We have heard that many of you would like to have some more information about Bullex's application for CoinMarketCap, so this update will give you a quick insight into what's brewing in Bullex's kitchen.
Hi DCORP and Bullex fans and supporters!
Some of your fellow investors mentioned to us that it might be interesting for the DCORP and Bullex community to know how things are going with our application to get Bullex listed on CoinMarketCap.
Interestingly, CoinMarketcap (CMC) has very recently decided to make its listing requirements for exchanges more stringent, especially with regards to the amount of data and metrics that they wish to receive from exchanges. Here, you could think of live trade and order book data through API's, but also exchange hot/cold wallet addresses and a live wallet status. CMC has decided to do this because many people come to CMC when they encounter problems with an exchange, for example because they are unable to withdraw or because they believe an exchange is insolvent.
Understandably, CMC is not able and willing to fulfill this kind of (policing) role. However, instead of functioning as some kind of a policing authority, CoinMarketCap seeks to promote greater transparency, accountability and disclosure from projects in the cryptocurrency space. If you are interested in knowing more about this, you can find more information on that here: https://blog.coinmarketcap.com/2019/05/01/happy-6th-birthday-data-alliance-block-explorers-and-more/.
Ok, now that we have that out of the way, what does this mean for us!? Actually, we think this recent change in policy by CoinMarketCap might actually be pretty (or even really) good for Bullex! In their blog post, CMC really makes it clear that they want to set up some sort of a transparency movement. As such, they have also started the 'Data Accountability & Transparency Alliance' (DATA alliance). We think this could be a great thing for us! Obviously, it was already a high priority for us to get listed on CoinMarketCap as quickly as possible. However, now we also get a chance to join CoinMarketCap in their transparency movement and become a part of the DATA alliance, which currently has members such as Binance, Bittrex, OKEx and KuCoin.
Ok, now that we have that (!) out of the way, how far are we with actually getting listed on CoinMarketCap? Well, this is where the slightly unfortunate part comes in. From one of our partners, we have heard that CMC currently has a backlog of about 4 months. Of course, this might not be the case (anymore), but it is still possible that this will slow down our listing a lot. As for us sending out our application to CoinMarketCap, we have gathered the 'factual' information that CMC requires from us, such as which unique features we offer, which licenses we have, our cybersecurity measures, etc.. Also, the creation of the API's that CoinMarketCap requires from us will be done within a few days. This means that we can send out our application within about a week!
To conclude, we are almost ready to send out our listing application to CoinMarketCap! However, since CoinMarketCap supposedly has a backlog of about 4 months, it might take a while until we actually get listed on CMC. Luckily, this gives us more than enough time to get all of the other information and data together that CMC would like to see from exchanges and to do our best to join the DATA alliance! We will do our best to make CoinMarketCap's new policy work out the best for us and for you, of course also because the transparency movement itself is a great and much needed cause in the cryptocurrency scene!
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Thanks for reading and happy trading!