Malaysian-based AutoBitco, a P2P platform that specializes in stablecoin trading, has announced the launch of its native ABCO token. The token is designed to offer a higher level of trading security with in-built encrypted communication between trading parties.
AutoBitco has been working in the P2P crypto trading arena for some time now and has made its mark as a trustworthy platform. A Bloomberg publication shows that in 2018 (when token launches were a new phenomenon and frauds were rampant) that nearly 78% of ICOs turned out to be scams. Countering this rising means of stealing people’s hard-earned money, AutoBitco concentrates on providing a secure environment for traders, both large and small. The launch of its ABCO token is also geared towards a secure token that gives confidence to the users.
ABCO offers several features that will help AutoBitco traders. Native to the AutoBitco environment, ABCO will be offering discounts on trades, helping users save money. These transactions themselves will be escrowed, helping people ensure that the trades go smoothly. Message encryption means that only the users who are communicating in trade are privy to their messages and no outsider can access these. Like many crypto tokens, ABCO has been created with deflationary economics. Limited to only 300 million tokens, the rise in demand is expected to increase its value, providing passive profits. The token is already listed on Uniswap, one of the largest decentralized exchanges.
With the recent rise in Bitcoin prices, there is a flurry of interest and stablecoins are the perfect entry coins for many, allowing them to buy crypto tokens that retain their value and be traded. The stablecoin market has also grown, with the value estimated to be beyond $130.7 billion. AutoBitco provides people with the opportunity to tap into the Bitcoin and stablecoin market and currently offers BTC and USDT trading with future plans to add in other stablecoin options.
AutoBitco’s mission is to provide easy access to basic trading and ABCO seems to be a step in the right direction. The P2P platform is already lowering entry barriers by offering more than 350 methods for the P2P traders to settle their trades and is introducing optional KYC, where traders can remain anonymous if they wish to, albeit at a cost of a lower trading volume. Research has already shown that P2P platforms can lose significant trading volume when forced to introduce KYC and other regulations and that can have an adverse effect on the market. Apart from this, the platform has not adopted a percentage fee formula, which most trading platforms prefer, but has gone for a flat fee. No matter what the volume of a single trade is, the fee remains the same, encouraging people to perform larger trades. The use of the ABCO token to pay for the transaction fee will further save money as it offers discounts on the trades.
The success of AutoBitco is attributed to the development team, which has more than 3 decades of combined experience in the financial technology sector and money remittances. Working in the crypto sector for the last 7 years, the team has come to build a sound environment that allows the public easy access to not only Bitcoin, the leading cryptocurrency, but stablecoins so that they can perform basic trades and even hedge against the negative price movements of the top coin. Introducing the ABCO token will help them strengthen the platform as well as the small players in the market, especially with their plans to extend the stablecoin support to other tokens.