- A popular cryptocurrency trading platform, Shapeshift, recently announced that it is switching towards the zero-commission model.
- The platform's goal is to make crypto trading as borderless and as decentralized as cryptocurrencies themselves are.
- The new move is expected to bring a new era of crypto trading, with hopes that it will influence other platforms to make the same change.
Shapeshift is one of the best-known international cryptocurrency trading platforms that opened shop back in 2014. The platform immediately captured the attention of crypto traders due to the fact that it provided a non-custodial model. In other words, traders were allowed to control their own assets, which was as far as decentralization of trading platforms could go back then.
Now, the platform captured the eye of the crypto industry yet again with a new announcement that it will introduce zero-fee crypto trading. This new approach is bound to bring waves of new users to the trading platform, considering that all other exchanges charge trading fees.
However, the move is seen as one of the biggest and most important ones in the crypto world to date, as it pioneers a new approach that others are bound to follow.
Shapeshift leading by example
Shapeshift’s goal was always to improve the conditions in regard to trading within the crypto world. The platform sees crypto for what it is — a decentralized, borderless asset. As such, it should be traded on the same, decentralized, borderless platform.
According to a recent report published by PR Newswire, Shapeshift’s CEO and founder, Erik Voorhees commented on the decision. “We believe that tokenized assets create powerful new mechanisms for customer engagement. ShapeShift’s FOX token, which perpetually grants zero-commission crypto trading to those who hold it, is our initial demonstration of this thesis,” he said.
The FOX token that Voorhees mentioned is a token that users receive simply by joining the platform. Shapeshift grants users 100 of these tokens, and all that users need to do is hold on to them. In return, they will be able to trade with no fees. Of course, miner fees will still apply, but each of the FOX coins will provide traders with $10 of free trading volume per month. In addition to zero trading fees, the platform also offers significantly higher liquidity and an intuitive user interface. That way, anyone can easily use the platform and increase their profits by not having to worry about trading fees.