The trading of cryptocurrencies in so-called decentralized financial markets (DeFi) based on blockchains and smart contracts is rapidly growing into a new form of global finance via the nearly 70 decentralized cryptocurrency exchanges (so-called DEXes). Already, about 2,000 cryptocurrencies or coins/tokens are traded on crypto exchanges – with a daily turnover of about USD 5 billion, on some days up to USD 10 billion. In the last 6 years alone, the crypto market grew by 45 000%; 450% since last May.
A big problem in the crypto market today is the lack of transparency regarding the different transaction costs in the various DEXes and the lack of insight about in the fair price of a cryptocurrency in the respective crypto exchange.
Especially for beginners, this can mean that they have to pay up to 100% more for an exchange in cryptocurrencies than necessary. Even for experienced DeFi traders, it is almost impossible to get an overview with reasonable effort to get the best price for their swap.
The German startup CrowdSwap now solves this problem. It was founded by a mixed software developer team of Germans and Iranians. They are familiar with blockchain projects in the German energy industry and have spent a year developing best price routing blockchain technology.
With their system, which incorporates both cryptocurrency prices and associated transaction costs, they aim to bring more transparency to the burgeoning global crypto market.
Transparency is also the thread that runs through the professional life of (?) entrepreneur Christian Mülder, software developer, stock market trader and investor, and Blockchain is the 100% tool what makes this possible. Back in 2006, he was a co-initiator in the open source project B2B By Practice. The software is used by 60% of all German energy providers and implements the communication and mapping of processes of the German energy market using blockchain-like technology. His first company, which he sold in 2016, enabled him to start as a trader and investor, and for him it was obvious from his own experience that transparency in the crypto market urgently needed to be established: “I was supposed to pay transaction costs of USD 100 when exchanging a coin worth USD 500. This was not disclosed to me on the exchange. 20% in incidental investment costs is not acceptable. This gave me the idea to develop a price comparison for cryptocurrencies with my old peers,” Mülder said.
CrowdSwap is going live in early June 2021 with its crypto price comparison app in a beta version, available for exchanges of the 2,000 major cryptocurrencies on the Ethereum network on initially 5 of the major DEXes. Traders can compare crypto prices, swap directly across different DEXes, and CrowdSwap promises an average of 20-30% cost savings when swapping cryptocurrencies.
In doing so, CrowdSwap displays 100% transparent all prices and costs that await a crypto trader and calculates the total price a trader has to pay for a currency swap.
In the beta phase, CrowdSwap itself does not charge any fees; however, they are already displayed in the price comparison.
For more information, visit https://crowdswap.org – or compare prices and swap coins directly here: https://app.crowdswap.org:
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June 1, 2021