Digital asset exchange, Bibox is the latest cryptocurrency exchange to hop on the DeFi bandwagon, having listed two decentralized finance tokens to reaffirm what it calls a commitment to the expanding new economy.
Today, Bibox announced the listing of Meme (MEME), which is touted as an experimental protocol mashing up some innovations in DeFi and crypto-collectibles. Meme-inspired non-fungible tokens allow users to farm NFTs and their protocol features staking, governance, fair distribution, and crypto-collectibles.
Bibox is one of a few exchanges that recently listed the token, following Poloniex, Balancer, 1inch, Hoo, Mooniswap and Uniswap, with the latter commanding over two-thirds of MEME trade.
MEME is currently the 289-ranked crypto asset with a $23 million market cap and more than $2.8 million worth of MEME changing hands in the past 24 hours.
Moreover, Bibox has listed another non-fungible token (NFT), Rarible, a marketplace that allows users to mint, buy, and sell digital collectibles on the Ethereum blockchain. The marketplace’s native token called RARI and acts as a governance.
Bibox is certainly not alone in its interest into this particular facet of blockchain’s ecosystem. Major crypto exchanges, such as OKEx, Binance, FTX and Poloniex also listed many DeFi tokens, but their broader strategy was to focus on large coins that attract volume.
Bibox operates a regulated crypto exchange in Europe. Called BiboxEurope, the platform is positioning itself as a straightforward, inexpensive alternative since it allows cryptocurrency purchased through it to arrive in the customer’s account within a few minutes.
Compared with other fiat-to-crypto offerings, BiboxEurope claims its transaction fee is the lowest, namely 2.9 percent, which competes against the likes of Coinbase and Binance, charging fees of 3.5 percent and 3.99 percent, respectively, and often impose limits on crypto purchases using credit cards. Additionally, the company is offering a zero-fee deposit for its users.
A Strong Regulatory Profile
The regulated fiat-to-crypto exchange was launched last year, offering a fiat on-ramp for Bitcoin (BTC) and Ethereum (ETH) through BTC/EUR and ETH/EUR trading pairs, followed by GBP and CHF pairs.
Shortly after, BiboxEurope expanded the offering and unveiled a new feature enabling its consumers to buy Bitcoin and Ethereum using credit cards.
Bibox’s offshoot is regulated in Switzerland and enforces stringent KYC and anti-money laundering compliance to effectively provide an authorized fiat gateway for its crypto users around the world. BiboxEurope, also holding the Estonian exchange and e-wallet licenses, has reportedly secured investment from a major global bank during a recent round of fundraising.