Year in Review: 2019

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Through 2018 Edge had a few exchange options but we were committed to expanding those options considerably in 2019. And in 2019 we did just that. Edge, thanks to our team’s hard work, can meet the exchange needs of our global user base in more ways with more of the assets they care about. 

We’re proud to have become a global self-custody exchange in 2019. 

New Assets

To begin the year we added EOS, a top ten crypto-asset by market capitalization. The EOS token is the native asset of the EOS network which aims to be a high throughput, general purpose blockchain that many decentralized applications can be built on.

EOS was a unique integration to start off the year. Many projects are often code-forks of bitcoin which makes them relatively easy to integrate. EOS is more of its own project in many ways and was the first integration of its kind that required users to purchase an account using another cryptocurrency. The work we’ve done to integrate EOS lays the foundation for networks with a similar architecture to be on-boarded rather easily.

This summer we integrated Ravencoin (RVN), a project focused on the tokenization of financial securities like debt and equity. The Ravencoin network is optimized for all the characteristics and features investors look for in financial instruments. Ravencoin and other projects like it could disrupt the securities industry in quite significant ways.

Near the end of summer we added support for Tezos (XTZ). The Tezos network was designed to be a platform in which a wide range of distributed financial applications could be built. Developers could be attracted to build on Tezos because the correctness and safety of code written in Tezos’ programming language, Michelson, can be formally verified. Formal verification is utilized in mission critical software in fields like the aerospace and semiconductor industries where mistakes are quite costly. Tezos also has a unique staking model that reduces the friction often associated with staking and improves upon the staking experience quite considerably. 

In the third quarter of 2019 we added another top ten crypto-asset by market capitalization, Binance Coin (BNB). BNB is the native asset of Binance Chain. Binance chain was built using the Cosmos SDK, a high quality tool box, which has been used by other projects to build their networks.The chain has a fully programmable smart contract language but its primary purpose is to facilitate decentralized exchange of assets. The BNB asset can be described as a utility token but also possesses attributes of equity. The Binance exchange burns BNB supply with cash flows from their current exchange business which can be seen as an indirect dividend distribution. 

The last asset we added in 2019 was RBTC, the native asset of the Rootstock (RSK) platform. RSK is a sidechain of the Bitcoin mainchain(BTC). For holders of BTC the practical implications of a sidechain is the ability to lock up BTC and in exchange receive the RBTC asset which they can then use on the RSK network. RSK in contrast to BTC has a turing-complete programming language allowing a greater range of possible applications to be built. The goal of the RSK sidechain is to provide a platform for the development of decentralized financial services that can be used by the underserved and underbanked that are cheap, reliable, and meets their needs. 

New Exchanges

In the first quarter of 2019 we integrated Wyre a US-based exchange focused on onboarding users into crypto via bank accounts and other payment cards. Wyre currently supports the buying and selling of BTC, ETH, and DAI. 

In the second quarter of 2019 we integrated Simplex, an Israeli fintech company that provides worldwide fraud-free payment processing. Simplex has nearly complete global coverage, so if you live somewhere on planet Earth they’ll probably be able to service your exchange request! Simplex supports the buying and selling of BTC, ETH, BCH, & XRP.

We had a huge third quarter, doubling our partner exchanges from 8 to 16! These integrations broadened our fiat on and off ramps while deepening our crypto to crypto liquidity. These new partner exchanges include LibertyX, Moonpay, Bits of Gold, Safello, Banxa, Totle, Coinswitch, and Foxexchange. 

  • Liberty-X, America’s largest network of bitcoin ATMs, cashiers, and kiosks allows US users to buy bitcoin with cash or a debit card. LibertyX was also an exchange partner in our first product, Airbitz (bitcoin wallet). 
  • MoonPay is a Malta based exchange that services all of Europe as well as Canada, South Africa, Japan, Brazil, and South Korea! In addition to credit and debit card support, they also allow users to buy crypto with Apple Pay. MoonPay supports the buying of BTC, ETH, BCH, XRP, LTC, XLM, EOS, BNB, and many ERC-20 tokens.  
  • Bits of Gold is an Israeli based exchange that allows users to sell bitcoin to Israeli bank accounts. Support for buying bitcoin will be enabled in the near future. 
  • Safello is a European based exchange that supports the buying and selling of BTC, ETH, BCH, & XRP. They provide our users in Sweden and Denmark with native bank payment methods such as Swish and Bankgirot. 
  • Banxa is an Australian exchange that’s created an easy to use fiat platform for Edge. They support the popular Australian payment method, Poli, which connects Australian bank accounts to online commerce and they support the Newsagent network, which connects users to a network of locations that sell bitcoin for cash. Banxa also services the UK with support for Faster Payments which allows them to fill British Pound based buys and sells incredibly fast.  
  • The additions of Coinswitch, Fox Exchange, and Totle bring our number of supported crypto to crypto exchange partners to 8! This allows us to perform a broader search for the best price for every user’s particular swap. 

To finish off 2019 we integrated Bity, a Swiss exchange that services users with a European bank account and allows users to buy and sell up to 5’000 CHK a day without providing any personal information. This aligns with our vision of providing a high level of privacy and security to users without sacrificing ease of use. Bity supports the buying and selling of BTC. 

Conclusion

Edge in 2019 has integrated comprehensive coverage for the exchange needs of users all over the world. Our goal is to continue to expand our offerings so we can onboard many more people into crypto-assets, in as many jurisdictions as possible, in as many ways as possible.

Stay on the lookout for exchange integrations that give users in different parts of the world more choice in how they on and off board between crypto and their local fiat currencies. And stay tuned for more advanced trading features such as leverage, shorting, and limit orders to bridge the gap between custodial exchange services and what self sovereign exchanges like Edge can do.

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