The cryptocurrency economy is growing every day with over 1,500 total digital coins and tokens at press time. While most of these tokens are already on exchanges, some of them have yet to be listed. But how much does it cost for a new token to get listed on an exchange?
Money Making Machines
According to a Business Insider , cryptocurrency exchanges currently charge from $50,000 up to $1 million to list ICO tokens, coins, and crypto assets on their platforms.
“The exchanges are where the liquidity is – it’s where the money is – so that’s where the power is just at the moment,” said Michael Jackson, a partner at a VC firm named .
Naturally, many stakeholders are of the opinion that a $1 million listing fee is quite exorbitant and unreasonable, considering the fact that a crypto listing charge is far higher than listing on traditional stock exchanges.
Even for ICO projects that have real utilities, a $1 million charge is simply “Too much. The fees reflect the current power imbalance between exchanges and crypto projects,” opined an advisor of a popular ICO project.
Many respondents in the report declined to name the exchanges charging crazy fees while also pleading anonymity for fear of earning a place in the black book of these powerful exchanges.
Crypto exchanges are like the alpha and Omega of ICO world as the survival of some ICO projects largely depends on being able to get onto a good exchange.
If it Can’t Be Traded, It Won’t Be Bought
Since the price of bitcoin skyrocketed in 2017, many startups started leveraging initial coin offerings () as a more accessible alternative to raising capital for their business than initial public offers (). Further, investors see contributing to these ICO projects as a viable means of getting rich within a relatively short period. Jackson iterated these sentiments:
“Investors are hoping to make money on it. They’ve got to be able to trade it and a lot of [ICOs] are almost promising their investors that, which is kind of dangerous.”
For some contributors, there’s no other way to get rich quick than latching onto a credible ICO scheme and pouring in thousands of dollars into the project and just watch their money grow. But, without the exchanges, this dream can never come to pass.
“If you prepare for an ICO, you have to prepare for a listing. It’s important to get access to liquidity. That means the bigger the exchange is, the more effort and also more cost to get listed,” said , the erstwhile CIO of UBS which now has a Fintech advisory firm.
When asked how much is required to get new tokens listed on an exchange, Bussmann who’s also the president of Switzerland’s Crypto Valley Association, stated that:
“At the lower end it’s $50,000, up to $1 million – I’ve heard that. It’s depending on the size of the exchange.”
ICO organizers scamper to get on the best exchanges because the more significant the liquidity pool, the higher the potential market value of a token, and this invariably increases the chance of success for an ICO project.
“[A good exchange listing] means a high probability of good market fit because you have access to liquidity and investors. If you don’t get access to certain exchanges, then it’s tier two exchanges, which means access to investors is limited,” Bussmann declared.
Free of Charge
While some exchanges are literally using fees to scare lightweight ICO projects away, there are still some that don’t charge a dime for listing new tokens. These exchanges list coins based on the legitimacy of the project and following clients’ requests.
According to similar , Korea-based lets users vote on the new coins they want to be listed on the exchange. Huobi is also an exchange that offers free listings.
The PR manager of OKEx, Mandy Lau said:
“There will be no listing fees for any tokens to be listed on OKEx. However, we would require the token to commit on a marketing budget to promote their companies, their business models/ideas, missions, and visions etc. in order to drive awareness, as well as efficiency.”
Likewise, Bittrex that it too does not charge fees for listing tokens along with Bitfinex. A representative of Bitfinex said:
“We do not charge a fee for projects to be listed on Bitfinex. We are excited to support the development of the digital token ecosystem by providing quality projects, of all sizes, with a platform through which they can build a community of supporters.”
Other exchanges including Binance, Upbit, and bithumb refused to comment on the subject. In the end, however, there are no universal rules and regulations for the crypto industry yet. Therefore one can’t blame these exchanges for charging crazy fees for listing new tokens. Hopefully, as the market matures, the power in the hands of exchanges will also dissolve.
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Blockchain Leadership Summit in Zurich, Switzerland, organized by INNMIND and supported by KICKICO team, confirms financial industry’s commitment towards blockchain and indicates strong interest from government actors.
Blockchain Leadership Summit took place in Zurich, Switzerland, indicating broadening interest from traditional financial sector as well government agencies and country leaders. The forum was hosted by INNMIND, global platform for start-ups and investors, and supported by KICKICO global fundraising platform. It attracted about 500 industry professionals and key specialized media representatives from Cointelegraph, Reuters, Tech Crunch, bitcoin.com.
The conference had Dr. Sergey Glazyev, economic advisor to the President of Russia, as the initial keynote speaker. Dr. Glazyev stressed that blockchain based solutions are among the most up-to-date methods and techniques, and those need to be employed both by the government sector and private enterprises.
