Divi Project - Exchange Update - 31 May 2019 - Let's welcome Bitrue to the fold

Originally posted by @geoff on the Divi Blog here.

We’re very happy to announce that we’re listed onto a new exchange called Bitrue and should go live mid-June.

Like most of you, we had never heard of it until Divi community member Bogdan brought it to our attention and connected us. A quick chat with their marketing manager, Valerie, was enough to get us very intrigued, and we could see right away that they were different from the MANY other exchanges we’ve talked to. For example:

  • They don’t charge a listing fee
  • They don’t force you into their fee-based marketing program
  • They don’t make you pay for their Market Making service

Instead they choose great cryptocurrencies on merit alone, which is nearly unknown in the market, and in this way, they are very much like Bittrex, the U.S. based exchange. I would go so far as to say that they should be considered the “Bittrex of Asia.” Valerie told us that they even have a sign hanging in their office that reads “No Shitcoins!” Like us, they are interested in true mutually-beneficial partnerships with the coins they list, and we expect this relationship to grow.

Bitrue was launched only in Q3 of 2018 so it’s not even a year old and is already at #64 on CMC. We believe that in reality, it’s much higher because Bitrue doesn’t engage in wash trading to pump their numbers. It’s our opinion that Bitrue, like Divi, is likely to greatly rise in volume and awareness due to their focus on building a brand based on integrity, something that is so sorely needed in the crypto space.

Features We Like

Credit Card Crypto Purchase - clients can use their Visa or Mastercard to purchase cryptos, straight into their bank account. Right now it’s just BTC, XRP, BCH, ETH, and LTC, but we will work to get Divi added. The fee is only 3.5% and

Crypto Banking/Interest - Using their “Power Piggy”, clients can bank their cryptos for 7.3% interest. Their list doesn’t include DIVI yet, but you can earn interest on deposits of many other coins.

TUSD - They have a True USD trading pair, which unlike Tether, is certified to be backed by real assets. You can even earn 7.3% on your deposits of it there. Why keep any USD in a bank account when you’ll never get that level of interest in a standard bank?

Other Info about Bitrue

Accessibility

Unlike many exchanges, Bitrue allows U.S. customers. Even their Fiat to Crypto onramp, done with a credit card, allows U.S. client participation. Their partner that does this for them, Simplex is based in the United States.

Communication

Most exchanges we’ve worked with have been awful regarding communication. Not just with their clients but with the managers of cryptocurrencies on their exchanges too. Like Divi, Bitrue recognizes the value of building long-term win/win partnerships, and we like that.

From the user perspective, Bitrue is also excellent. For example, when you first sign up, you’ll receive an email from them, with the name, contact email, and telegram id of your Bitrue personal assistant. That’s amazing!

Legal Base

Bitrue is based in Singapore, with an office in Taiwan, and a marketing arm in California. Singapore is often rated as the least corrupt country in the world, with cryptocurrency regulations, and a strong rule of law in general.

Known Backers

Bitrue is backed by a Chinese company called Kingsoft, a 30-year-old company, headquartered in China with over 7000 employees around the world. They told us that over 600 million people, mostly in Asia, use their software. The direct parent-subsidiary of Bitrue is Cheetah Mobile, which is listed on the New York Stock Exchange here. Cheetah Mobile is a subsidiary of Kingsoft.

This is very important because it means that users don’t have to worry about an exit scam, because we know who owns and runs the company. They also have the funds to keep liquid if they were to be hacked.

Security & Insurance

Bitrue has all the most important security features such as 2FA and requires strong passwords.

One of the reasons that we like the Bitrue tech team is that they come from a Security background, rather than an exchange/finance background. This is especially important because Bitrue is a centralized, custodial exchange, not a DEX.

85% of deposits are kept in multi-signature cold storage wallets, and deposits are insured with an in-house fund.

XRP/Ripple Community

Bitrue is especially strong in XRP trading, using XRP as a trading pair and has captured over 2% of all XRP trading worldwide. You can read more about this here on Coin Telegraph

They are going to list an XRP<>DIVI trading pair on their exchange, and expect many potential new buyers to take a close look at Divi since their XRP community is especially active.

In Conclusion

Bitrue is really a breath of fresh air after talking for two years with so many poorly-managed exchanges. Divi is looking forward to a long, mutually-beneficial relationship with Bitrue, and growing with them.

11 Likes

This is awesome news! it was matter of time, such a good project has to attract the atention of a solid exchange!, way to go team!

5 Likes

Awesome news, for the DiviProject, things are really kicking along now, well done team

5 Likes

I like exchanges with fiat on ramps!

6 Likes

I think Divi and Bitrue will make great partners. Sounds like a huge step in the right direction for greater Divi adoption.

5 Likes

a great read men! and i can’t wait till Bitrue goes live

3 Likes

Great to see all the progress and DIVI moving forward with the exchange listings! Great work team!

2 Likes

Bitrue looks like a decent exchange. Would be great to get them to host a DIVI raffle to raise awareness I noticed there was an xrp raffle which really captures the attention when you access the site.

1 Like