New cryptocurrency exchange promises $1 fee for all transactions
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Credit: Shutterstock

Crypto Next is launching a new cryptocurrency exchange that would charge just $1 for all transactions no matter the amount making using digital currencies easier and cheaper

Credit: Shutterstock

Credit: Shutterstock

Bitcoin fees seem to be the one big hurdle stopping people from using the cryptocurrency, which is why in the last few months we have seen a push in the digital currency startup world to making the adoption of the coin easier.

For example, earlier this month Bitcoin Core announced that it was modifying its fee policy and implementing flexible fees and in June Israeli VC fund Aleph announced a $50,000 bounty to any entrepreneur who could cheapen the fees for using the currency.

Now, another startup is taking a crack at reducing Bitcoin fees by launching a new platform for using and trading funds, making it easier for retailers to accept cryptocurrencies and for users to transfer and convert digital coins to people and currencies all over the world.

Crypto Next, created by Israeli entrepreneurs but based in the Isle of Man, recently launched its new platform and on July 15 started selling its Crypto Next Coin in order to raise seed funding to complete development of its product and launch its cryptocurrency exchange. Supporters who get in early and purchase CXC during the crowdsale campaign will get the coins at a 25% discount. One CXC is equal to about 0.0016BTC, or $1. Crypto Next is looking to sell five million CXC during its crowdsale. If the crowdsale is successful, the exchange will launch by the end of August.

$1 no matter what

After that, Crypto Next is looking to develop a trusted, multi currency wallet allowing for instant and recurring cryptocurrency payments. Right now the Omniwallet is integrated into its platform for users. Crypto Next’s wallet will work like a prepaid card, as users will load the wallet and use it for payments through the exchange.

Furthermore, Crypto Next intends to launch a white label exchange by the end of the year, followed by a turnkey platform for merchants, an international remittance system and wallet hardware.

At the moment typical Bitcoin exchange platforms charge 0.5% per transaction. For example, a $1,000 transaction costs $5, or a $100,000 transaction costs $500. With Crypto Next’s platform, all transactions would cost 1 CXC, saving users hundreds of dollars. Transaction fees for businesses and retailers will cost just 1 CXC commission. So while a 0.5% fee may be cheaper for transactions of $200 or less, anything over $200 and the fee would be more than $1.

Israeli IT veterans Sharon Greenberg and Asaf Azulay founded Crypto Next and incorporated it in the Isle of Man, located between the U.K. and Ireland due to the Island’s policy towards digital currencies. While some countries have banned or made it difficult to use cryptocurrencies, the Isle of Man has welcomed digital currencies and in June announced it would allow crypto currency companies to register as businesses. Crypto Next is the second exchange to incorporate in the Isle of Man after the Island’s announcement. CoinCorner was the first, and offers transactions fees of only 0.25%.

With new exchanges and platforms like Crypto Next, cryptocurrencies will become easier to use, and likely more common. And the more common, the higher their values will get.

Video: CXC

Photo credit: Shutterstock, bitcoin

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Aviva Gat

About Aviva Gat


Olah Chadasha and former finance reporter from New York City. Gat is a writer, runner and traveler who came to Israel for the good food and weather. She writes for Geektime’s English and global desk.

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