You don’t have to be an American kid infatuated with the country’s (former) favorite pastime to know the famous Field of Dreams quote: “If you build it, they will come.”
The biggest challenge cryptocurrency platforms are currently facing is attracting new users and converting them to loyal, engaged customers. This is Economics 101. If demand stays constant but supply grows, the economics of a given product do not grow. What ensues is falling profitability and a race to the bottom. As a result, crypto platforms are all trying to attract new users to grow the top-line of the funnel and convert users into long-term adopters.
CGCX (Calfin Global Crypto Exchange), the world’s first insured hybrid crypto exchange platform (who just recently raised over $32.5 million during their ICO) is not only disrupting cryptocurrency trading through its unique approach and technology, but it’s bringing disruption to the very way it addresses user adoption and platform growth.
On the 5th of October, 2018, CGCX.io entered into a structured long-term partnership with South East Asian insurance powerhouse, the Archipelago Group. The partnership will kickstart a new vertical, namely merchant solutions, that will jumpstart the cryptocurrency business for Archipelago, and at the same time expand the utility of the CGCX.io token.
1.5m People Can Pay for Their Insurance with Cryptos
CGCX.io will enable integration with Archipelago’s digital platform offering life, health and medical insurance solutions, to allow 1.5 million insurance policy holders and insurance intermediaries an option to pay their premiums using cryptocurrencies, including Bitcoin, Ethereum, and CGCX tokens, with more cryptocurrencies to follow.
Under consideration are also discounts and other incentives aimed at promoting cryptocurrency payments. Anandh Swami, CGCX’s CEO, speaking of the partnership between the two companies said, “our collaboration aims to make life easier for Archipelago Insurance and its customers as far as handling cross-border payments and business in general, and increase customer and regulatory trust thanks to the platform’s high level of transparency.” Ian Lim Teck Soon, Archipelago’s CEO also commented, “we are keen to explore blockchain technology and cryptocurrencies in our insurance service offering and we couldn’t be more thrilled to be working with CGCX to further enhance and develop the healthcare ecosystem.”
CGCX.io offers a highly sophisticated insured hybrid cryptocurrency trading platform, ensuring that all tokens held in wallets within the exchange are protected against cyber-attacks. In addition, unlike most crypto exchanges that offer only cryptocurrency trading, CGCX.io is uniquely positioned in the blockchain world because it offers its customers four service modules in a single platform. These include: discounted rates for products and services, lower transactions fees of up to 50% on buying and selling cryptocurrencies, opportunity to utilize escrows and settle Smart Contracts, and the ability for users to participate in ICO voting for getting their favorite tokens listed on the CGCX exchange.
CGCX has recently completed it’s ICO, raising $32.5 million for further growth and development of the project, with USD10 million daily trading volume. The company is based and licensed in Singapore (licence number UEN 201814950K).