According to a new report, Crypto exchanges will focus on Defi, UX, and other services starting from 2021. Exchanges are the most important part of crypto’s ecosystem since, without them, users will have fewer means for selling and buying crypto so let’s find out some more in today’s crypto news.
While 2020 was pretty good for exchanges, we don’t know what 2021 will bring us. According to reports, we are likely to see a number of new trends emerging next year and we can also see exchanges adapting to the changing structure of the crypto industry. The new developments include an expansion of the DeFi space and token listings as well as a renewed focus on DEXs and also revamping the user experience especially now since PayPal moved into crypto as well. There will be more expansion of trading features like partnerships and hopes of a new license.
Back in 2019, the industry players said that most exchanges would focus on three main areas like diversification, better security, and decentralized exchanges. DEXs increased in number in 2020 but for the biggest part of the year, there weren’t many of the centralized exchanges that launched them but rather independent users that were looking to carve out some pieces for themselves. However, we saw Bitfinex launching the EOSfinex on the EOS mainnet.
Exchanges diversified as well as Binance launched a new staking platform with many futures and option trading services with their own Binance Card. Coinbase also launched a Visa card in the United States as well as its Coinbase Custody services. According to Executive Director of CEX.io Konstantin Anissimov:
“Our own clients have shown increased interest in DeFi tokens, so we listed a wide variety of them on our platform. Just at the beginning of November we have added 12 new ones, available for both trading and staking purposes. And we plan to integrate with the DeFi field even stronger in the future.”
Binance’s CEO Changpeng Zhao shares the same opinion but admitted that he prefers not to speculate a lot about the new products or services that the exchange will be launching in 2021:
“That said, I think the DeFi innovations we’ve seen this year around liquidity pools and [automated market makers], especially for stablecoin trading are very interesting. I believe these are here to stay.”
Zhao added that Binance got into defi already as which shows that crypto exchanges will focus on DeFi even more in 2021.
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