Among other benefits, Dr. Glazyev emphasized the unrestricted nature of digital money, which is not subject to any unpredictable freezes and sanctions, thus reducing political risks. In this respect, Russian banks are looking closely into switching some of their international operations into crypto formats, he concluded.
European countries are paying close attention to this subject as well. The summit was attended by Prince Michael of Liechtenstein, who confirmed his country’s strong interest in deeper implementation of blockchain solutions and technologies. Participation of His Royal Highness gave a clear signal to the community and enthusiasts that the crypto sector is far from being lost and forgotten, quite the opposite.
Ben Banerjee, Board member of INNMIND, EastWest Institute and co-founder of Swiss Impact Investment Association mentioned that if properly utilised, blockchain technologies can fill the gaps and correct the flaws in the present financial system. He also mentioned that blockchain and cryptocurrencies can reduce inequality and be used to financially include major part of the world population who do not have banking access.
Government initiatives in blockchain were further elaborated by Kairat Kelimbetov, Governor of Astana International Financial Centre, Republic of Kazakhstan. Mr. Kelimbetov said that all countries fall into two large groups, one being totally crypto-friendly, and the other – extremely hostile. Kazakhstan’s aim and ambition, he added, is to bring together key CIS talents and provide them with essential tools and good working conditions.
The country’s authorities are positive that connection between crypto and traditional financial sector needs smart and careful regulation.
Swiss representatives taking part in the conference were open to acknowledge that Switzerland was on the slow side as digitalization is concerned, but the country is not making this mistake again. Switzerland is small in size, but with strong focus on innovation.
Regulation and policy-making of blockchain shall rest on four pillars, namely long-term vision, strategy, infrastructure and government support. The Cantons of Zurich and Zug were represented by Counselor Carmen Walker Späh, and Dr. Matthias Michel, Head of the Department of Economic Affairs of Canton Zug, respectively.
Beat Bannwart, Head of Strategic Innovation & Market Development at UBS Switzerland AG, stated that there are many blockchain based solutions that can be implemented within the banking industry. Although banking itself is not headed towards extinction in any foreseeable future, it will face visible transformation. Blockchain can add value in such areas as escrow, trade and settlement, interest bearing investments and many others.
“Future of the industry depends on its key infrastructure and new products and projects that could be put in use by sectors and sub-sectors”, said Anti Danilevski, founder and CEO of KICKICO. In order to have these new technologies in place, a proper mix of funding, crowd expertise and human power must be secured, which is exactly what KICKICO is capable of doing.
The platform’s community acts as a necessary filter extracting ICO gems from the dust and leaving scam and weak projects out of the field. And, in turn, the platform provides investors with rare opportunities of buying into future market leaders at their early stages.
To watch the live stream from the Summit, please follow the link: .
About INNMIND:
InnMind is a global online network for start-ups, investors and industry professionals, which enables innovative entrepreneurs from worldwide to interact with each other, fundraise, get skills and expertise, find partners and clients, strengthen the team and grow competences – all in engaged online business community.
InnMind also helps investors and innovation-driven corporations to find the most promising projects from all over the world, including remote destinations and emerging markets.
InnMind provides experts with tools to assist startups at different stages and in various areas, starting from business creation and registration process till expansion to new markets.
This connection between relevant stakeholders and like-minded professionals leads to borderless collaboration and innovation-creation process to create benefit for the whole community.
About KICKICO:
For investors, KICKICO is an ecosystem-based platform that provides everyone with an opportunity to buy tokens of new ground breaking projects in their early stages. bitcoin gives us a solid example of a blockchain investment that provided thousands per cent in returns, but there are more cases like that to come. Within KICKICO, you will be able to pick those lucrative tokens for your portfolio.
For companies and projects, KICKICO is an online blockchain technology-based platform for fundraising in cryptocurrencies. It collected more than 84,000 ETH during its ICO, thus earning “ICO of the Year” title from BTC CIS Awards in 2017. Today, KICKICO community totals over 55,000 people, and the KickCoin is traded on ten major crypto exchanges. The platform has helped launching more than 20 projects resulting in successful ICOs with 250,000 ETH in total funds raised, including Micromoney, Hacken, Universa, Playkey, INS and others.
The platform annually hosts its own blockchain and crypto event, Cryptospace Moscow, gathering more than 3,000 people and over 50 international industry experts.
Contact:
Masha Beetroot
PR Coordinator at KICKICO
@mashabeetroot
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Online payment platform Payza has added support for Dash, enabling 13 million users to spend the cryptocurrency at 100,000 e-commerce retailers, and exchange it for 25 different national currencies. Dash is the second cryptocurrency to be added to the Payza online payment platform following bitcoin. Payza is an e-commerce payment platform that aims to provide […]
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