Cryptocurrency is changing how colleges do business with students and donors

crypto in colleges and universities
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Ten years ago, cryptocurrency was a niche concern that most people ignored. Now, everyone is angling for a bite of the cake. Governments are thinking of ways to impose regulations and tax the industry. Venture capital has plowed in billions of dollars in expectations of big returns down the line. Various big and small outlets have added crypto to their payment systems.

Colleges and universities have also got in on the act, as crypto continues to grow in recognition and acceptance. For a long time, the involvement of educational institutions in crypto wasn't always salutary. Criminal organizations that attacked school networks often demanded that the universities pay the ransom in crypto. In many instances, the affected schools complied to get their networks restored quickly.

Now, this is changing. With better security protocols in place to protect schools from crypto-demanding hackers, attention has turned to the more positive roles and uses of blockchain technology in education.

In this article, we outline several ways crypto and blockchain technology is transforming interactions between universities and students and donors.

The bigger picture to crypto usage

It is worthwhile to situate the growing use of crypto in schools within the overall social trend. In recent years, crypto adoption has grown among the public, with the largest segment of new converts being young consumers. According to a CNBC report, 20% of US consumers have used cryptocurrency in some form. Another report by Ypulse found that 28% of the 13-39 age demographic have bought at least one crypto token. A sister report discovered that interest among that age group in non fungible tokens or NFTs peaked at 38%.

This increased attention to crypto isn't reflected in the industry's financial standing at the moment. Because of the global recession and implosion of some big players, the total capitalization of cryptocurrencies has shrinked from a peak of $3 trillion in November 2021 to just over $800 billion one year later.

Given the current gloomy climate, one might wonder why universities would want to have anything to do with crypto. Yet, research has clearly shown that tertiary colleges continue to utilize the technology in ways that benefit them. Let's look at 3 of these ways.

1. Tuition payments

Schools and colleges are getting more flexible in tuition payment options for local and international students. Some have included cryptocurrency in their list of accepted mediums of payment. Lucerne University of Applied Sciences in Switzerland has been accepting bitcoin for tuition payments since 2017. Bentley University, a private school in Massachusetts has partnered with cryptocurrency exchange Coinbase to accept tuition payments in bitcoin, ethereum and USD Coin.

Some universities restrict cryptocurrency payments for tuition to certain courses, perhaps as a test run for a schoolwide implementation. The Wharton School of the University of Pennsylvania stated that enrollees to its education online certificate program in Economics of Blockchain and Digital Assets can pay program fees with cryptocurrency.

These schools recognize that paying tuition with crypto is easier, faster and cheaper compared to traditional payment methods. And as school admissions become more diverse because of the upsurge in international applications, cryptocurrency is an inexpensive method to democratize payments. By letting non-local students pay using bitcoin, universities can receive payments on time and avoid the multi-day delays synonymous with cross-border payments.

Cryptocurrency is very volatile and universities must find solutions that safeguard the value of tuition received via digital currency. Each crypto-accepting institution deals with this differently. Some, like the University of Nicosia in Cyprus, immediately change the crypto into fiat.

As crypto adoption among schools keeps growing, one imagines consensus will gravitate towards a more stable cryptocurrency like USD Coin (USDC) as the cryptocurrency of choice for tuition payments.

2. Gifts and donations

More and more gifts and donations are being paid in digital currency, not just to universities, but to donation-eligible organizations at large. Fidelity Charitable, the largest grant-maker in the US, received $331m in cryptocurrency donations.

Cryptocurrency gifts to universities have continued to grow since Blockchain.com founder Nicholas Cary made a donation of 14.5 bitcoin to the University of Puget Sound, his alma mater, in 2014. In 2018, the developers of the cryptocurrency EOS donated $3m worth of the coin to Virginia Tech, to aid in blockchain teaching and research.

Ripple co-founder Larsen and his wife Lyna Lam went even further in 2019. They donated $25m in XRD, Ripple's native token, to San Francisco State University. Also in 2019, Nikolai Mushegian donated $4.2m in Maker (MKR) tokens to Carnegie Mellon University. Vitalik Buterin, perhaps the most significant figure in decentralized finance and the co-founder of the Ethereum blockchain, gave away $9.4m in cryptocurrency donations in November 2022. The money, donated to the University of Maryland, will help to fund research in public health.

