Highlights from Bitrue Community Talks “Ask Me Anything” Session
In an attempt to answer the community’s burning questions, Bitrue called for its community to send in questions to be answered on their Bitrue Community Talks AMA session held on our official Telegram channel. Invited to answer these questions was Miranda Wu, Chief Product Officer of Bitrue. Her daily work focuses on the development of product-related features at Bitrue, which includes elaborating and managing strategies targeted at the crypto product ecosystem.
Without further ado, let’s look into the Q&A session below:
Q1. In light of the recent events that have been going on in the crypto space. Many Bitrue community members are concerned about the security of the CEXs. In this case, how will Bitrue persevere through these events and survive?
Bitrue wants its community to rest assured knowing that they have always placed the community first with every decision that they have made. Bitrue has always operated as a conservative and crypto-first exchange, which has guided them throughout the space over the past couple of years.
Bitrue also has good financial standing. As mentioned earlier, Bitrue has always operated with a crypto-first approach. Bitrue has always focused on optimizing our trading experience on the platform and offering a wide range of trading products for our users. Bitrue will never engage in any risky business practices, such as high-risk leverage trading or hedging our tokens as collateral. As an exchange, Bitrue’s main source of revenue continues to come from transaction fees as opposed to other investments. While this may be seen as conservative by some, Bitrue believes that it was their crypto-first approach that has brought them to where they are today.
Bitrue has always prioritized the safety and security of user assets. From early on, Bitrue’s focus had always been to establish a strong and impenetrable security system that focuses on operations and security, such as preventing hacks and loss of funds caused by system bugs.
To safeguard its users against potential risks, Bitrue established an insurance fund three years ago with mostly XRP- and BTR-denominated tokens. More details can be found in this article.
For the sake of transparency, Bitrue has also made public the addresses of the insurance fund here and here.
Bitrue is the first exchange to keep these addresses open for public viewing, as Bitrue believe full transparency is the best way for our users to build faith in us.
The recent FTX collapse undoubtedly caused many within the community to mistrust for centralised exchanges and led to many users withdrawing their funds from major exchanges, including Bitrue. However, from every crisis lies an opportunity. The collapse of FTX and subsequent exchanges has led to many poorly regulated exchanges. While this has a negative impact in the short term, it would eventually lead to a healthier and richer ecosystem for all in the long run.
Bitrue has always been a relatively low-profile and conservative exchange, taking a crypto-first and pragmatic approach in managing our exchange. This may be a time for exchanges like ours to shine, as we can finally show how committed we have been in building the crypto space over the years. We have proven ourselves this time, and it is our firm belief that the recent incident will lead to our users having greater faith in us and more users choosing to join our community.
Q2. This is a statement that would surely encourage a lot of our users. With great challenges come greater opportunities for responsible exchanges like Bitrue. Moving on to the next question, what other reserves does Bitrue have besides BTR & XRP tokens? What assets and liabilities does Bitrue have?
Besides BTR and XRP tokens, we also hold BTC, ETH, and a few other tokens. Please rest assured that our balance sheet is very healthy. We are also actively working with our auditing firm and hope to provide the PoR within 25 working days to verify that we have sufficient reserves.
Q3. Can you give an estimate of Bitrue’s hot wallet/cold wallet holdings?
Whenever a token holding surpasses the 2 million mark, we start a cold wallet. Approximately 70% of our funds are held in our cold wallets, and about 30% are held in our hot wallets.
Q4. Can you tell us the entire holdings/supply of the BTR token?
Bitrue is completely transparent about our BTR holdings/supply. To date, BTR’s total supply is at 750,779,428 with its market cap at 392,976,689.
Q5. Some users are concerned whether BTR is used to inflate the values on the balance sheet. Could you please explain this to us?
Some of our long-time users have complained that we are not paying enough attention to BTR. This was the subsequent result of the fact that Bitrue is not the kind of exchange that uses deceptive means to pump up BTR’s market cap just to fill up our balance sheet. We admit that we have been mostly focused on the business and may have overlooked the construction for BTR. This is something that we need to improve in the future.
Q6. Many Bitruers have been paying close attention to our exchange token, BTR. We often receive questions asking do we have any plans to improve the token utility for BTR?
Yes, definitely. Token utility has been challenging in recent months due to ongoing market volatility. It is very much in our plans to create greater token utility for BTR. In the upcoming months, we plan to continue to create greater utilities for BTR, including benefits and returns for all our token holders. We plan to–
- Continue increasing Yield Farm voting for token holders;
- Increase IEO listings;
- Potentially launch credit card products where holders will be granted higher credit limits and spending rewards;
- List BTR on major exchanges;
- Launch coin launch pool model with BTR as the mining token; and
- Restart the buyback model with BMAX mechanism.
Q7. What progress has been made on getting BTR listed on other exchanges?
Bitrue has always been committed to bringing our native token, BTR, to the highest standard. Perhaps, this is why it is so important that we reach strategic and favourable agreements when dealing with exchanges. As such, we continue to work ongoingly with many major exchanges to find an ideal opportunity to launch BTR on their exchanges.
At present, Bitrue will be placing a greater emphasis on the exchange side of our business for strategic reasons. However, Bitrue will continue to work with numerous exchanges to take BTR to the next level.
Q8. When will there be BTR buybacks laid out in the BMAX whitepaper?
We are computing the earnings. We will perform BTR buybacks when earnings hit a predetermined threshold. Please stay tuned for more updates on this matter.
Q9. Currently, FTT has created distrust in exchange tokens. Under such circumstances, how will Bitrue use BTR and ensure the preservation and growth of BTR’s value?
Bitrue will continue to grow our business, and as our user base expands, we believe that BTR’s value will follow suit, becoming more and more valuable through increased token utility.
To achieve that, Bitrue plans to enhance token utility by continuing its efforts in increasing Yield Farm voting for token holders and increasing IEO listings.
As mentioned earlier, we will continue working with major exchanges to find an ideal opportunity to list BTR on their exchanges.
Upcoming plans include potentially launching credit card products where holders will be entitled to higher credit limits and spending rewards, launching a coin launch pool model with BTR as the mining token, and reinitiating the buyback via BMAX mechanism.
Q10. Another question that we received a lot is related to Bitrue’s CEO position. Is Bitrue in the midst of looking for a new CEO?
We are still in the process of recruiting our new CEO. Being one of the early proponents of crypto, Bitrue has also adopted a crypto-first approach that has helped us thrive in the space. One of these values is strong leadership and a well-developed business structure across different aspects of the organization. As a result, the vacant CEO position has no impact on our business, and we continue to function at our best. We have an excellent executive team that has been assuming the role of overall coordination.
Q11. Is Curis Wang still on the board?
Having been integral to building Bitrue since its early days, Curis has played a pivotal role in building Bitrue into what it is now. Today, Curis Wang continues to be involved in Bitrue in an advisory role, supporting and building the vision of Bitrue.
That concludes the AMA. Bitrue thanks the community for tuning in to the AMA session. We will hold the next Bitrue Community Talks very soon and will continue to do so regularly. Unanswered questions due to the time constraint will be answered in the next session. Please stay tuned for more updates on our official website and social platforms.
Again, Bitrue thanks its community for supporting us throughout the many ups and downs over the years. Trust has always been crucial in the crypto space, especially with everything that has happened lately. At Bitrue, we strive to keep full transparency to the public and ensure the safety and security of all user assets. After all, that’s why we are Bitrue. Stay strong!
Please stay tuned for more updates on our official website and Twitter.