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Are Exchanges Corrupting Crypto?

Are Exchanges Corrupting Crypto?
  • The CEO of uPlexa, Kyle Pierce recently spoke on the financial and ethical dilemmas faced by upstart altcoin projects in the crypto space.
  • There is an unfavourable picture noted by Pierce of an industry that may have already been taken over by its worst people including hackers, scammers and any other undesirables. 

The CEO of uPlexa, Kyle Pierce recently spoke on the financial and ethical dilemmas faced by upstart altcoin projects in the crypto space. There is an unfavourable picture noted by Pierce of an industry that may have already been taken over by its worst people including hackers, scammers and any other undesirables. 

Centralised exchanges have a ‘king’ making power, but this isn’t something that’s news to most. In fact, the CEO of DigiByte claimed that he was asked for $300,000 to get listed on the Binance platform. This was on top of being asked for about three per cent of his altcoin’s overall coin circulation. 

Nevertheless, Pierce said:

The demands made of the space platform were equally as outrageous as the CEO has said.

“We’ve had offers for 50% of the premine to get listed on an exchange. 50% of our premine that’s allocated to exchange listings, marketing, hiring, founding team, core members, security audits, etc. They somehow believe that one hour of their time is worth nearly 6,000+ of our current man hours into this project.”

The CEO further said that the saturation of centralised platforms is making matters even worse with over 1,500 thousand platforms fighting for the same area. This number is increasing and increasing by the day and the desperation of it rises as relevant.

“There’s 1500+ centralized exchanges that offer the exact same service, and they’re starting to lose volume. So they artificially boost the volume and hire VA’s to go around soliciting every team member of every project in hopes to quickly make a quick buck before their watering hole dries up.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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