Not every donation to colleges and universities come with a name tag. Some donors choose to remain unidentified. For example, in 2021 the Wharton School of the University of Pennsylvania received an anonymous donation in bitcoin worth $5m.

Cryptocurrency opens up an additional avenue for universities to receive gifts. It also makes it easy for donors to donate their digital assets without having to first convert it to digital cash. Plus, reticent members of the public can easily and directly support their favorite educational institutions while maintaining their privacy. Hence, some schools have published instructions on their websites for those who wish to donate with digital tokens.

3. Non-Fungible Tokens

Non-fungible tokens, or NFTs, are a class of blockchain tokens that stand for real-world artifacts. They are unique identifiers that cannot be replicated, divided or copied. Universities are leveraging this newfangled phenomenon to foster closer ties with alumni or generate funds for research.

The University of California, Berkeley created headlines in June 2022 when it auctioned an NFT for $50,000, with the proceeds going to immunology research. The NFT was inspired by the research of James Allison, a respected immunologist and winner of the 2018 Nobel Prize in physiology or medicine. The school continues to explore other avenues for NFTs.

Institutions that wish to leverage NFTs have no shortage of inspirations to use or history to mine. In August 2022, the University of Miami minted an NFT of the school's football team's 1989 championship win for $10,000. The school has a website where it lists NFTs commemorating the institution's various sporting successes.

Some universities have gone the extra mile to make NFTs more attractive by doing a tie-in with real-world perks like VIP seating at events. Others like Harvard University made it a badge of academic accomplishment. The school announced in May 2022 that each graduate of Harvard College will get a commemorative NFT. Duke University, meanwhile, offers NFT certificates to students who complete a blockchain technology course.

Conclusion

The blockchain revolution is alive and well despite the recent downturn and universities are taking advantage wherever they can. In accepting tuition and donations and making creative use of non-fungible tokens, universities are showing the rest of the world the real-world possibilities of crypto adoption.

About Kyrrex

Kyrrex is a multifunctional professional platform for trading and storing cryptocurrencies

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MiCA crypto regulation: How MiCA Framework Revolutionizes Crypto Asset Management in the EU

The European Union has taken a pioneering step with the introduction of the MiCA (Markets in Crypto-Assets) framework or MiCA crypto regulation. This groundbreaking regulation represents a significant shift in the landscape of crypto asset management within the EU, marking a transition from a largely unregulated space to one guided by clear rules and standards. At the heart of this change is the need to establish a harmonized and secure environment for both investors and crypto service providers, ensuring that the dynamic world of digital currencies operates within a framework that promotes trust, transparency, and stability.

The adoption of the MiCA crypto regulation is not just a regulatory milestone; it’s a transformative movement that reshapes how digital assets are managed, traded, and perceived in one of the world's largest economies. With this new era comes a host of opportunities and challenges for stakeholders in the crypto market. As the EU embraces this change, understanding the nuances of MiCA becomes crucial for anyone involved in the crypto space – from seasoned investors to emerging fintech enterprises.

Understanding MiCA Crypto Regulation

The MiCA crypto regulation, a cornerstone of the EU's approach to digital assets, heralds a new chapter in the governance of the crypto market. This regulatory framework is designed with the primary aim of safeguarding investors and ensuring market integrity, a crucial step given the volatile nature of cryptocurrencies. MiCA crypto regulation establishes a standardized set of rules across EU member states, addressing key areas such as operational resilience, consumer protection, and market transparency.

One of the standout features of the MiCA framework is its comprehensive coverage. It extends to various forms of crypto-assets, including tokens, stablecoins, and digital wallets, ensuring that all aspects of crypto asset management fall under its purview. This broad scope is vital in a market known for its diversity and rapid innovation.

Moreover, MiCA crypto regulation introduces rigorous requirements for service providers in the crypto market. These entities must adhere to strict operational and organizational standards, ensuring that they can withstand market shocks and protect consumer assets. This aspect of MiCA is crucial, as it brings a level of security to the crypto market that was previously lacking, building trust among investors and users.

The regulation also emphasizes the importance of transparency. Under MiCA, issuers of crypto-assets are required to provide detailed whitepapers, offering clear and comprehensible information about their products. This transparency is key to empowering investors, allowing them to make informed decisions based on reliable data.

