As competition heats up in the crypto industry companies are increasingly cutting trading fees to lure new customers to their platforms.
Singapore founded Change has launched a crypto trading and conversion app with no fees. The firm, currently based in Estonia, is marketing the app under the name of “Change Wallet” for consumers based in the European Economic Area. The target market is interesting, according to an ING survey in June two thirds of Europeans had heard about cryptocurrencies and a quarter of them planned on owning some in the future.
Change raised $17.5 million in its initial coin offering last year and claims to have 5,600 contributors. Its mission is “To aggregate all financial services in one sophisticated platform, enabling payments, transfers, and investments worldwide. Change is set to simplify and modernise mobile finance, focusing on security, efficiency, and equal access to opportunities,” according to the website.
According to reports the app will initially support Bitcoin, Ethereum, Ripple, Litecoin, and Tether. It will be available on Android and iOS. Change CEO Kristjan Kangro said in an interview that cryptocurrencies will soon be used just as much as traditional money by the people when paying for good and services.
Former CEO of DHL Global Forwarding and member of the Change advisory team, Roger Crook, added;
“I’m backing this project because I think it’s got an extremely great future, and I see that Change is going to have challenges going forward. I have no doubt that this business is going to thrive and grow globally over the coming years.”
Change has become the latest crypto startup to offer zero fee trading. US based Robinhood launched its zero fee trading platform in February and has recently added Litecoin and Bitcoin Cash support. The Robinhood app started off limited but can now be used across 17 states. The firm raised $363 million in May during a funding round to expand its crypto platform country-wide.
Other corporations such as Japan’s Line have offered zero fees for the first month as an incentive for new users. Line launched its crypto exchange Bitbox this week with support for almost 30 cryptocurrencies.