An exchange based on the “XRP Base” where you can buy various stocks in the virtual currency ripple (XRP) Bitrue. Currently, about 10 overseas exchanges have introduced XRP bases, but Bitrue is the world’s largest XRP base exchange with a fixed number of pairs, and its presence is increasing.
However, about a year after its opening in July 2018, it was exposed to a headwind in the hacking incident at the timing of the exchange token listing. While Bitcoin and Ethereum are the “ordinary” key currencies, the background to the introduction of the XRP base as a pioneer to Mr. Cris Wang, the CEO of Bitrue, and the XRP base I was asked about the way of exchange and the future issues and responses that were hacked.
— Why did you introduce the XRP base?
“From a trading point of view, XRP has many advantages over bitcoins and ethereal in terms of cost, speed, and so on. It is very meaningful for the exchange to adopt XRP as the key currency.
However, Bitrue is more than just an exchange and wants to be able to help more people use blockchains and virtual currencies. “
-Why is that? What is the background other than customer benefits?
“The evolution of technology has been remarkable for the past 20 years, but it has attracted attention, such as the mobile Internet, smartphones, AI, auto driving, but there is not so much banking service. For people who are far away now You can send photos through the Internet, but the ‘Payment Network’ is still disconnected, and the banking system needs improvement.
Bank transactions such as international remittances are not as cheap or fast as the Internet. I think that virtual currencies such as XRP may become “game changers” that will change the situation. These backgrounds are the key to understanding the value of XRP and the major reason for adopting the XRP base. And it’s a driving force that wants to do everything to spread promising tokens.
We want more people to know the value of XRP and want to make it more fluid. It is clear that there is a need to improve payment networks such as international remittances. “
Difficulties in listing XRP pairs and follow other exchanges
――Is there a “wall” when adopting the XRP base?
“I remember very well when I launched Bitrue on July 19, 2018. From the first day, many people told me that the XRP base was” a joke “, probably because we were” new”.
Above all, raising the liquidity of the XRP pair (increasing trading volume) was not an easy task. In order to trade XRP pairs, we have conducted a number of XRP related campaigns, gathered a lot of XRP holders and tried to get them to see their currency pairs. “
— What kind of efforts have you taken?
“There are many, but in order to first get to know the XRP foundation, we conducted an introduction campaign that reduced 50% of the transaction fee at the expense of income. Because it was a new exchange, getting people’s trust was really easy Not, but fortunately, the XRP community has gradually begun to raise voices for us. “
――How did you work on the listing of the XRP pair?
“I did a lot of work constantly, but it took me 5 months to get the 13 XRP pairs listed first, then I decided to do my best to list the different pairs, and by the end of December 2018, the community After asking what people want the most from the XRP pair, they put 5 pairs in 2 weeks and 5 more in another week, and now Bitrue has 52 XRP pairs.
To get listed, you had to research and find out the token, and sometimes it was also necessary to call the people involved in the project to hear the story. In addition to research, legal, engineering, marketing, and so on are laborious. “
-Will there be more exchanges to introduce the XRP basis in the future?
“I hope so, I think it can happen. In fact, some exchanges have begun to follow our policy and introduce an XRP basis. It is such a great thing to see such a scene. I feel.
So we think we have to prove “This is the right way”. Several exchanges have already followed our step of listing XRP as a key currency, and not only that, there are more and more token projects calling for a pair with XRP.
This is the power of the XRP community. People are becoming more and more interested in joining the XRP community. That is because they are strongly connected. Our activities have accelerated this feeling and let other exchanges follow our path of adopting XRP bases. “
Partnering with FinTech companies and financial institutions
-Bitrue is focused on rendering, but why did you head in that direction?
“Bitrue started as an exchange, but it’s only the first step. It’s based on the deal, but it builds financial services on top of it. The current banking system is not perfect, it’s pretty dominant. In other words, banks and brokers offer great direct investment deals to wealthy people.
Depositing assets in a savings account give the bank only a very limited dividend. They invest with the money and get most of the profit from it. Banks get stronger but never improve. So, even at the expense of profits, we designed Power Piggy as a program that allows users to receive an annual fee of 7.3%. “
――Please tell us about your future vision.
“Providing more people with equal access to financial services. But building this platform was not really easy. Building everything from scratch, all with self-development, lots of money and effort Spent
I believe Bitrue will be better and better if it is a community-driven platform. The community gives us opinions and suggestions. We listen to it and improve it. We want to have different kinds of campaigns and let people try our platform. “
-In ordinary lending, while interest rates increase depending on the deposit period and amount, it is normal to have disadvantages that can not be extracted during the period. However, it is a drastic effort that has lost it, but is it sustainable?
“Power Piggy sets daily caps to control costs and ensure that everything is managed. We will develop financial services to make this project more sustainable in the near future, and our Providing to the community We’ve talked about partnering with a number of FinTech companies and financial institutions in recent months, and Bitrue will soon offer not only trading functions but also lending operations.
We will transform the current banking system, continue to provide the community with income from this lending business and provide high-interest rates. It may sound crazy, but I’m really working on it. “
Hacking damage “How to protect the bond with the community”
-Despite steady growth, there was a ¥ 500 million outflow of money from hacking (* Note), but what do you think about that?
“For Bitrue and for the community, it was a nuisance. Security was at the heart of Bitrue, but the first thing that came to mind was not about lost assets, but about how to keep in touch with the community.
That is, how to make the system robust so as not to happen again. It was a week of sleeplessness, but it took a review from all angles across the team. The goal is simple: we don’t want users to feel anxious again. As I always say, I think that the one dollar that is put in Bitrue represents the trust from customers. “
※ On June 27, Bitrue had 930,000 XRP and 2.5 million ADA (Adacoin) outflows, and had a hacking damage of about 500 million yen when converted to Japanese yen at the rate at that time. Most of the assets were safe for cold wallet management, but the hot wallet has been damaged. Bitrue advocates compensation up to about 100 million yen per person, and immediately after the incident was announced, full compensation for customer assets was declared.
-What kind of measures do you take?
“The system has been reviewed from bottom to head, and some safety enhancements have been proposed. For example, 100% of the assets that have been deposited with Power Piggy, were previously 70% cold wallet storage. In addition, we are also working on the improvement of the AI-based risk management system that examines each withdrawal, and safety is constantly improving.
Another thing is to use some of the famous security consultant companies to do the regular hacking simulation of the system. Because the system is not “perfect”, we will do our best to continue review and improvement. “
-It became the issuance of Bit-ru-Coin (BTR), an exchange token in a headwind.
“The BTR issuance showed great confidence from the community to us. The BTR transaction was launched the day after the system restart after hacking, but on the first day, it was about five times the selling price. Hacking happened However, I did not leave the community I built but rather felt the trust in our response, which is truly an honor.
It is a principle that always gives top priority to customers. Just trusting someone is never an easy thing in this virtual currency world. I am very happy that everyone believes in the “value” we are creating. “
— Finally, I would like to request a message from the Japanese XRP community.
“To all of Japan’s Ripple (XRP Holders). We Bitrue members love XRP, not only because of its” worth “that is the basis of Bitrue, but also because there is a wonderful XRP community with love. XRP We want to do our best to provide the community with the best experience in all aspects of virtual currency investment. “