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CryptiSwap

Automated & Decentralized Crypto Swaps

Australia
Market: Crypto currency
Stage of the project: Prototype or product is ready

Date of last change: 07.04.2021
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Idea

User can currently place a trade straight from our homepage and within 3 clicks, they can get their coins deposited into their address. Cryptiswap is probably the most simple crypto exchange out today as we don't require registration to use our service and we are non-custodial, meaning we never store users funds so users funds aren't vulnerable like in an online wallet.
We are currently a partially automated exchange that will allow users to place trades 24/7, although we are moving towards full automation/decentralization.

Current Status

We have just finished all test with a green light! Our app launches within the next 5 days and we are ready to market the product to bring in 1000's of customers per day.

Stage 1 – Create software & release MVP ✓
Stage 2 – Create and publish the App ✓ (Published on google play, app store pending review)
Stage 3 – Move from partial automation to complete automation
Stage 4 – Create a unique CryptoCurrency based on CryptiSwap

Market

CryptiSwap will be marketed to individuals and organizations that store funds offline in cold wallet and outside of a major exchange as they see there is risk in depositing funds that are in a sense outside of your control. There is a saying in the crypto industry that goes “not your keys, not your coins”. The nature of cryptography allows users to store their coins by using their own private key (in the form of a seed phrase), this enables users to own the funds as nobody but themselves know this private seed phrase. Thus, it is unwise to store your whole crypto balance into an online exchange and so we are targeting customer who use paper/hardware wallets to store funds offline (We don’t store customers funds like major exchanges do) and privacy focused individuals who prefer not to sign up to an exchange, as a vast majority of the cryptocurrency market cap is stored offline. It is believed that high net worth individuals, otherwise known as whales store the majority of their funds on cold wallets. There are many complaints online of users' accounts being closed or their application being rejected on major exchanges like Coinbase and kraken and so customers look for a simple solution to swap coins without having to apply.

This is especially the case for low quantity, high volume trades. Think of it as a fiat currency exchange at an airport, if one is travelling and requires funds in the country they have arrived at or are going to, rather than filling in multiple documents and waiting to get approved, customers can just go there in person and provide the funds of their home currency (through cash or card) and have the currency of that country given to them instantly. Would a fiat currency exchange have as much volume if they required customers to apply and be approved?

Problem or Opportunity

CryptiSwap is going to allow customers who otherwise could not sign up to a central exchange or choose not to due to the fact that central exchanges require customers to deposit funds into the exchange’s wallets while cryptiswap will allow customers to trade while keeping their funds in their personal wallet at the same time. Customers will not be required to sign up and can complete a trade with just a few clicks straight from the home
page or from the app, thus enabling ease of entry into the service. This method of no registration liberates customers from the process of filling in documents and having to get approved at a central exchange.

Solution (product or service)

Once we get listed on a few of the aggregators like swapspace.co and coinswitch.co (among others) users will naturally go for the cheapest option that is listed out of the others. Currently for the most popular coins, the cheapest market rate ranges from 0.5%-1.5%. This would mean, for
cryptiswap to be chosen out of the other competitors, it would have to
price just $1 less for a customer to naturally choose the cheapest option. For example, on coinswitch.co an exchange of 1 btc gets you 30.928579 ETH with swap-lab and 30.917000 with binance. Naturally the customer will choose coinswitch as they will get 0.011579ETH ($20.45 USD) more. We have already created the systems to actively read the most competitive price and change it by just a tiny fraction less than other competitors, allowing us to beat any other given rate which will rank CryptiSwap’s rate at the top, thus ensuring the customer places a trade with us. Even listing $1 or 1c less is enough to rank us at the top and beat-out any competition.

Competitors

changelly.com
changenow.io
shapeshift.com

Advantages or differentiators

Our advantage is mainly that we are the simplest exchange allowing users to trade without registration always, with the option to register if they like. 2/3 exchanges above require users to register to trade and the other 1/3 are a custodial exchange meaning they sometimes hold the customers funds.

Please read the section above "Decision" as it will explain how we will outcompete and take customers from these competitors.

Finance

During the first public beta testing phase, CryptiSwap set a limit of $500 per trade for users to test the platform. In the first 5 days of trading alone, CryptiSwap had a volume of $8333.30 and a net profit of $283.33, as can be seen in the table below (this is server side, automatically generated information that we have programmed). Please understand that this was without any advertising or marketing and was just a result of making some posts on reddit and actively chatting with users on reddit.

Based on these figures, once we execute an officially funded marketing plan and increase the limit of trades to $10,000 per trade, we expect to receive anywhere fr om $50,000-$100,000 per hour of volume (please understand that this is a rough estimate based on our testing phase)
$50,000 at a spread of 1.5% = $750/h
$100,000 at a spread of 1.5% = $1,500/h
$100,000 at a spread of 1% = $1,000/h
$100,000 at a spread of 0.5% = $500/h
Increasing the lim it of trades from $10,000 to $100,000 will increase the hourly volume

Business model

1) Technology
To achieve full automation, the hiring of software engineers or other information technology experts will be necessary. These same
individuals will be needed to implement Stage 4 – ICO stage. The creation of an extensive white paper and underlying open-source software will be uploaded for users to view.

2) Marketing/sales
Staffing will be necessary to expand the project to reach a broader audience. The outsourcing of an organization that specializes in marketing/sales will be utilized dependent on the budget that is allowed (I.e. $10,000 per month)

Money will be spent on

-Technology (Hiring more Software Developers)
-Marketing/Sales (outsourcing)
-Legal/Accounting (outsourcing)
-other operation costs, I.e office, stationary, travel etc.

Offer for investor

Currently there is 20% of equity available for the company although we are willing to increase this offer for a passionate investor.

Team or Management

Risks

To implement long term plan to fully automate all processes, a further team may need to be hired to accelerate things although if we just rely on the current team, progress will be slower than possible with funds. So in other words, staffing is optional as outcomes can be met by the current team, although to accelerate this, the potential hiring in the following industries will be required:
-Technology (Hiring more Software Developers)
-Marketing/Sales (outsourcing)
-Legal/Accounting (outsourcing)

Incubation/Acceleration programs accomplishment

None so far

Won the competition and other awards

None so far

Invention/Patent

CryptiSwap swap feature/system

Photos

Photo 1 - Automated & Decentralized Crypto Swaps
Photo 2 - Automated & Decentralized Crypto Swaps
Photo 3 - Automated & Decentralized Crypto Swaps
Photo 4 - Automated & Decentralized Crypto Swaps
Photo 5 - Automated & Decentralized Crypto Swaps

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video