CoinEx is a new exchange that's been set up to solve one of the biggest problems facing cryptocurrency right now, the slow and expensive transactions on Bitcoin that make it unusable as a base currency for moving money around the ecosystem.
I personally gave up on Bitcoin months ago, and have been using Litecoin, Ethereum, and even Dogecoin to move money between exchanges, and as a fiat gateway. While the fees on these currencies are reasonable, it still doesn't solve the problem of having to exchange back and forth to BTC to buy and sell other coins, losing money each time on trading fees and spreads.
CoinEx aims to solve this by using Bitcoin Cash as its base currency for all trading pairs.
I think this a brilliant idea, and has the potential to completely disrupt the cryptocurrency ecosystem. Now you can buy Bitcoin Cash on Coinbase instantly, pay almost nothing to send it to an exchange, have it arrive in a few minutes, and exchange it immediately for whatever coins you want. Surely this is the way it was always supposed to work?
This week CoinEx is doing an airdrop of their native CET tokens every day for 7 days to all users holding any of their supported currencies on the exchange. The snapshot happens once a day, and 100,000,000 CET tokens are distributed for free to everyone in proportion to the funds they hold on CoinEx in USD value. At the moment, for every $1,000 you get 1,000 CET.
I really believe in this project, and I am personally taking full advantage of the airdrop. I've been really impressed by the CoinEx website and interface, as well as the design and branding. For me it's one of the most exciting new projects in cryptocurrency, and will do a lot to bring the ecosystem up to a level of professionalism and user friendliness that's been lost through the last few months of Bitcoin's scaling problems, which seem to have no end in sight.
Going by the success of Binance, if CoinEx is anywhere near as popular, and I think it will be, the CET tokens could turn into quite a good investment. And if CoinEx is really proactive in listing the best new coins, like Binance has been, it could well become one of the top volume cryptocurrency exchanges, and force the other big players to follow their lead and also introduce alternative pairings. That's what I'm hoping.
You can sign up for CoinEx here to take part in the giveaway!