In essence, the MiCA framework is not just about imposing restrictions; it's about fostering a stable and trustworthy environment where crypto assets can thrive in a regulated and secure ecosystem. This balance between innovation and regulation is what sets MiCA apart, paving the way for a more resilient and mature crypto market within the EU.

Impact on Crypto Asset Management

The MiCA crypto regulation framework significantly alters the landscape of crypto asset management in the EU, offering both challenges and opportunities. A key impact is the heightened sense of security for investors. By standardizing regulatory practices across member states, MiCA mitigates the risks associated with crypto investments, such as fraud and market manipulation. This increased security is likely to boost investor confidence, potentially attracting more mainstream and institutional investors to the crypto market.

For crypto service providers, MiCA mandates a robust compliance framework. While this might initially seem burdensome, it ultimately benefits these entities by enhancing their credibility and reputation. Compliant firms are seen as more reliable and trustworthy, which can be a competitive advantage in attracting customers who are cautious about entering the crypto space.

Another significant impact of MiCA is on market stability. The regulation's emphasis on transparency and accountability helps in reducing market volatility, a characteristic often associated with cryptocurrencies. By requiring clear disclosures and responsible financial practices, MiCA contributes to a more predictable and stable market environment.

However, MiCA also poses some operational challenges. Adapting to new regulatory requirements demands resources and efforts, particularly for smaller firms. Nonetheless, this compliance effort is a strategic investment in building a sustainable business model in a rapidly evolving industry.

Kyrrex: MiCA crypto regulation in Banking and Neobanking

In the context of the MiCA regulation, the role of neobanking in crypto asset management gains new significance. Neobanking, a modern form of banking that operates exclusively online without traditional physical branch networks, is rapidly becoming a key player in the financial technology sector. These digital banks offer innovative financial services, including those related to cryptocurrencies, aligning well with the digital and dynamic nature of crypto assets.

The advent of MiCA brings neobanks into the spotlight, as they are well-positioned to adapt quickly to the new regulatory requirements due to their digital-first approach. This agility makes neobanks an attractive option for both retail and institutional clients looking to manage their crypto assets in a compliant and user-friendly environment.

Kyrrex, a leader in the digital finance space, exemplifies this synergy between neobanking and MiCA compliance. With a focus on integrating the flexibility of digital banking with the security and compliance demands of MiCA, Kyrrex MiCA banking services stand out. The company offers innovative solutions that comply with MiCA regulations, ensuring that clients can manage their crypto assets confidently and securely.

Kyrrex’s Whitelabel solutions, in particular, are tailored to meet the needs of businesses seeking to enter the crypto market or expand their existing offerings. These solutions are designed not only to be compliant with MiCA regulations but also to provide a seamless and efficient banking experience. This blend of regulatory adherence and innovative banking solutions positions Kyrrex as a frontrunner in the EU's evolving crypto landscape.

Future of Crypto Asset Management in the EU

The implementation of the MiCA crypto regulation framework in the EU is not just a regulatory update; it's a catalyst for innovation and growth in the crypto asset management sector. As the industry aligns with these new standards, we can expect to see an evolution in how crypto assets are managed, traded, and perceived.

One of the key changes will be the increased institutional participation. With a clearer regulatory environment, traditional financial institutions are more likely to enter the crypto space, bringing with them a wave of professional expertise and capital. This infusion is expected to boost the market's maturity and liquidity.

Another area of potential growth is in the development of new crypto-related products and services. As compliance with MiCA becomes the norm, businesses will have a stable platform to innovate while adhering to regulatory standards. This could lead to an expansion in services like crypto-based lending, staking, and novel investment products tailored to meet the needs of a diverse range of investors.

Additionally, the MiCA framework might encourage more robust cross-border collaborations within the EU. The harmonization of regulations across member states can facilitate smoother transactions and partnerships, fostering a more interconnected European crypto ecosystem.

In conclusion, the MiCA regulation is set to reshape the landscape of crypto asset management in the EU, fostering a more stable, trustworthy, and innovative market. This regulatory framework, by providing clarity and security, lays the groundwork for a thriving and sustainable crypto economy within the European Union.


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How Much Does It Cost to Create a Bitcoin Exchange?

Have you ever dreamt of creating your own Bitcoin exchange platform in the thriving cryptocurrency market? Imagine being at the forefront of the market, facilitating peer-to-peer cryptocurrency transactions while earning transaction fees. But how much does it cost to create a Bitcoin exchange? In this blog post, we will break down the various factors influencing the cost of creating a Bitcoin exchange, from development to marketing strategies.

