Highlights From Bitrue x BSCStation’s “Ask Me Anything” Session on Telegram
24th of November, 2022 — Bitrue was recently invited to BSCStation’s official Telegram session as a guest for a “Ask Me Anything” session. Hosting the session is Mr. Jeremy, the community manager at BSCStation. Our newly minted Chief Strategy Officer, Robert Quartly-Janeiro joined in as a guest to answer some questions about Bitrue.
Here’s a rundown of the Telegram session:
Q1. To start, would you kindly introduce what Bitrue is in short?
Bitrue is a leading CEX operating since 2018 with a goal of providing a simple, faster, and safer trading platform to all crypto investors.
Bitrue provides secure, stable, and efficient financial services to users regardless of their location in the world or their economic position.
We pride ourselves on the wide variety of assets and choices we have available, including over 1,000 altcoins supported, almost 2,000 pairs, 100+ Futures options, 200+ leverage tokens, and more.
We also support a Yield Farming Hub which allows investors to earn high returns with a simple setup by staking their crypto assets, as well as Power Piggy, our most popular feature for generating a steady stream of passive income. Check out more about Bitrue and sign up on our website here.
Q2. What differentiates Bitrue from other exchanges?
What makes Bitrue unique is its conservative and user-first approach when running the exchange.
Unlike many other exchanges, Bitrue never had and would never engage in risky business practices such as leveraged investments or redirecting business funds for investments.
Bitrue will never misappropriate or use user funds unless directed by the user to do so.
Q3. To date, can you please tell us what monumental milestones have Bitrue achieved since its conception?
We have been active through bearish and bullish markets for four years.
We have grown substantially with over: 600K Twitter followers
9 million registered users, 2 million monthly active users,
and more than 1,000 tokens listed,
trading volumes of 2 billion in spot and 3 billion in futures.
We will keep moving forward over the next several years and welcome more users, projects, and partners!
Q4. As one of the popular features on Bitrue, how do Power Piggy and Yield Farming help benefit users and the community?
The Yield Farming on Bitrue usually has a higher APY on Bitrue Yield Farming than other staking platforms.
All users are eligible to participate in the existing hundreds of Yield Farming pools with up to 200% APY.
If whales or HODLers want high returns, it is essential to invest on www.bitrue.com/yield-farming to get high APYs, easier access, and heightened security compared to other exchanges.
The Power Piggy is flexible staking, where we also have more than 130 Power Piggy opportunities up to 100% APY including flexible and lockup for stablecoins like USDT, USDC, DAI, BUSD, GameFi tokens like GMT, SLP, and AXS, DeFi tokens like SUN, CAKE, AAVE, mainnet tokens like ETH, XRP, ADA, ICP, and meme coins like VINU, DOGE and SHIB.
Q5. The recent downfall of FTX shook the entire crypto space, crippling investors’ trust, and confidence. Regaining and rebuilding that trust will be challenging. How has the collapse of FTX affected the landscape of crypto?
After the debacle of FTX’s downfall, the crypto community has lost trust in exchanges and projects. Not only has the collapse of FTX affected hundreds of thousands of users globally, but it has also impacted those heavily involved in building in the space. Being closely linked to FTX, Solana was a project impacted significantly by the FTX saga. Moving forward, it is important to continue to work towards restoring trust and stability within the community through security and transparency.
Q6. What has Bitrue worked on to show others their commitment to prioritizing customer security and safety?
Bitrue has always prioritized the safety and security of user assets. From early on, our 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 our users against potential risks, we 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, we have also made public the addresses of the insurance fund here:
https://bithomp.com/explorer/rNYW2bie6KwUSYhhtcnXWzRy5nLCa1UNCn https://etherscan.io/address/0xf306f253dc042d88f83a49003a931c45b8e6f184
We are the first exchange to keep these addresses open for public viewing, as we 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 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 to 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.
Q7. How about Bitrue’s asset security? Is it secure?
Bitrue provides multi-layered protection over users’ assets (three layers), consisting of Proactive Protection and Reactive Protection. Proactive Protection is achieved via Policy Management and Infrastructure Protection. Bitrue’s insurance funds also acts as a contingency plan. We were the first exchange that published our insurance wallet addresses for public viewing. Aside from BTR and XRP tokens, we also hold BTC, ETH, and a few other tokens. The community can rest assured knowing that our balance sheet is very healthy.
Bitrue also deploys an Infrastructure Protection strategy, where 95% of our funds are stored in cold wallets. Relatively, this is much more secure since cold wallets are maintained offline. Besides that, Bitrue also uses proprietary cold wallet technology to avoid security incidents caused by code leaks.
Q8. What type of projects is Bitrue keen on collaborating with soon?
Bitrue welcomes projects from every sector in the crypto space for listing. We are also very open to early-stage projects that are interested in carrying out an initial listing on Bitrue. From our perspective, every single project can be an interesting one to collaborate with, because we believe each project holds its own distinctiveness. Do not hesitate to reach out to our BD team, if you have a unique project!
Q9. Are there any upcoming projects or events we should be excited about from Bitrue?
The community should stay tuned for our upcoming Yield Farming Campaign! Users can earn Tokens by Staking Tokens. It works somewhat like an investment.
Why Yield Farming at Bitrue? We provide a healthy staking system for users that avoids whales. It’s also a perfect feature that weathers through high market volatility well. The token staking mechanism enhances control of selling pressure. We see this as a core product that allows the users and the community to earn passive income while holding their tokens despite undergoing a market downturn.
Q10. Does Bitrue have any intention to invest in an early-stage project? What are the requirements?
Bitrue Ventures was officially launched earlier this year, with the mission to back committed crypto infra builders as well as applications democratizing GameFi, DeFi and NFTs access. Our team has previously invested in Circle, Ampleforth, Blocto before, and more recently Ethsign, among others.
We are most interested in becoming long-term supporters of builders in all verticals with a passion to push for more adoption of blockchain technology. Apart from funding, Bitrue Ventures is also prepared to support builders with our strategic resources.
Q11. How does Bitrue support projects on listing services when it comes to trading and liquidity?
Bitrue will help projects connect with our reputable market maker internally, and they will assist the project by providing liquidity. For listing services, we help the project in conducting the BTR Voting round. We hype up the community and let them learn about the project through that. Once the project confirms its listing on Bitrue, we will announce the official news on our social media platforms, such as our official Twitter account and Telegram community.
When it comes to post-listing activities, Bitrue also provides a 0 service fee when organizing trading contests and yield farming campaigns. Last but not least, our team also provides operational and technical assistance around the clock if any problem or issue arises for the projects.
We very much welcome good project ideas to contact our BD team! We are open to recommendations too!
Bitrue. Trade at the one-stop trading platform with different crypto trading instruments today!
Bitrue Homepage — www.bitrue.com
Twitter — twitter.com/BitrueOfficial
Telegram Community — https://t.me/BitrueOfficial
Telegram Announcement — http://t.me/Bitrue_official
Reddit — www.reddit.com/r/BitrueOfficial
Medium — http://bitrue.medium.com
