30 MARCH 2021
FIRST 100 DAY REPORT AND TECH UPGRADE
The Block Trade Exchange Limited (BTX) is pleased to give its first 100-day report as well as details on an important tech upgrade.
Since the opening of BTX on 11 December 2020, new registrations have exceeded 13,000 accounts. This high volume has created long queues to complete customer and bank verifications at times.
Trading volumes reached a peak of AU$705,000 per day with over AU$18 million of Qoin volume purchased from sellers in the first 100 days.
The previous quarterly report identified various unscrupulous ways that some sellers took advantage of BTX and the daily withdrawal limits. We are committed to working hard on protecting Qoin and are pleased to report that a tech upgrade will be deployed today which will improve the sustainability for the Qoin community. The key upgrades are:
- Identify and suspend those abusing the daily withdrawal limits.
- Streamline the onboarding and verification processes.
- Automating the loading of blocks across the trading day based on the daily supply and demand volumes. Please note that at this early stage there are more sellers for cash. Therefore, the supply and demand volumes of blocks will fluctuate on a daily or hourly basis.
We are confident that the above upgrades will improve the effectiveness of BTX and consequently are pleased to announce that the maximum sell block size will increase from the existing $100 to $125.
We want to thank the tech team for their considerable work over the past two weeks to make this upgrade possible. They also continue to make good progress on BTX Global which is aiming to serve the international markets from the end of May 2021.
We thank you, our valued customers, for your support and positive energy on social platforms, and look forward to growing BTX together into a mature exchange for the community.