BitBounce, a blockchain-based email spam solution, is launching a new cryptocurrency exchange platform called CredoEx for token holders to exchange their Credo. CredoEx will begin with Credo to Ether pairing but additional cryptocurrencies and national currencies will be added in the future based on demand, the company said.
Image: CredoEx Laptop Wallet, BitBounce
The San Francisco-based startup raised more than US$11 million through an initial coin offering (ICO) in September 2017 with prominent venture capitalist Tim Draper reportedly purchasing 10% of all tokens in the ICO. Prior to the ICO, Draper has made multiple investments into the startup.
The Credo token, which powers the BitBounce platform, is currently listed on two trading platforms, according to CoinMarketCap.com: Tidex and OTCBTC. By launching its very own exchange, BitBounce will no longer have to bear the exorbitant fees cryptocurrency trading platforms often charge startups to get their token listed.
According to a report released earlier this month by Autonomous Research, cryptocurrency trading platforms are charging anything between “US$1 million for a reasonably regarded token, to US$3 million for an opportunity to get quick liquidity.”
Developed by husband and wife team Steward Dennis and Alexis Roizen-Dennis, BitBounce is a platform that aims to put an end to spam emails. The service allows users to charge people they don’t know a fee to deliver emails. For users, this means a curated inbox of only emails from people they know, and emails that they are paid to receive.
It is similar to what Earn.com is offering customers. Formerly known as 21 Inc., Earn.com allows users to earn bitcoin for answering messages and completing tasks. Earn.com was just recently acquired by Coinbase.
BitBounce claims over 300,000 active users and more than 1.1 million registered accounts. Its user base is said to be growing 46% month over month.
On the BitBounce platform, fees charged to reach inboxes and to incentivize responses are paid in the Credo token.
The CredoEx cryptocurrency exchange, which is set to go live on May 1, will allow enterprises to more easily purchase Credo tokens and perform incentivized email marketing campaigns. The company said it has already been approached by several organizations for the service.
Dennis said in a statement:
“We created CredoEx to serve as the primary source of liquidity for BitBounce users so that they can easily convert their earned Credo into other currencies. Additionally, CredoEx will serve as the means for enterprises and other partners to buy Credo for incentivized campaigns as we grow.
“We see CredoEx positioning Credo as a central and important token within the crypto ecosystem by establishing active trading pairs with many other currencies and tokens.”
In addition to providing a source of liquidity for Credo, Dennis said the company built CredoEx to “improve upon some of the issues many of us experienced with other exchanges including higher site reliability as well as more user friendly user experience.”
Next quarter, BitBounce plans to release an enterprise version of its platform that promises to facilitate large-scale email marketing campaigns. The platform will provide enterprise users with a way to engage directly with relevant customers and only pay when people engage with their company, whether through paid response or other digital interactions.