Throughout 2020 we’ve been steadily growing and in the past few months, we’ve seen even bigger growth as Bitcoin went from roughly $10.000 to $40.000 in price. With this momentum, we want to provide everyone with an update regarding the BUX Crypto roadmap for the coming year.
Due to the rapidly changing nature of the cryptocurrency regulatory landscape, we needed to make several changes to our platform’s infrastructure in order to remain compliant with local and international regulatory requirements. For the outside world, these changes are often not noticeable but have taken a lot of time and resources from our team.
Fortunately, we now enter a phase in which most of these developments are completed or will be completed in the near future. This means that more time and resources can be allocated to building new features that enrich the user experience.
Additionally, it has always been BUX’s vision to create one seamless user experience for all its products and services. For BUX Crypto this means that the main focus this year is on better integrating our services with other BUX products.
The main topics on our roadmap for this year are:
1. Limit orders (Q1 2021)
The BUX Crypto platform currently supports market orders. A market order allows you to make an instant trade that is executed directly for the current market price. The market order offers convenience for some users but lacks the flexibility that some others would like to have. For this reason, we want to introduce the limit orders in Q1. A limit order will allow you to open an order for a price you can determine yourself and will be closed once the order is either filled by the market or cancelled by you. This allows you to trade on an expected increase or decrease in the market on preset price levels determined by yourself.
2. Exchange integration (Q1 2021)
In order to add more crypto assets to the BUX Crypto platform, we’ve decided to integrate with another exchange partner. This new integration will allow us to offer more crypto assets for even better prices. Having the option to tap into multiple exchanges allows us to benefit from more liquidity and therefore offer users all our supported crypto assets for the best price in the market.
3. Improved utility of the BUX token (Q2 2021)
Currently, the main utility of the BUX token is that it gives users the option to trade with 0% commissions (100% discount) when users hold 1,000 BUX tokens or more in their portfolio. This setup will slightly change with the introduction of limit orders.
In the new setup, users will need to ‘pledge’ their tokens for a certain amount of time (the pledge period). For example, users need to pledge the tokens for one month in order to receive the discount on trading commissions.
4. External wallet app (Q2 2021)
In order to deposit to, or withdraw from a BUX Crypto account, users need to install BUX Crypto’s External wallet app to approve all incoming deposits and outgoing withdrawals. This app is part of changing regulations in the Netherlands and at the same time will help users with keeping their BUX Crypto accounts safe as the app will enable additional protection when transacting cryptocurrency in or out of the platform.
The functionality of this app can be compared with using your smartphone as a validating device to approve your personal online bank payments.
5. Auto-investing (Q2 2021)
This feature is based on the dollar-cost-averaging (DCA) method that is widely acknowledged as one of the best investment techniques in history. The auto-investing features allow you to set up a periodic buy or sell of cryptos for a predetermined amount. For example: Set up an automatic buy of Bitcoin every first day of the month for €100. The logic behind this is, when the price of Bitcoin is low you buy relatively high amounts of Bitcoin for €100, and when the price of Bitcoin is high you buy relatively low amounts of Bitcoin. Over time your purchase price will average out and you will be less susceptible to volatility. Some see this as a safer investment approach if your strategy is focused on the long-term.
6. Native iOS and Android app (Q3/Q4 2021)
The number one result from the product survey we conducted was that our users would like to use BUX Crypto on an iOS or Android app, just like the other BUX apps. Therefore, we are going to build a native iOS and Android app! This will likely mean an integration of BUX Crypto within another native BUX app.
BUX has the vision to eventually offer trading and investing from one single experience, so that everyone can do more with their money. Therefore, an integration of BUX Crypto with other BUX apps is on the horizon. As soon as we know exactly what and how this will materialize, we will provide an update.
In addition to these bigger features, there are also other improvements that we’ll be working on. Stay up to date by subscribing to our bi-weekly newsletter. You can subscribe by creating a BUX Crypto account.