Shapeshift Cryptocurrency Exchange Launched Fox Token

  • Fox Token launched
  • Zero-commission trading
  • CEO expects 30% surge in trading accounts.

Switzerland-based cryptocurrency exchange Shapeshift has launched its own loyalty token FOX. With the announcement of this news, ShapeShift founder and CEO Erik Voorhees also announced zero-commission trading on the platform for FOX token.

shapesift-launched-fox-token-2020
Shapeshift

Fox Token launched

Fox token will be Etherium based ERC-20 Token. It will use the universal language that all tokens on the Ethereum network use.

Zero-commission trading

As per the CEO, Erik Voorhees zero-fee trading will tackle two problems, Non-custodial exchanges- illiquidity and high price of services.

“The model is simple: hold FOX & you trade at a 0% commission rate. If not, you trade at our retail rate. You don’t spend or lose the FOX tokens to get the benefit. Just hodl.”, said Erik Voorhees.

Voorhees further elaborated, “This isn’t a promo. This isn’t a temporary offer. This is trading of digital assets without a trading fee, available today to all ShapeShift platform customers. Our FOX token powers this feature. ”

CEO expects 30% surge in trading accounts.

Shapeshift’s CEO has the belief that the new token and zero trading fee give about 30% surge in the trading accounts. Voorhees said that he does not think that zero-commission trading will negatively affect ShapeShift’s revenues, in an interview with industry publication The Block.

They will give you 100 FOX tokens on verified signup, and you simply need to hold onto them to trade for free. You don’t have to spend them or lose them to get the benefit.

Deep liquidity, Zero-commissions, Self-custody will be the benefits to the ShapeShift users

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