The cryptocurrency trading phenomenon has recently taken the world by storm. In the United States, Coinbase, a Bitcoin exchange and wallet company established in 2012, now has more users than 47-year old stock brokerage firm Charles Schwab. Closer to home, in Indonesia, one Bitcoin exchange now has more registered traders than their 106-year old stock market. Japan and South Korea now make up over 50% of global Bitcoin trading volume combined. Everywhere in the world, cryptocurrency trading volumes even at the peer-to-peer level is experiencing explosive growth. Looking at the trend in the growth of the cryptocurrency markets, analysts and experts have predicted it to grow to a $1 Trillion market by the end of 2018 alone.
In the Philippines, a similar trend is happening as we speak. There are about 30 million millennials in one of the fastest growing economies and smartphone penetration rates in the world, poised to take over the workforce as early as 2020 and lead the direction of the entire economy forward. This generation will soon be the decision-makers and game-changers, and they want cryptocurrency. In a recent study, 30% of millennials said they would rather invest in Cryptocurrencies than on stocks. Even though the demand is there, the infrastructure to allow them to do this safely and easily is not yet in place.
What is lacking is an enterprise-grade order-book exchange that can accommodate the coming liquidity demands of the region. This arguably the most important piece of the puzzle in the development of this industry. Significant friction still remains in terms of dealing with the cryptocurrency market at large, especially in the ASEAN region.
In the center of XCI's Token utility is the Citadax digital asset exchange - a next generation digital assets exchange that aims to reduce this friction while fixing longstanding problems with digital assets exchanges such as: