Volodymyr Nosov
Volodymyr Nosov Volodymyr Nosov

Volodymyr Nosov , CEO of Ukrainian cryptocurrency exchange WhiteBIT

The CEO of Ukrainian cryptocurrency exchange WhiteBIT Volodymyr Nosov explained why the company launched its tokens and what bonuses its users will receive from this. Read about how the owners of WhiteBIT tokens will be able to get more benefits and how the company will ensure the safety of its customers in the article.

In 4 years, Ukrainian cryptocurrency exchange WhiteBIT from a startup based in Kharkiv, has become the largest cryptocurrency platform in Europe. Now we have more than 500 members and show consistently high growth rates, thereby gaining the trust of new customers. Although a few years ago we could not even imagine that WhiteBIT, as well as the cryptocurrency market in general, could develop so dynamically.

Today, the trend of digital technology development is already clearly outlined. They are the future and are gradually becoming a common part of the everyday life of people all over the world.

With this understanding and constant concern for our customers, WhiteBIT is taking another global step as part of its overall platform scaling strategy - the creation of its own WBT token. The process of launching it has already begun. On August 14, we opened the first token sale, and we closed it literally in minutes - the first million WBTs found their owners. For us, this means that we are moving in the right direction.

Benefits of WhiteBIT token are limited supply and inflation protection

The launch of our own token is an important milestone in WhiteBIT's development. This tool will empower our users for additional benefits. At the same time, we did everything to make the WBT token as convenient to use for experienced crypto traders and newcomers as possible.

Exchange tokens started to appear tentatively in 2017. They provide owners with certain products, services or discounts. Tokens can be used, for example, as a method of rewarding market makers who provide liquidity to the exchange.

By drawing parallels, stock exchange tokens are comparable to securities, shares of companies. There are shares of Apple, Tesla or the Coca-Cola Company. Where to invest? Everyone chooses for himself based on indicators that are personally important.

As for WhiteBIT's WBT token , its main criteria are as follows:

- it is a limited supply of the asset,

- it has high growth potential based on a fixed number of tokens and a weekly burn, WBT token provides its holders with a wide range of bonuses and additional features.

The expected referral rate, that is the benefit, on a WBT token will eventually be between 40% and 50%. In total, we intend to issue 400 million tokens to the market and no new ones will be created.

At the same time, 200 million tokens out of the total will be so-called "treasury tokens". They will be gradually unlocked over the next three years and released on the market. Together, this mechanism will protect WBT holders from inflation.

At the same time, WBT holders will receive a number of exceptional opportunities and bonuses. These include reduced trading commissions , daily Anti-Money Laundering ( AML ) checks, and free ERC20/ETH withdrawals.

To maintain and promote the "value" of WhiteBIT tokens, the exchange will continuously redeem tokens and burn them until the number of tokens on the market is less than 50% of their original number.

Security assurance is a priority at WhiteBIT

As with other products and services at WhiteBIT, customer safety is an absolute priority for us.

WhiteBIT today meets all KYC (Know Your Customer) requirements

and AML (Anti-Money Laundering) requirements and is one of the top 2 exchanges in the world in terms of security according to an independent audit by Hacken. WhiteBIT is AAA rated.

The exchange verifies each new user and automatically determines the risk group. Also at a high level we use the principles of AML. This means that platform users are largely protected from dubious transactions with their assets.

Volodymyr Nosov
Volodymyr Nosov Volodymyr Nosov

It's important to mention that about 96% of the WhiteBIT platform's digital funds are stored on cold wallets, which are accessed through a multi-signature system. Additional protection against hacker attacks is also provided by WAF tools, anti-phishing programs and two-factor autentification. In case of force majeure, WhiteBIT has also created its own insurance fund which is replenished by transaction fees.

The Ukrainian WhiteBIT platform has been on the market in Europe for four years and it is one of the fastest growing. This is an important indicator to at least be interested in the WBT token. After all, the laws of the cryptocurrency market really do not differ significantly from the rules and algorithms of the usual market. In other words it is the growth and stability of a company, in our case a cryptocurrency exchange, that determines its reliability.

I am sure that our users will positively appreciate all the benefits they will get from the launch of WBT tokens. And we will continue to expand the capabilities of our services and make cryptocurrency available to users from all over the world.