As new cryptocurrencies kept being created, and remained as volatile as ever, Bisi saw the crypto space as the market 2. Where the traditional stock market was the wise older grandfather figure, the crypto space felt like the teenage grandson, taking the space to new levels. This happened all the time. They were looking for help.
Introduction
Tycoon at this time was simply a private Telegram group, a place to share news about cryptocurrencies and trading, with members. What if a crypto exchange platform could provide copy trading? Copy trading is common in hedge funds and has been practiced for decades, but it has typically been reserved for institutional investors and not made available to the average consumer with a smaller amount to invest. What it allows people to do is access a list of traders, see their average returns, and copy the trades of that investor. A new trader can replicate the portfolio of a seasoned trader.
We knew we wanted to take the same approach as copy trading, which was not new at all, but modernize the approach behind it. Security and compliance are the most important pieces to Tycoon.
One thing they knew they wanted to avoid entirely was the possibility of anyone, particularly a trader, to create multiple accounts. Trading platforms on the traditional market allow people to create as many accounts as they please. That means if a trader incurs huge losses, they can burn that account and start fresh, leaving the bad trade behind.
A KYC mandatory policy would not only help them stay compliant but also prevent fraudulent activities from taking place. It will always be visible in your account, but you are always able to gain it back. You can cancel, unfollow a trader or withdraw money at any time, but as long as a trader is being followed, no further action is required by the user. Tycoon acts as the communicator between the trader and user. Tycoon has successfully implemented Binance as the first exchange on the platform, but they plan to remain platform agnostic and offer integration with all the major exchanges.
Bisi says that all of fintech, all of crypto trading, and all of asset management relies on KYC to some degree. Necessary cookies are absolutely essential for the website to function properly.
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This question I answer in this book. Bitcoin really started to take off in The digital currency began the year trading at around This was the first real rally and associated crash for the currency.
Imagine you got 10 pieces of Bitcoin in April when a coin was Read more Read less. Previous page. Reading age.
Tycoon - BitcoinWiki
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‘If you’re not a billionaire’ in 10 years ‘it’s your own fault,’ says 20-year-old bitcoin tycoon
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