The cryptocurrency market has experienced enormous volatility since the start of 2018, following a rapid growth over the course of the past year. The ten leading digital currencies faced significant downturn during this January, recording double-digit drops in price.
Just few years ago, bitcoin was the only cryptocurrency people heard of. While still remaining the leading virtual currency, it is steadily losing its dominant position. Now, there are already more than 1,500 altcoins on the crypto market. At the same time, the market suffers from the lack of transparency, limited regulatory control, and absence of strong investor protection, what leads to an extreme altcoins volatility.
Given these market conditions, it was just a matter of time until someone designed a service like BITRUST to hedge the risks faced by cryptocurrency investors. BITRUST is a decentralized P2P digital currency insurance platform built on the Ethereum blockchain technology.
Unlike existing risk management solutions, which are complex and expensive for a regular user, BITRUST aims to become affordable for retail cryptocurrency investors with a monthly trading volume of between $100 and $100,000 or without any trading experience.
“On one hand the market volatility is skyrocking, and on the other — the interest in cryptocurrencies and the value behind blockchain technology is really growing. More and more people talk about it every day. It means that already this year a lot of people will want to join the movement, learn more about crypto world and also participate in its development. We are looking at the few year long market adjustment and growth period ahead of us and we believe that BITRUST is the type of project which will heavily contribute into such adjustment,” the startup’s CEO, Alex Duhamel, said in a press-release.
“With BITRUST you don’t have to accept all the risk when trading altcoins. You can easily mitigate it, moreover — in a convenient fashion and at an affordable price. Imagine you could have such possibility to do this now?!”
The startup believes the new project will reduce barriers to entry for new investors, drive the overall amount invested by market players, and thus raise the liquidity of digital currencies.
To drive the usage of BITRUST tokens (BTFs) within the platform and increase their value, the startup is planning to charge a fee of just 0.1% against the total sum of the insurance contract in case where the entire agreement is conducted in BTFs. If compared to a regular fee, this is a 80% discount that is expected to incentivize the use of BTF tokens.
BITRUST is now in the process of raising funds via a pre-sale that is set to finish on March 31, 2018. The campaign will help the startup to obtain the investment necessary for further platform development and will allow everyone to become part of the initiative. A bonus of 100% will be offered to pre-ICO participants on every investment. The pre-sale will then be followed by an ICO that will run from April 2, 2018, till May 31, 2018.