Short Summary

  • The cost of a Bitcoin exchange platform is determined by factors such as development costs, security measures, licensing and compliance requirements.
  • Key components include trading engine, user interface/experience and wallet integration.
  • Alternatives to custom development are white label solutions or clone scripts for quick launch at lower cost.

Determining the Cost of a Bitcoin Exchange Platform

The cost of creating a Bitcoin exchange depends on various factors, including:

  • Development costs
  • Security measures
  • Licensing and compliance requirements
  • Size of the development team
  • Estimated growth rate of the global cryptocurrency market

All of these factors play a crucial role in determining the overall cost of crypto exchange platforms, as well as the individual cost of a crypto exchange platform.

The tools and technologies employed, such as traditional development approaches or cloud-based solutions, can also significantly impact the crypto exchange development cost.

Development Costs

The cryptocurrency exchange development cost can range from $50,000 to $150,000, depending on the complexity and features of the platform. This includes hiring a development team, implementing necessary features, and ensuring platform scalability.

Scalability is essential to guarantee that the platform is prepared to accommodate the volume of thousands of active users with millions of cryptocurrency transactions occurring daily.

Security Measures

Security measures are a critical aspect of any crypto exchange, as they protect user data and funds. Implementing robust security protocols, encryption, and two-factor authentication are essential factors in creating a secure and reliable exchange platform.

For example, Coinbase, one of the leading crypto exchanges, employs a comprehensive security system to safeguard customer funds. This includes:

  • Storing 98% of funds offline
  • Distributing bitcoins across multiple secure deposit boxes and vaults
  • Disconnecting data from the internet
  • Implementing a two-step verification process

Licensing and Compliance

Licensing and compliance costs depend on the jurisdiction and regulatory requirements for operating a cryptocurrency exchange business. It is essential to obtain a crypto exchange licence and implement anti-money laundering strategies and know-your-customer (KYC) procedures.

Moreover, it is advisable to seek legal counsel to guarantee that all licensing requirements are fulfilled.

Key Components of a Bitcoin Exchange

A successful Bitcoin exchange comprises key components such as a trading engine, user interface and experience, and wallet integration. These components are crucial for providing a seamless and user-friendly platform that can handle the vast number of cryptocurrency transactions on cryptocurrency exchanges and attract users to the exchange.

Trading Engine

The trading engine is the central component of a crypto trading platform, responsible for executing trading transactions on the cryptocurrency market, matching buy and sell orders, and ensuring the proper functioning of internal processes. With an efficient trading engine in place, users can execute transactions seamlessly and enjoy a smooth trading experience.

The trading engine is the backbone of the exchange platform, and its performance is critical for the exchange.

User Interface and Experience

A user-friendly interface and seamless user experience are crucial for attracting and retaining users on a Bitcoin exchange platform. The user interface and experience component encompasses:

  • Graphical user interface
  • Trading platform design
  • Navigation
  • Responsiveness
  • User-friendliness

By offering a smooth and intuitive trading experience, users are more likely to have a positive experience with the platform and continue using it.

User experience is a key factor in the success of any Bitcoin exchange platform.

Wallet Integration

Wallet integration allows users to securely store, send, and receive digital currencies, including their own cryptocurrency, on the cryptocurrency exchange platform. This involves integrating cryptocurrency wallets into the exchange platform, thus enabling users to effectively manage their crypto assets and execute transactions on the blockchain network.

Wallet integration can be achieved either by developing a wallet from the ground up or integrating existing third-party wallets.

Blockchain Technology and Infrastructure

Building a blockchain technology infrastructure for a Bitcoin exchange can be accomplished using existing blockchain infrastructure solutions or custom development. Blockchain technology utilizes a decentralized network of computers that maintain a shared ledger of all Bitcoin transactions. This infrastructure guarantees the security, transparency, and immutability of the transactions on the exchange platform.

By leveraging the power of blockchain technology, Bitcoin exchanges can ensure that their customers’ funds are protected.

Existing Blockchain Solutions

Existing blockchain solutions offer cost-effective and time-saving options for building a Bitcoin exchange. Some popular existing blockchain solutions include:

  • Ethereum
  • Hyperledger
  • EOS
  • BitShares
  • Chainlink

By utilizing these solutions, developers can save time and resources, allowing them to focus on other aspects of the platform, such as user interface and marketing strategies.

