Despite a lot of competition from around the world, BiKi Exchange has still managed to become among the top crypto exchanges in the world. In fact, CoinMarketCap currently lists BiKi as the 6th largest crypto exchange by 24-hour trading volume. This is higher than some other popular exchanges like CoinBene and Folgory, so it should be interesting to learn more about this particular exchange.
What exactly is BiKi?
The story of BiKi dates back to June 2018 when the company was founded and launched in Singapore as BikiCoin. This was less than 2 years ago, and yet the exchange already has 2 million registered users. Of these, 130,000 are daily active users and this amounts to over $1.3 billion in average daily trading volume. A lot of hype surrounds the exchange ever since the company spent millions to acquire the BiKi.com as its domain name, but it worked out well. Many magazines and publications including Forbes often tout BiKi as one of the fastest-growing crypto companies in the world.
Part of the exchange’s success has been the amazing team behind the company and investments from renowned companies. The most notable team member is Du Jun, who was the co-founder of Huobi and former product manager at Tencent. He personally invested $5 million into the company and is now a co-CEO while the CEO for Southeast Asia is Ethan Ng, yet another renowned figure in crypto. Besides Du Jun’s investment, BiKi was also funded by institutions such as FBG Capital, Node Capital, Genesis Group and ChainUP. In total, there has been about $10 million of investment into the company, showing that there is a lot of support behind it.
Like many other successful crypto exchanges, this one also launched its own native token named BiKi Token (BIKI). The main purpose of the tokens was to entice investment into the company as the value of the token rose along with demand. Holding BIKI grants you discounts on trading fees as well as deposit and withdrawal fees. For a frequent trader, this can be a huge advantage in reducing costs.
At first, 1 billion BIKI tokens were created and issued to investors, but the company plans on reducing the supply down to 100 million tokens. This is to be done by buying back tokens and burning them so that the value of BIKI continues to rise. 344 million tokens have already been burned, making BIKI more valuable already.
Traders on this exchange enjoy access to a wide variety of cryptocurrencies up to 150 and 250 currency pairs. This is an impressive list of assets available for trade, but unfortunately, the exchange does not accept fiat currencies. That may be a bummer for some traders who prefer to trade against fiat currencies, but then again there are a lot of other advantages.
Trading on BiKi can be done on both PC and mobile through the company’s app. The desktop trading platform has all the necessary trading features anyone may need to make trades and analyze markets. Nevertheless, the mobile app is equally impressive with many useful features and an easy to use interface for easy trading.