Why do some cryptocurrency trading platforms require users to use the platform's native crypto token to access the platform?
Why do some cryptocurrency trading platforms require users to use the platform's native crypto token to access the platform?
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Franck Dernoncourt · External communityPost link
External question — Personal Finance Stack Exchange
Author: Franck Dernoncourt
Original post: https://money.stackexchange.com/questions/153606
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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I read on
CNBC
:
FTT, the native crypto token that gives users access to the FTX trading platform.
Why do some cryptocurrency trading platforms require users to use the platform's native crypto token to access the platform?
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user3404 · External communityPost link
External answer — Personal Finance Stack Exchange
Author: user3404
Original post: https://money.stackexchange.com/a/153607
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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I refer you to Sam Bankman-Fried's
interview
with the
Odd Lots Podcast
. You need
some
gimmick to pull in the rubes.
Note: FTX doesn't
require
users to use their token, but they give discounts on fees to those users who do.
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Tim Miller · External communityPost link
External answer — Personal Finance Stack Exchange
Author: Tim Miller
Original post: https://money.stackexchange.com/a/153632
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
Adaptation: HTML converted to plain text; contact email addresses removed.
There are a few reasons why platforms might require users to use their native crypto tokens. One reason is that it can help to create a more seamless experience for users. For example, if a platform requires users to use its native token to access the platform, the platform can more easily keep track of user activity and make sure that users are adhering to the platform's rules and regulations. Additionally, using a platform's native token can help to create a more loyal user base, as users who hold the token may be more likely to use the platform regularly and to recommend the platform to others.
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Quoted from Forex.com.bd-Editorial External answer — Personal Finance Stack Exchange Author: Tim Miller Source score (net votes, not local likes): 2 Original post: https://money.stackexchange.com/a/153632 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. There are a few reasons why platforms might require users to use their native crypto tokens. One reason is that it can help to create a more seamless experience for users. For example, if a platform requires users to use its native token to access the platform, the platform can more easily keep track of user activity and make sure that users are adhering to the platform's rules and regulations. Additionally, using a platform's native token can help to create a more loyal user base, as users who hold the token may be more likely to use the platform regularly and to recommend the platform to others.
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