Custom Blockchain Development

Custom blockchain development allows for greater flexibility and customization, but may require more time and resources. The process of custom blockchain development involves:

  1. Defining the requirements of the exchange platform
  2. Designing the architecture of the blockchain solution
  3. Developing the code
  4. Testing the code
  5. Deploying the solution

Although custom blockchain development can be more costly than existing blockchain solutions, the potential benefits of increased security and scalability may outweigh the additional costs.

Marketing and User Acquisition Strategies

Marketing and user acquisition strategies are essential for driving traffic and increasing the user base on a Bitcoin exchange platform. Employing strategies such as:

  • SEO
  • Content marketing
  • Social media marketing
  • Email marketing
  • Influencer marketing
  • Referral programs

Can help attract users and grow the exchange.

Some successful examples of marketing and user acquisition strategies include Coinbase’s referral program and Binance’s influencer marketing campaign, which helped these companies gain millions of users.

Digital Marketing Campaigns

Digital marketing campaigns, including social media, content marketing, and paid advertising, can help attract users to the platform. For instance, the Dogecoin Foundation launched a successful digital marketing campaign titled “Dogecoin Millionaire” in 2021, resulting in increased awareness of Dogecoin and an expanded user base.

Similarly, Coinbase ran a successful campaign in 2020 named “Bitcoin for Beginners,” which was successful in educating users about Bitcoin and increasing its user base.

Referral and Affiliate Programs

Referral and affiliate programs incentivize existing users to promote the exchange and bring in new users. Users receive a commission or reward for referring new users to the exchange, generally a percentage of the trading fees paid by the new user.

Popular referral and affiliate programs for Bitcoin exchange platforms include:

  • Binance affiliate program
  • Coinbase affiliate program
  • Coinmama affiliate program
  • Changelly affiliate program
  • CEX.IO affiliate program

Ongoing Operational Expenses

Ongoing operational expenses, such as platform maintenance, customer support, and updates and feature enhancements, are important considerations for the overall cost of running a Bitcoin exchange platform. Ensuring the smooth functioning of the platform and addressing any technical issues that may arise are essential for maintaining user satisfaction and trust in the platform.

It is important to consider the cost of these operational expenses when evaluating the total cost of running.

Platform Maintenance

Regular platform maintenance ensures smooth functioning and addresses any technical issues that may arise. Preventive and corrective maintenance are the two primary types of maintenance available. Preventive maintenance involves regularly inspecting the platform for potential issues and resolving them before they become a problem, while corrective maintenance involves rectifying any issues that emerge after the platform has been launched.

Costs associated with platform maintenance include hosting fees, server maintenance, and software updates.

Customer Support

Providing responsive customer support is crucial for maintaining user satisfaction and trust in the platform. Offering various customer support options can help address users’ questions and concerns, including:

  • Live chat
  • Email
  • Phone
  • Social media support

The costs associated with customer support include offering technical assistance, responding to customer inquiries, and resolving customer complaints.

Updates and Feature Enhancements

Regular updates and feature enhancements help keep the platform competitive and relevant in the ever-evolving cryptocurrency market. The costs for updates and feature enhancements include bug fixes, feature additions, and security patches.

Staying up-to-date with the latest features and improvements ensures that the platform remains secure and compliant with the most recent regulations.

Cost-Effective Alternatives: White Label Solutions and Clone Scripts

crypto white label solution

Cost-effective alternatives to building a Bitcoin exchange from scratch include white label solutions and clone scripts. These options offer pre-built, customizable exchange platforms that can be branded and launched quickly, saving time and resources compared to custom development.

White label solutions provide a ready-made platform that can be customized with a company’s branding.

White Label Solutions

White label solutions provide pre-built, customizable exchange platforms that can be easily branded and launched in a timely manner. They offer a cost-efficient approach to swiftly launching a Bitcoin exchange, as they are pre-constructed and require minimal customization.

The main disadvantage of white label solutions is that they are not as flexible as custom-built solutions, thus potentially unable to meet the user’s exact requirements and may not scale as rapidly as custom-built solutions.

Kyrrex White Label, however, offers the best of both worlds: a turnkey solution designed to cater to the fluctuating demands of different clients. Whether what's required is a small OTC platform to serve local needs or a medium-sized crypto exchange intended to attract a more varied user base, Kyrrex White Label has something for everyone. The platform also offers unlimited liquidity to clients via its Liquidity Hub and experienced legal assistance in securing a cryptocurrency licence from regulators.

