Since the founding of the Bgogo exchange a year ago, Bgogo's list of institutional investors (so-called Supernodes) is extremely spectacular. This list includes the world's largest crypto fund Pantera Capital, Singapore's reputable institution Signum, traditional VC SKY9 Capital, and well-known VCs such as Node Capital and Genesis Capital from China. Bgogo pioneered the decentralized governance model of a centralized exchange, inviting Supernodes to participate in the exchange's community governance.
After a long crypto winter, the recent cycle of bull market triggered by the rise of mainstream cryptocurrencies especially Bitcoin, marks the recognition and entry of digital assets by mainstream society and capital. New exchanges have been springing up. MXC and Biki have both made the 100X legend for their platform token.
Max: "We are starting something big."
As the founder of the former Facebook crypto syndicate, Max speaks with a firm tone.
"We have survived from the bear market and ushered in a bull market. We are optimistic about the current market, especially with Facebook's Libra coming out. With such a historic opportunity, as a former Facebook veteran, our only goal is that before the end of the year, we become a top tier exchange."
Q, "It doesn't sound easy, especially now that the competition for the exchange business is fierce. There are giants in the front, and there are new generations to follow. What makes you think that Bgogo could cut in front in the remaining months of this year?"
Max: "First of all, we are well funded. Bgogo has raised two rounds in equity. We have accumulated strength in the winter. The second is the team. Our team comes from leading Internet companies such as Facebook. The third is the accumulation of resources from renowned institutions such as Pantera, Signum, Node Capital and our users. You can also view our platform token's holding positions of the investors on the homepage. Bgogo has developed more than 200,000 users with actual fund deposits and has formed a good reputation and active community.
As of today, I think we have already put in place the hard power, but more importantly, our soft power - Bgogo never thought about playing games with users. Instead, we have always intended to create a win-win situation with users, especially early adopters."
Q: "Although it sounds like Bgogo is ready to do things, then how do you plan to approach?"
Max: "We have a combination of plans." Max pushed his glasses and straightened up.
"We view this as Bgogo's second venture, a rebirth. The focus of the upgrade is the orderbook depth and a media feed platform. First of all, we believe that future exchanges will be similar to brokers in the current stock market, and the trading assets themselves will not be much different. The mainstream currencies will be the focus of market transactions as commodities of gold and silver. In view of this, Bgogo recently introduced a cross-exchange hedging algorithm that thoroughly improves the orderbook depth of mainstream currencies such as BTC, ETH, XRP, LTC, and BCH. This creates an "on par with Binance" trading depth.
Secondly, we invited over 500 KOL and influencers to enter our trading platform to create a brand new Bloomberg-like content push channel. It is called Buzz-Bgogo.
Bgogo will intelligently push the information that users care about most according to the user's holding position and transaction history, a system similar to Tik-tok. For example, if a user holds or trades a lot of LTCs, it will push LTC related content. Bgogo aims to create a full one-stop trading experience — users can learn information and then go to the trading section to make trades. This is unprecedented in any other platform.
Q: "Do you think with a better order book depth and a powerful information platform can ensure that you become a new tier-one exchange?"
Max: "The above two functions, order book depth, and media feed, will greatly enhance user retention. However, these still can not completely solve user growth problems. We are going to introduce a new weapon and apply it to the user growth of the exchange, and accordingly, we launched our "ambassador program".
This works simply as follows. For example, users who purchased value of 500 USDT of BGG platform tokens can become an ambassador, and get the benefits up to 14% return per year. As long as other users participate through the ambassador's referral code, he or she can earn up to 11% of the total participation amount from primary referees and 5% of the total participation amount from secondary referees, a total of two levels.
Before our referral program is sharing the only percentage of the trading fee with the upper layer. But the trading fee is only 0.1% of the trading volume. Now the reward is 16% of the principle - the total amount referred users purchased BGG.
By using the mature cross-industry approach from community-based e-commerce, we bring potential and inactive users alive in the crypto world. We call for ANYONE who has community influence and own his own group.
The core of the “ambassador program” is to organize our community and users closely, so that all community users can become the iron army for the platform's promotion.
Bgogo's ambassador program has a total of 50 classes, projected to complete in two years. All ambassador purchases can only be completed in the secondary market. Our goal is to develop 100,000 BGG Ambassadors within one year!
Q: "This kind of high rebate mode is always criticized as a Ponzi scheme. What do you think of this?"
Max: "The major exchanges in the crypto circle are still in the era of uncertainty, where it is difficult for first-tier exchanges to stay safe with new ones emerging.
The current BGG token market value is very low, almost $9 million. Compared to other exchanges, Bibox is $29 million, Biki $38 million, MXC $57 million, Bitmax $74 million, Kucoin $120 million, Gate $160 million, ZB $230 million, OKB $550 million, HT $1.3 billion and BNB $1.9 billion.
With such a low marketcap now, BGG could be 100X and there is still enough room for growth.
Q: "Okay, then we look forward to seeing you at the end of the year!"
Max: "Yup, top tier and 100x, see you by the end of the year."
The major exchanges in crypto are still in the era of uncertainty, where it is difficult for first-tier exchanges to stay safe with new ones emerging. Let us hold our breath as we wait and see.