The growing demand for cryptocurrencies has prompted many companies and prominent tech individuals to enter the industry and create exchanges for the trade of the asset class.
Many people have begun trading cryptocurrencies due to the benefits that come with the digital assets and the ease of transfer that they bring to financial participation.
McAfee close to launching an exchange
Popular computer programmer and businessman, John McAfee has teased his supporters with a preview of his upcoming cryptocurrency exchange.
He gave a preview of the announcement he is due to make about a crypto exchange that will have no KYC requirements and low trading fees.
As regulators tighten their restrictions against cryptocurrencies, many exchanges now require their customers to provide KYC information.
Many crypto traders engage with the asset class in a bid to benefit from the anonymity that comes with cryptocurrencies.
Exchanges that require KYC data have become unpopular, and McAfee’s promise of a KYC free exchange has generated much excitement in the crypto community.
The preview offered by McAfee reveals that the exchange will be named McAfee DEX, and the exchange is in its beta stage. The beta version of the exchange will be released on Monday, the 7th of October.
The exchange runs on the Ethereum blockchain, one of the most popular networks in the crypto industry.
According to the preview, the exchange collects no customer information, has no jurisdiction restrictions, and does not have any maker fees. Users of the platform will only pay a single platform fee of 0.25%.
A preview of what's coming Monday: Requires no name, no documents, no email, no bank info. Transaction details private. Nothing monitored. Nothing recorded. No restrictions. No listing fees. 0.25% transaction fees. Completely decentralized.https://t.co/1vUQ6AZiqc
— John McAfee (@officialmcafee) October 4, 2019
Some members of the crypto community raised concerns over the 0.25% commission fee, saying that is far higher than the industry norm.
Most exchanges charge between 0.5% to 0.10% commission, and it places McAfee DEX on the high end when it comes to commission.
However, the absence of trading fees balances this out for many other traders, and it will be the exchange’s most significant selling point.
The beta version of the exchange will offer a broader view of its functionality and a feel of how the experience on the exchange will be like.
Crypto baron led exchange
McAfee is a long time fan of cryptocurrency, and he is known to have a large holding of crypto assets.
The businessman has worked on many crypto projects but has now dedicated his efforts towards the development and launch of the exchange.
McAfee said that the past few months have been a hit and miss for him in the crypto community, but he is now ready to launch the product he has been working on for most of the year.
The crypto community will be looking forward to the launch of McAfee DEX’s beta version on Monday as a zero trading fee future becomes a tangible reality.
I've been hit and miss in the Crypto Community for the past few months, but I've been doing the Lord's work. On Monday I will have an announcement about what we have been working on non-stop for over a year. I think you will like it.
— John McAfee (@officialmcafee) October 2, 2019