Australian Crypto Exchange CEO Argues to Move All Long-Term Digital Asset Storage Offline

16-Nov-2020 Intellasia | PR Newswire Asia | 5:01 AM Print This Post

Alex Harper, the founder of Australia's fastest-growing online cryptocurrency exchange, Swyftx, recently reminded his community that offline storage is the superior option for long-term crypto holding as soon as crypto is purchased on an exchange.

SYDNEY, Nov. 16, 2020 /PRNewswire/ -- The CEO of Swyftx, Australia's fastest-growing online crypto exchange is suggesting that all crypto holders should immediately purchase an offline wallet like Ledger Nano S as soon as they buy crypto because offline storage is superior.

The CEO argues that other exchanges need to step up to educate users on the importance of crypto security. He argues that other exchanges and executives need to say this message themselves just like he and his team are doing. They have also dedicated blog posts and potions of their website to educating users on cryptocurrency storage.

"Other exchanges are not stressing cold storage options hard enough. Don't get me wrong, the technology of exchanges has advanced lightyears since the Mt. Gox era, or even where we were when we first started almost 3 years ago. However, it's still hard if not impossible to beat offline crypto storage. Crypto exchanges need to come out and talk to their communities about this… big time."

Swyftx's Community-Centered Approach to Crypto

Since they started in 2017, Swyftx has:

  • Country's Largest Selection: They offer 189 cryptocurrencies which is more than any other exchange in Australia. They have an iOS and Android application as well as over 30,000 users.
  • 1,100% Growth: From 2018 to 2019, grew from doing over $10 million in monthly trading volume to $120M in monthly trading volume, a volume they've kept up during the COVID pandemic. Grew from a two-person founding team who were science camp buddies into Australia's fastest-growing startup.
  • Country's Highest-Rated Exchange: The exchange currently has a 4.9 out of 5-star rating on TrustPilot with over 600 5-star reviews. Meanwhile, competitors hover around a rating that is roughly 20% less favourable.

Harper said that Swyftx is more concerned about creating a great product that people love over anything else. He said Swyftx is more concerned about loyalty than profitability because he believes that by differentiating yourself as a trustworthy brand in this space, you're already leagues over other brands with a clouded or lukewarm reputation.

"Swyftx is concerned about creating a company that is profitable, but one that does the right thing. Other exchanges have been silent on cold storage and using Ledger. They want all of the funds to stay deposited on the exchange. However, we know that by doing the right thing and making our users more aware of Ledger, we will be building loyalty instead of orchestrating a quick cash grab. This will be apparent to our users because they know we have their best interest in mind. This is a long-term strategy to build trust with our users."

Swyftx has even created a guide to help users understand the risks with online storage and the benefits of hardware wallets.

About Swyftx

Swyftx is Australia's most trusted and progressive cryptocurrency trading platform. It implements layered security, instant verification, best prices and live chat support. In 2019, Swyftx has grown 1100% to over $120M in monthly trading volume. Since then, Swyftx has grown to over 30,000 users and is planning to go international by 2021. Here is a link to the exchange's website:

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