My first long Twitter post and I want to share some details how
@BTCMarkets decides what tokens/coins to list.
Projects are nominated by looking firstly at client demand. For e.g. based on client requests on social media, inbound client support tickets or where possible to list Top 40 tokens (acc. to
@CoinMarketCap.)
From there, the project whitepaper is reviewed by our financial services legal team to ensure it is not a security under Australian regulation. Concurrently, due diligence is done on the founders and project itself. Ideally, we are looking to sidestep listing any projects which may cause legal issues or potential problems for clients down the line.
All listings are unpaid. Otherwise it could compromise our ability to do due diligence on projects. Although it is clearly not meant as a quality guarantee, it allows BTC Markets to keep "clean hands" and maintain transparency with our clients.
As we are an exchange (not a broker) we build the token infrastructure ourselves. Meaning spinning up the specific blockchain, wallet etc. Invariably, due to the newness of the technology the documentation on this part can be sparse. This historically has meant new chains can be time-consuming to incorporate (but still worthwhile - it is our job after all.)
Naturally, we focus on issues around custody and security. That is partially offset by our partnering with
@BitGo. This should enable us to quickly list shared projects which is an area we can improve on.
The decision to list
@SuiNetwork is to try something a bit different for BTC Markets. It is a brand new project and in recent years, we had adopted more of a wait and see approach. This time we wanted to offer a project in its earlier stages, to give clients a greater range of fresh listings.
The feedback we got from our clients on the
#Sui listing is useful. We’re trying something new and want to hear from you. I value the comments about greater community outreach & involvement.
A first step is to give you this greater transparency about how we make these decisions. How we reshape that process to include more of your involvement will be next.