After clocking a million user downloads for its global crypto Super App, CryptoWire has now set its sight on launching a multi-exchange trade execution platform for its user base out of this App.
Through this initiative, CryptoWire Super App will become an aggregator providing its users a choice to transact in any of the top 20 crypto exchanges of the world, Joseph Massey, Managing Director & CEO, CryptoWire told BusinessLine.
“We now have one million people who have installed the CryptoWire App. Some of them would love to trade and so we thought we will take them to the next segment which is to ensure that anyone who wants to trade can use our App to route orders to the exchange that he desires. We are preparing ourselves for the top 20 exchanges. Some will be very large global exchanges and most of the domestic exchanges. It is up to the end-user to decide,” Massey said.
CryptoWire is neither a crypto exchange nor a cryptocurrency, the CEO said.
“We will not be an exchange but will try and see that the best exchanges of the world are brought into our App. The user has to do compliance with the exchange and can start trading in them using our infrastructure. We will help them to route orders to different markets. We will give them intelligence and execution capability,” he added.
Massey said that CryptoWire, which has seen one million user downloads in five months since its launch in December 2021, is trying to progress and make inroads into the crypto industry so that most of the requirements of people are met in one place.
“That is where the role of an aggregator helps. The natural progression we are making is those people who have come to us if they have trading interests, then they can satisfy themselves with everything and they can also go and execute a trade at the exchange they want to use,” he said.
Massey said that CryptoWire will go live with its multi-exchange trade execution platform at a “strategically right time”, which he said was not too far.
“Today, everyone has one App which is exchange specific. Now, if a user wants to operate on two exchanges, he needs two Apps. What we are doing is in a single App multiple exchanges will be plugged in,” he added.
A one-stop solution
CryptoWire is intended to act as a one-stop solution for all aspects related to digital assets. It gives real-time information and news on crypto prices, courses, and data related to cryptocurrency and also offers insights about blockchain technology, the backbone of the crypto world.
It may be recalled that CryptoWire, which is a Strategic Business Unit of Tickerplant, had early this year announced the launch of India’s first index of cryptocurrencies — IC15. This was aimed at empowering knowledge on the crypto and blockchain ecosystem.
The IC15 is a rule-based broad market index by market capitalisation, which tracks and measures the performance of the top 15 widely traded liquid cryptocurrencies listed on leading crypto exchanges of the world.