Clone Scripts

Clone scripts are pre-built exchange platforms modelled after popular exchanges, providing a cost-effective and time-efficient solution for establishing a Bitcoin exchange. The expense of utilizing clone scripts is contingent upon the features and customization needed, generally ranging from $5,000 to $20,000.

By choosing clone scripts, developers can focus on other aspects of the platform, such as user interface and marketing strategies.

Summary

In conclusion, the cost of creating a Bitcoin exchange depends on various factors, including development costs, security measures, licensing and compliance requirements, and ongoing operational expenses. Utilizing cost-effective alternatives like crypto white label solutions and clone scripts can save time and resources, allowing you to focus on other aspects of the platform, such as user interface and marketing strategies. By carefully considering all these factors and making informed decisions, you can build a successful Bitcoin exchange platform that meets the needs of your users and thrives in the ever-evolving cryptocurrency market.

Frequently Asked Questions

How much does it cost to make your own crypto exchange?

Developing a cryptocurrency exchange platform can range from $50,000 to $98,000 for basic features. For a website and app, the cost can be anywhere from $132,000 to $145,000.

Depending on the platform’s size and model, the cost could even exceed $300,000.

What are the fees for Bitcoin exchanges?

The trading fee for Bitcoin exchanges usually starts at 0.10% for takers and 0.080% for makers, and can decrease to as low as 0.020% for takers and -0.005% for makers depending on the trading volume and OKB held.

For BTC/USD exchanges, a substantial fee between 0.1% and 6.0% is generally included.

How much does a white label exchange cost?

The cost of developing a White Label Crypto Exchange can range from $40,000 to $60,000.

Consider hiring a business like Kyrrex with expertise in the development process for an accurate price estimate.

Why is crypto crashing?

Rising U.S. bond yields, a hawkish FOMC stance, and a strong U.S. dollar have contributed to the crypto market downturn.

The combination of these factors has caused a sharp decline in the prices of major cryptocurrencies, such as Bitcoin and Ethereum. Investors are now looking for ways to protect their investments and minimize their losses.

What are the key components of a Bitcoin exchange platform?

Key components of a Bitcoin exchange platform include a trading engine, user interface and experience, and wallet integration for a seamless experience.


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Crypto Trading Spain: Why Kyrrex Stands Out from the Crowd

Introduction to Crypto Trading Spain

The introduction of cryptocurrencies to the global financial system has opened opportunities for everyone. This is why crypto trading Spain has emerged as a hotspot for profit-seekers, citizens and non-citizens alike. PwC expects the total Blockchain industry impact on Spain to be around $8.3 billion by 2026.

But along with these opportunities are high odds of disappointment and the failure of trading platforms to meet up with expectations.

This article highlights some of the most important components to watch out for on crypto Spain platforms. With each component, we show how one of the best options available today, Kyrrex, is more reliable compared to alternatives like Binance Spain.

Components to Consider for Crypto Trading Spain:

Regulatory Adherence

The first thing you should look to see on a crypto trading platform is compatibility with government regulation. The Spanish government is very protective of its people and money market. This is why apart from the crypto taxes in Spain, crypto trading platforms have few restraints to deal with from the government.

Such a system indicates a level of trust on the part of the Spanish. Kyrrex takes this trust seriously. It does not only abide by global cryptocurrency regulatory standards. It also prioritizes local or regional concerns regarding its operations.

This is why the platform has not faced any regulatory challenges in equally crypto-sensitive countries like Italy. With its Malta license still active and binding, Kyrrex holds itself to a very high standard for regulation adherence.

This is not the case with many other crypto trading platforms, including the big names. A quick search on Google would reveal multiple regulatory infractions across different countries. Between these platforms and Kyrrex, it is obvious that Kyrrex is the safer option.

Cryptocurrency Selection

Safety and security should be your most important considerations for choosing a crypto trading platform. But they should not be your only considerations. Crypto diversity is another crucial factor you must bear in mind before committing to a platform.

But this is not only about the number of cryptos available or operational on a platform. Some of the big names in the global crypto industry today offer hundreds of cryptos. Binance Spain, for example, lets you trade within a wide range of cryptocurrencies.

