RATE Group | ShapeShift Cryptocurrency Exchange Launches FOX Token for New Trading Scheme
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ShapeShift Cryptocurrency Exchange Launches FOX Token for New Trading Scheme

20 Nov ShapeShift Cryptocurrency Exchange Launches FOX Token for New Trading Scheme

Posted at 22:59h in Cryptocurrency News by

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Switzerland-based crypto exchange ShapeShift has launched zero-fee trading and its loyalty token FOX. ShapeShift founder and CEO Erik Voorhees announced the news on Twitter Nov. 20, noting that zero-commission trading on the platform is enabled by the newly released FOX token.

According to the executive, zero-fee trading solves two major problems of non-custodial exchanges — illiquidity and high price of services.

In order to trade at a zero-fee rate, ShapeShift customers will have to hold the Ethereum-based ERC-20 FOX tokens, Voorhees explained, stating:

“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.”

In a Medium post, Voorhees elaborated that the platform gives customers 100 FOX tokens on verified signup. Each FOX token grants $10 of free trading volume every 30 days.

Voorhees expects 30% surge in trading accounts in a month

Voorhees also stated that…

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