Quick Exchange Committee Update

Hi Everyone,

I said I would give a quick update about the work from the exchange committee I started chairing a month and a half or so ago.

We generated a valuable body of information ranging from exchange specific decentralization analysis, to answers to the hundreds of questions asked by exchanges, to a variety of letters to send to exchanges.

As has been mentioned, we currently have letters and answers out with Binance, and have new letters into Bittrex. We are preparing letters and questionnaires for many of the other larger exchanges.

We are currently interested in the large real-volume exchanges. As an example of such exchanges, Bitwise Investment did an analysis of current cryptocurrency exchanges and came to the conclusion that the following exchanges are the only exchanges with real 24h trading volume exceeding $1 m in BTC volume: Binance, Bitfinex, Kraken, Bitstamp, Coinbase, BitFlyer, Gemini, itBit, Bittrex, and Poloniex. A lot of the volume from other exchanges isn’t from real users trading, so these are the types of exchanges we are focused on.

Lots of exchanges we come in contact with also require fees in some manner, whether as listing fees, marketing fees, integration fees, fees for exchange pairs, for legal reviews, etc. We find these exchanges to not be very high value added at the moment, and do not want to be paying for these listings.

We have a weekly call with Factom Inc and are working closely with them.

Lastly, we plan to soon be working with a new external entity that has experience with exchanges. We look forward to the potential progress we can make with such an entity.