to manage trades in multiple cryptocurrencies, thus massively simplifying the process.

"To us, it seems incredibly arcane to expect cryptocurrency traders to manage their portfolios across multiple exchanges with a different account for each one," according to BB8 team. "You wouldn't expect a stock trader to have one account with the NYSE, another with NASDAQ, a third with the Hong Kong Stock Exchange and a fourth with the London Stock Exchange. That would obviously be incredibly inefficient, yet that's what we expect crypto investors to do."

Named after the Star Wars droid, BB8 positions itself as the world's first formal online cross-platform exchange aggregator. The pitch to investors is simple -- ditch the cumbersome process of logging into multiple accounts and use BB8 as a one-stop platform for all crypto trading.

According to CoinMarketCap, a website for tracking capitalization of various cryptocurrencies, in December 2016, the global market cap of cryptocurrencies was just $17.7 billion. But by December 2017, it had reached US$600 billion. At the same time, the variety of cryptocurrencies available to international crypto investors has mushroomed, with at least 1,500 currencies trading across 6,000 cryptocurrency exchanges globally.

BB8 allows users to monitor prices and place trades across multiple currencies from one platform. Currently, BB8 has synced with 10 exchanges in five countries, allowing investors to trade in 350 cryptocurrencies.

The team is adding two new exchanges every week and aims to cover 80% of the mainstream exchanges globally by June 2018. This will enable investors to trade in more than 1,000 digital currencies.

The platform has also developed a number of features targeted specifically at crypto investors. Dedicated hotkeys, for example, improve transaction efficiency and timing by making it much quicker to execute trades -- a key feature especially when a difference of seconds can be worth thousands of dollars. Premium users can also enjoy features such as assistance with opening forex accounts, quantitative hedging advice, automated trading and professional training.

The platform is built on a secure blockchain framework.BB8 has also issued its own cryptocurrency BB to enhance the efficiency of trading. BB is a standard digital currency based on Ethereum 2.0, which can be used to purchase services on the platform and can also be traded on global exchanges. This allows token holders to share the benefits as the BB8 platform grows.

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