ChangeNOW describes itself as a limitless exchange boasting unusually high speeds: the average time for exchange is about 5 minutes, and users can track the progress on the exchange page. They can start from less than $2 and swap as much crypto as they want – there is no upper limit.
Among the platform’s recent achievements are NOW Tracker out of beta stage, fixed rates update, and a milestone of 250 assets supported. Others include the release of the NOW Wallet and the partnership with Dash. They released a cashback mechanic recently, which is available to registered customers to cash in on their exchange transactions.
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Invezz talks to Pauline Shangett, CBDO of the exchange.
1. ChangeNOW is currently offering unlimited term loans with a 10% APR. What allows you to offer such a lucrative rate on such good terms?
Prior to rolling out a new product, we thoroughly evaluate the project’s economics and find a point at which it will be break even. ChangeNOW low-fee policy across all of its products and services benefits everyone and allows for great accessibility of the ecosystem for the biggest demographic. We retain our competitive edge while providing the best experience for our customers.
When we analyzed NOW Loans economics, we saw we wouldn’t lose if we offer a 10% APR. As you can see, the project is a success, and it really works well for us and our clients. Basically, we calculated BEP without taking super-profits into account. It came as no surprise that it was cost-effective.
2. You’ve reached a milestone of 250 supported assets. What are your most recently added assets and do you plan on offering more in the future?
That’s not where we stop. We hope to hit a milestone of 300 assets in a short time.
At the time of the interview, HPB (High Performance Blockchain), POTS (Moonpot), СELO, PYR (Vulcan Forged PYR), CNS (Centric Swap), FLOKI (Floki Inu), TOMO (TomoChain), IOTX, PETG, TKO (Toko Token), TLM (Alien Worlds), SPS (Splintershards), and LEASH (Doge Killer) assets have been among the latest ones listed on ChangeNOW.
As you can see, at this moment we are focused mostly on listing DeFi assets since the industry is on the rise. Still, we keep working with different listings, keeping in mind the interest and demand of our community.
You can always check out the latest supported assets on our dedicated Telegram channel.
3. Could you provide a brief summary of the results of beta testing of ChangeNOW’s very own crypto portfolio tracking app – NOW Tracker?
NOW Tracker is a nifty app with the much-needed feature of monitoring asset holdings on different non-custodial wallets. It’s safe to use, with all information stored on a customer’s device. So, NOW Tracker is riding high among those who value privacy.
We keep improving it every day, with a focus on convenience and privacy. Soon, we plan to extend the app’s functionality and attract more clients through integrating crypto exchanges. The most recent case in point here is that we have just added Kraken and Coinbase to the list of supported exchanges.
4. ChangeNOW has just released the NOW Wallet, a non-custodial crypto wallet that guarantees privacy and security. How does it do this?
The non-custodial wallet is simple and secure. At its core, ChangeNOW Wallet is a GUI for private wallets to interact with blockchain. Only the customer can access their assets as the data is stored on their device. We don’t collect personal information. However, our partners who process fiat transactions may have different requirements.
Community members get an opportunity to submit ideas for the functionality they want to see in their wallets. Our ecosystem offers the potential to serve most of the customer’s crypto asset management needs, and this great and long-awaited product is a substantial supplement to the whole infrastructure.
The wallet will be a one-stop product for customers to exchange, manage, and send crypto assets without leaving the app.
5. What kind of customers will this product appeal to? Do you have a specific target group in mind?
I won’t go into detail about gender, age, income, and stuff like that. To put it in a nutshell, our customer is the one who looks for a simple and secure way to start their crypto journey. Our customer wants to exchange their cryptocurrency, without the need to sign up. Our customer wants to try out purchasing digital currencies with fiat money. They grow their financial knowledge, puzzling out how the crypto market works. Another category is represented by those in the know, who have enough experience to tell the difference between a shady product and a trusted entity and use our products consciously.
In a broad sense, our customer is anyone except a hardened crypto skeptic. Of course, our products and services are available to everyone. However, our heart is with those who believe that crypto-based investments are a bet worth taking.
So, the NOW Wallet is aimed at both beginners and crypto veterans. It has a very wide range of advantages, but its key USP is its integration into the NOW ecosystem. As I’ve already said, our goal is to build a one-stop ecosystem for all crypto needs of our customers. NOW Wallet is a stepping-stone to this goal, while the existing ecosystem is a USP for new customers.
6. Can you provide some details around the cashback feature implementation that you plan to offer?
The cashback mechanic has been released recently. It’s available to registered customers to cash in on their exchange transactions. They get 0.1% of each swap, with the amount accrued in our native NOW tokens. Full details of the cashback breakdown are available in the customer’s personal account on the ChangeNOW website. There’s also a built-in calculator to see how much cashback customers can earn on their exchanges.
7. ChangeNOW is working on a partnership with Dash at the moment. What is it aimed at? Why did you choose Dash in particular?
We share common values with Dash. Fast transactions and financial freedom are crucial. Customers’ exposure to crypto is also important. In all promos, including the Dash promo, we want to encourage people to engage with crypto assets. We want crypto holders to know they shouldn’t be afraid to manage their assets and that there’s an easy, convenient, and safe way to do so.
We’re planning something really interesting. We’re launching a sprint next week where customers who make the fastest Dash transaction will receive $100 worth of Dash coins every two days. Also, there will be a one-week marathon where we’ll give away $500 in Dash to customers making the most Dash TXs on the ChangeNOW platform. We’ll provide a special promo code with an improved rate on all Dash transactions during the raffles. Follow our Twitter account not to miss out on the start of these fantastic events.
Among other essential things gained through this partnership, there is Dash’s InstantSend hallmark feature. It allows our customers to make secure and practically instantaneous (within 1-2 seconds) Dash transactions.
8. Do you prefer to list certain assets on your platform over others?
By and large, we welcome any asset that passes our inner preliminary check. We examine its market activity, capitalization, team information, and carry out some other screening checks. We seek a balance between protecting our customers and not getting in the way of new assets. That’s the crux of all ChangeNOW’s policies, and our listing policy is no exception.
9. What kind of assets do applicants want to register with ChangeNOW most often?
As DeFi is having a moment, DeFi tokens applications have been among the most often listed recently. I can say that pretty often assets heavily hype at the moment of community requests, as was the case with Shiba. Still, our main priorities are the demand among our community members and the reputation of our services. Every listing request is primarily evaluated through these two aspects.
10. You’ve said ChangeNOW is working on development of the B2B sector. What does this involve?
Although we look like an exchange company on the face of it, attentive visitors to our website will notice that we also offer API solutions. Our customers are various wallets with in-app exchange functionality and exchanges like Simple Swap. We also offer payment systems like NOWPayments that allow our customers’ clients to accept crypto payments.
And I think we can pull back the curtain a little bit exclusively for the Invezz audience. We’re planning to get a foothold in the global brokerage arena and will create a liquidity provider and a broker soon. Stay tuned to be the first to get the updates.
11. Is there anything else you would like to share with our audience?
At this point, I’d like to say that whether you’re a newcomer or an old hand at trading crypto, we at ChangeNOW welcome you with open arms. We bring the best of crypto products and services all under one roof, constantly seeking to improve our ecosystem and innovate for you to get the best possible crypto experience.
As a final note, we’ve prepared a special promo code F665FD7872B2 that the Invezz community can apply on our platform to receive a 0.2% discount on exchanges through December 13, 2021.
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