Following a recent Medium post from the team, we can expect the beta testing to occur in two phases.
Before the opening stage becomes live to the general public, the platform will first undergo dry testing where developers will execute dummy trades on a demo account to ensure the exchange runs smoothly.
During phase 1, 5 major cryptocurrencies will be available for trading against USD, JPY, AUD and the Euro;
Bitcoin Gold (BCG)
Bitcoin Cash (BCH)
With an extensive list of further alt-coins to be added later in phase 2, along with more fiat trading options. In fact, the Blockbid team claims that once the platform is complete it will offer a wider range of cryptocurrency trading options than any other exchange we’ve seen so far.
The team has also announced that the public testing phase of the beta launch will be feeless for all users, including no withdrawal, deposit, trading or transaction costs until the final product is delivered. After that, a flat rate of 0.1% will then be applied for all trades which remains consistent with the main exchange competitor, Binance (unless trading against the native BNB token).
Security is also at the forefront of this exchange’s business model, taking the ‘build it from the floor up’ approach to ensure the best possible customer protection measures are in place.
In compliance with the Australian authorities, the exchange will enforce ‘Know Your Customer’ and ‘Anti-Money Laundering’ checks for all new customers to create a safer, more trustworthy user base.
The exchange also aims to become one of the first to offer customers cybersecurity insurance against any losses that could be incurred from hacking, as well as claiming to hold 95% of all deposits inside an offline multi-signature hardware wallet.
This is the real feather in the platform’s cap and will no doubt strike a great chord with the crypto-community, as the rising threat of hacking becomes increasingly prominent among digital asset exchanges.
Overall, Blockbid looks like a hugely promising venture for Australia and will undoubtedly make a welcomed addition to the global crypto community.