With an aim to decentralize cryptocurrency trading, ShapeShift launched its own token, FOX. ShapeShift Launched Token Offering Zero-Commission Crypto Trading.
To participate in commission-free crypto trading on its platform, the Swiss-registered company aims to provide free FOX tokens.
Erik Voorhees, ShapeShift Founder & CEO made an announcement on Twitter and tweeted:
“All ShapeShift customers can now trade for free on the new http://ShapeShift.com platform while retaining full control of their keys.”
He also said:
“We believe that tokenized assets create powerful new mechanisms for customer engagement. ShapeShift’s FOX token, which perpetually grants zero-commission crypto trading to anyone holding it, is our initial demonstration of this thesis.“
ShapeShift FOX has entered other exchange tokens, including Binance Coin and Bithumb Coin (BN).
According to the announcement, the company offers 100 FOX tokens on verified signup. While to avail of the benefit, there is no need to spend them or lose them.
Customers will be eligible to receive $1,000 of trading volume every month while holding these 100 FOX tokens. Therefore, each token provides $10 of free trading volume in due course every 30 days.
“Our target audience is a normal crypto user who has several kinds of assets and want a safe way to hold and trade them,” Voorhees said.
ShapeShift expects an increase in trading accounts by 30 per cent and plans to begin selling its loyalty tokens if the program works well.
The company’s goal is to help crypto users transition to self-custody by offering high liquidity, zero trade fees, and a beautiful web-based user interface.
By offering high liquidity and zero trade fees, ShapeShift aims to address non-custodial issues such as low liquidity and low prices.