Dear community members,
Throughout the first half of 2021, we’ve been growing extremely fast. Now that the market has slowed down a bit, we’ve had time to prioritize our product development plans. Therefore, we want to give you all an update regarding our product roadmap for the last half of this year.
As the BUX company is growing fast, fueled by our recent funding round of $80 million, there will be a massive focus on offering cryptocurrency investing in the flagship app BUX Zero this year.
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.
Looking back, the BUX Crypto platform saw a 1000% increase in total quarterly volume in Q1 2021 compared to Q4 2020. In addition, we saw a 300% increase in funded accounts and a 475% increase in Assets under Management (AuM) since December 31, 2020. This shows that new crypto investors are finding their way to the BUX Crypto platform.
Also, 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 are now entering a phase where most of these developments are complete 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.
The main topics on our roadmap for this year are:
1. BUX Zero integration (Q3/Q4 2021)
BUX Zero users will be able to create a uniquely diversified portfolio of all popular stocks, ETFs and cryptos all from one app.
2. New crypto listings (Q3/Q4 2021)
Since the crypto boom earlier this year, we’ve had lots of requests from our users and community members to add more crypto assets. In the past month we’ve already listed five new crypto assets. And in the coming six months we are planning to add a lot more! Keep an eye on our social media channels to see the latest listings.
3. Limit orders (Q3/Q4 2021)
The BUX Crypto platform currently supports market orders. A market order allows you to make an instant trade, executed at the current market price. The market order offers convenience for some users but lacks the flexibility that others would like to have. For this reason, we want to introduce limit orders in this quarter.
A limit order allows you to set the price at which you wish to execute your trade. For example, if you want to buy an asset at a particular price, you set the target, and if the asset reaches that price, we’ll automatically execute the order for you. The same applies when you want to sell at a certain price. This allows you to trade on an expected increase or decrease in the market on preset price levels you determine.
We have already deployed the first version of limit orders for the BUX/BTC pair. Support for the rest of the crypto pairs will be launched at the end of this quarter or the beginning of the next one.
4. Crypto deposits and withdrawals (Q3/Q4 2021)
As a result of the recent developments regarding the Bitonic and DNB court case, the new requirements from the DNB are becoming clearer. We aim to open up crypto deposits and withdrawals by the end of September.
5. BUX Token bridge (Q3 2021)
Setting up the bridge between Binance Smart Chain and Ethereum will allow token holders to swap BUX tokens on Uniswap or Sushiswap in the future. Currently, the bridge is live on the test nets of BSC and ETH. The first version of the interface is done and will be tested in the coming weeks.
6. BUX Token utility model (Q4 2021)
Currently, the main utility of the BUX Token is that it gives users the option to trade with 0% commissions when users hold 1,000 BUX tokens or more in their portfolio. In the next iteration we are considering creating a more advanced token model that offers a broader range of incentives for our platform users.
In addition to these planned features, we see that the demand for DeFi solutions is growing significantly and are looking into the possibility of offering some of these DeFi functionalities on BUX. More information about our future plans will be shared in the coming half year.
If you want to stay up-to-date about our weekly progress, please follow us on Twitter, Telegram or subscribe to our newsletter by creating a BUX Crypto account.