ShapeShift platform launched its own FOX token, offered zero-fee trading
|- ShapeShift issues proprietary token to provide holders with benefits.
- FOX tokens will be distributed among the platform users.
ShapeShift, an instant cryptocurrency exchange platform has announced the launch of its own FOX token. The holders will be able to trade cryptocurrencies with zero commissions.
According to ShapeShift, all platform users, both new and existing, have the opportunity to receive 100 FOX tokens (ERC-20 standard token), keep them on their own balance, and trade cryptocurrencies commission-free. Each FOX token is valued at $10 of free trading volume for a period of 30 days (after which the statistics are reset to zero) and cannot be sold or spent.
Thus, ShapeShift users get the opportunity to make transactions with zero commissions worth $1000 per month. At the same time, the company notes that miner commissions are still applied for each operation.
To receive FOX tokens, the ShapeShift account must be linked to one of the supported hardware wallets - KeepKey or Trezor, or to the recently launched Portis service.
"We believe that tokenized assets create powerful new mechanisms for customer engagement. ShapeShift’s FOX token, which perpetually grants zero-commission crypto trading to anyone holding it, is our initial demonstration of this thesis.” said Eric Vorges, founder and CEO of ShapeShift.
The company also says it is ready to provide high liquidity and the most attractive rates. According to ShapeShift, sometimes exchange rates are 1-2% lower than on competing platforms.
Notably, ShapeShift announced a massive rebranding of the platform after it fell victim of a fierce criticism due to the introduction of user verification. The new version of ShapeShift is designed to be a comprehensive cryptocurrency management solution It was introduced in August and supports more than 50 digital assets.
Also, the platform allows purchasing cryptocurrencies directly for users from the USA as users's private keys are stored in their own hardware wallets.
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