However, for many of these platforms, localization is not an option. In other words, you will rarely find lesser-known or niche coins on such platforms. That is not the case with Kyrrex.

Kyrrex believes in equal opportunities for all. As a result, the platform operates with fractional scales in mind. Put differently, it offers users the option of diving into a global market but also lets them trade cryptos developed by small businesses within Spain.

Kyrrex Spain is thus more geared towards regional growth and development than most. It is big enough to let you trade with the big guys but particular enough to let you start small.

Intuitive User Interface

The name of a crypto trading platform is one thing, access to this platform is another. This is why user interface has become a widely discussed topic. After all, no matter how sophisticated a platform is, it would be useless if it is too complex and overwhelming for users.

Simplicity is a watchword for Kyrrex. Because it understands the importance of having straightforward interactions, the platform’s user interface is very user-friendly. A newcomer to crypto trading can easily differentiate features and use them without prior knowledge.

This means that you would not need to go on YouTube to learn how to use Kyrrex’s interface. This is not the case for some platforms. Prioritizing quantity over convenience, these user interfaces can be confusing and overwhelming, especially for beginners.

So, between these platforms and Kyrrex, the latter’s interface is more convenient for trading. This is true for both the web and phone options.

Security Protocols

A crypto trading platform is responsible for guarding the crypto assets of its users. It should not be vulnerable to hacker activity and most certainly should not experience security breaches. At least, not recurrently. How much confidence can you place on such platforms?

Yet, this is the case in crypto trading Spain. Lots of such platforms have recorded multiple security breaches in the past. In highly informed parts of the world, there are still pressing concerns about the safety of user assets on such platforms.

In 2022 alone, CNBC estimates that almost $4 billion was lost to these security breaches, an increase from the $3.3 billion stolen in 2021.

Thus, even with the protective nets of the Spanish government, users around here are still at risk of losing their crypto assets to cyber attacks. But security-sensitive platforms like Kyrrex are gradually changing the narrative.

Kyrrex offers multiple lines of defense for a user’s account and their assets. There is the normal password, Two-Factor Authentication (2FA) protocol, and the platform’s more robust security components. Due to these and Kyrrex’s continuing emphasis on the protection of user interests, the platform has not recorded any security breach.

24/7 Customer Support

Customer support is often trivialized in the grand scheme of crypto matters. But this can be problematic when users have questions or queries. Keeping the line open for user feedback is also a healthy sign for a crypto trading platform.

Kyrrex knows this and has put in the work to guarantee 24/7 customer support to users in Spain. With the platform, you can count on round-the-clock assistance. There is also no such thing as a delayed response. Kyrrex users around the world have not reported the platform as having difficulties in resolving problems.

Thus, Kyrrex is one of the best options around in terms of customer support. So, if you are conscious about your crypto assets and want to keep the line open with your trading platform in case of emergencies or just for assurance, look no further than Kyrrex.

Competitive crypto Fees and Low Spreads

Crypto trading can be exciting or depressing depending on factors such as fees. Of course, a trading platform needs to cover its fees and users play an important role here. However, these fees are not always clearly stated, so users may always be at a loss about what a platform charges them for trading.

Kyrrex is different. The crypto fee structure is straightforward. The cost of executing trades is also low, such that users don’t have to worry about slippage. Kyrrex is very particular about protecting users from price fluctuations due to market volatility or delays in order processing.

Thus, compared to platforms with confusing fee structures and high withdrawal fees for certain cryptocurrencies, Kyrrex is far more cost-effective.

Advanced Crypto Trading Resources

Trading platforms are not chiefly responsible for enhancing your trading exercises. However, such assistance can prove invaluable to your profit-making prospects. Knowing this, Kyrrex offers you a wide range of trading tools. The most highly rated among these tools in recent times is Kyrrex’s Telegram crypto bot.

In addition, you can access educational resources on crypto trading on Kyrrex. These are detailed and comprehensible, as usual to expert traders as they are to newcomers. They also cover the full scope of trading, including areas such as strategies and risks, and how to protect your account with strong passwords.

Conclusion

Kyrrex is a solid and reliable crypto trading platform for Spanish citizens and residents, but it doesn’t assume full responsibility for your trading. Due to relaxed government protocols, crypto investments carry risks, and retail investors may lose their entire investment. It’s advised to review Kyrrex’s terms and conditions and those of other platforms to understand these risks.