I keep testing and reviewing new crypto ventures, and as I content writer, I get to know these platforms before many users. I like to hop around, test, and review these projects. I loved Legends of Shangu and Bored Ape Yard from the very start and covered both projects and I was the one who exposed Goose Finance DeFi project which turned out to be a Rug Pull later.
I came across this project on a social media platform and the thing that spiked my interest was this crypto exchange, named Swissblock was claiming to “Charge Zero Fees”. An ‘exchange charging zero fees’ looked like a marketing strategy and the idea was bough actually as I click it and started reading about it. Here is what I found about this project.
I couldn’t test Swissblock and verify the zero fees it was charging as the project is still under development and will be launched at the end of Q2, 2022. The ecosystem of Swissblock includes a multifunctional Crypto exchange, where you can trade stocks as well. I wasn’t able to digest what the exchange was offering and then I read that ecosystem of Swissblock also includes a crypto bank that will issue the credit and debit cards to specified countries, I’ll come to that later but first, let breakdown the Swissblock exchange functions and working.
This wasn’t any marketing strategy or clickbait; the Exchange is actually offering Zero trading fees on all types of trades. The Swissblock ecosystem will not be charging for any services of the cryptocurrency exchange and it is confidently claimed by the Swissblock website that there are no hidden charges or large spreads to force users to pay in some other ways. The exchange will be able to handle any number of users and the trading fees are not applied for any volume of trade.
Through the distributed node deployment, the Swissblock crypto exchange ensures increased scalability to tackle the high traffic and congested network. For those who don’t know, Scalability is a factor that deals with the number of transactions per second (Speed) and the security of the project but the problem is both factors are inversely related. Channelizing different transactions through distributed nodes is a smart approach to achieving improved scalability. The ‘multifunctional exchange’ word is used for many reasons and the term is well justified by the number of functions this platform offers. Swissblock will be offering multiple trading opportunities like Swaps, Futures, Margin Trades, Staking, Yield Farming, and stocks trade. There will be live market price charts to assist traders with a user-friendly interface. The platform seems serious to provide ease of access to cryptocurrency and to make it mainstream, Swissblock will launch a crypto bank.
Such a pack of trading options on a platform as Swissblock was not possible before. The platform is actively getting regulated in all the countries and will offer all exchange features across the globe. This will make this platform a single exchange to offer services in all countries. Once the idea is feasible, Swissblock will start getting big investors with huge funds. If the Swissblock succeeds in getting regulated in most countries, the exchange will constitute the largest crypto community.
Then comes the second main feature of the Swiss block ecosystem – Swissblock Crypto Bank. The source claims that the team behind the project has successfully secured the Banking License from the EU, US, and the UK where it will be offering the banking services. Crypto Bank will be offering Credit and Debit cards to all their users in these locations exclusively. Crypto-based banking is quite a challenge as you have to build the entire infrastructure or do a collaboration with the existing banks. Both ways, it is a challenging thing to do.
When it comes to holding users’ funds as an exchange, wallet, or bank, users want a hyper-secure system that is able to protect their precious funds against any malicious activities. Swissblock claims to offer an ultra-secure system for the entire ecosystem as they have tested it under extreme conditions and got independent audits. Theirs isn’t many details on what approach they’re using to achieve it, yet one thing is clear their dedicated team is working on it as the reputation of a DeFi ecosystem depends highly on the security they offer.
Going through all the details, I have come to the conclusion that though everything currently seems theory and I had only words to believe, there’s the feasibility of every word they speak. I’m waiting on more details to get disclosed by the project. Once I get a chance to speak with the team behind the project and get my questions answered, I’ll be back with another version of the review articles. As a crypto enthusiast, I want them to succeed in what they have started.