Beyond Bitcoin: The Future of Crypto Markets
Cryptocurrency exchanges are more prominent than ever. While some have unique quirks, the majority link their value to Bitcoin – unsurprising, as it is the most prominent cryptocurrency, with universal recognition in the space. It has become a staple of the entire blockchain ecosystem, but more and more companies are asking: Does it have to be this way? Coinage CEO Chad Pankewitz believes that it does not. His company’s new, mobile-friendly crypto exchange is designed to reflect this belief – and potentially point the direction for the future of cryptocurrency trading.
“From a long-term perspective, we want to take a stand, and the first steps toward moving the market away from being tied to Bitcoin,” said Pankewitz. “There are thousands of projects in cryptocurrency — distributed apps, blockchain use cases, and smart contract platforms across every industry vertical…each has their own project, company, team, utility, levels of funding, traction, community, and business model. We believe these companies’ valuations…should be valued on their individual merits, much like a traditional stock market.”
In Pankewitz’s mind, breaking with tradition (and with major exchanges like Coinbase and Binance) is motivated by simplicity and stability. Current crypto trading norms are at odds with traditional investing, which is usually linked to a standard currency (like US dollars). Pankewitz thinks that approaching value in bitcoin is “crazy,” in part because traders “are made to figure out these difficult decimal numbers, such as BTC 0.0014758” to calculate value. Additionally, Pankewitz believes that “having one stable side to the trading pair, it allows the exchange to manage risk better and offer customers more advanced products, margin trading on alt-coins, short selling, and — in the future — derivatives on a wider range of assets.”
Stability remains a major inhibitor of growth in cryptocurrency markets – January 2018 saw crypto markets reach $800 billion, only to spiral to $256 million as of early April. Adrian Lai, a founding partner in Hong Kong-based investment firm Orichal Partners, characterized this fluctuation as “irrational,” attributing the volatility to lack of regulatory oversight and institutional investment. But it seems investors will be increasingly willing to commit to the space maturing as the United States, Japan, South Korea, and others debate and create frameworks governing the crypto ecosystem.
Bullish attitude appears to be more common than not. Even volatile markets have not scared off venture capital firms, who continue to invest in crypto companies – Goldman Sachs, Baidu, and CICC raised $140 million for payments technology company Circle’s recent acquisition of the Poloniex crypto exchange and Digital Currency Group’s investment in Silvergate Bank. Signs point towards the wane of crypto markets as the wild west. The future of crypto trading appears to be stable, simple, and well-regulated.
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